A large portion of the homes we've been showing buyers in Frederick County are Short sales or Bank-owned properties. Often these homes need some kind of TLC, as they've been neglected by vacancy or lack of funds from the owners. Buying a distressed home is a good opportunity for buyers to get a home for under market value and to finance the renovations. Buyers would do well to take advantage of the Fed’s 203K Renovation Loan program.
With a Renovation Loan, you can borrow over the amount of the home to do either of the following:
- Buy a home as-is and remodel or update it, or,
- Refinance the existing mortgage on your home and remodel or update it.
Here are some of the repairs that are acceptable under this program:
- Repair/Replace Roofs, Gutters and Downspouts.
- Repair/Replace all Flooring including Carpet, Linoleum, Hardwood, etc…
- Minor Remodeling of Kitchens and Baths
- Purchase and Installation of Appliances including Free-Standing Ranges, Refrigerators, Washers/Dryers, Dishwashers and Microwave Ovens.
- Repair/Replace/Add Exterior Decks, Patios and Porches.
- Basement Finishing and Remodeling.
- Septic System and/or Well Repair or Replacement.
If you find a foreclosed home that is priced well-below market, it might be advantageous to use this loan program, you could end up with a beauty of a home with built-in equity. Find out more from a qualified lender.
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The Highland Group
Chris & Karen Highland * 301-831-9947
Turning Point Real Estate
Frederick Md
email us: isell4u2@msn.com
Text Us: 301-401-5119
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