Buying A Home That Needs Work? You May Have Financing Options!

Did you know that if you are thinking of purchasing a home and it is in need of modernization, repairs or rehab, that you may be able to finance some of that cost in your new loan? Yep -

This is why it is very important for you to talk to a lender BEFORE you start looking at houses -

FHA has 2 programs designed just for this purpose - So, it's important to find an lender that is an FHA Approved Lender and has experience with these programs.

Like any other mortgage program, there are eligibility requirements and limits, but taking that first step in finding the right lender, will make the process manageable for you.

You can find an FHA Approved Lender by going to the HUD website. Or click here for the list of Approved Lenders In Rockingham County, New Hampshire . If you go to the website itself, just enter your state, and county and make sure the bottom box (203k) is checked, then press search and it will return the list of Approved Lenders in your area. For the list of Approved Lenders in the county of Rockingham, NH for example one of the approved lenders is Blue Water Mortgage. I know from experience with past clients that this lender is not only approved, but they are experienced and a pleasure to do business with. But of course who you talk to is up to you - I suggest that you talk to 2 or 3 lenders and find the one that you are comfortable with and is patient with you.

If you would like to find out more about these two programs I've included the links that will give you more detail. This is not the type of program that just anyone should get into as it's going to require work on your part - Also aligning yourself with an Experienced, professional Realtor is also recommended -

Section 203(k) Rehab program
203(k) Streamlined
(make sure to read the Hud Mortgage Letter 2005-50 for more information and you'll find the link on the page).

In my Next post I will fill you in on the new Good Faith Estimate requirements.

Debbie Mae
And as always, regardless of where you live, if you are looking for an experienced, professional Realtor to assist you in your home buying or home selling process, I can assist you in finding just the right person (regardless if you are in New Hampshire or California).