Loans for FIXER UPPERS!

Posted on June 29, 2011

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The thought of buying an older home with “character” and having to tackle renovations can be overwhelming to many. 

Look closely and you will see a lot of these renovations around LSU in Southdowns, University Gardens, the Garden District and  Hundred Oaks area in Baton Rouge, La. 

If you are one of those homebuyers who has wanted a project/ fixer upper  but are afraid you don’t have the money to tackle the project….look no further.

There is a FHA loan  that is offered today that allows cash out to do repairs for older homes.  The 203K streamline loan allows you,  the borrower, to finance up to $35,000 additional cash for upgrades/improvements that an inspector finds defective.   This loan is perfect for those homes that need some TLC.

This loan requires the borrower to provide the following prior to closing:

  • obtain cost estimates for all repairs or upgrades
  • finish work timely
  • have additional appraisals and costs for the loan
  • find a home that after repairs will not exceed the maximum amount that can be borrowed under FHA guidelines
  • have the ability to close in 60-90 days
  •  qualify for entire value of loan after renovations

So if your are thinking about that project and want an older home with character visit www.callChristopher.com

to set up your MLS home search or call me directly at 225-938-8229.

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