FHA 203k Loans: For Homes In Need of a Little TLC
There has been one challenging rule to overcome in real estate over the last several years and that is the issue of major repairs. The majority of banks and mortgage companies will not lend money to purchase a home until the repairs have been made. On the flip side, the seller refuses to make the repairs which mean the borrower needs to make the repair, however they can’t repair a home until they have bought it. Luckily FHA has introduced the 203k loan to address this exact problem.
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