Imagine stepping into the charming potential of this $70,000 home and envisioning it transformed into your dream residence. This is where the FHA 203K loan steps in, a perfect fit for first-time homebuyers, not just investors. With the FHA 203K loan, you can Get this home Under contract for $70,000 and have the freedom to renovate it exactly the way you want. Here's how it works: after buying the home, you hire a licensed and insured general contractor who provides you with a detailed quote for all the renovations you desire. This list is then submitted to the appraiser, who evaluates the home as if all the improvements were already completed.Once the appraisal is done, you close on the loan "as is," including the costs of both the purchase and the planned renovations. If you are pre-approved for $125,000, you can comfortably buy this home for $70,000 and allocate $30,000 for renovations, all wrapped up in the same loan.
The contractor has up to six months after closing to complete the repairs, ensuring your new home is perfect for you. This loan not only covers the cost of the home but also finances the necessary improvements, making it a seamless process to turn this house into your ideal home.