Buying any home includes securing financing, which can be confusing if you don’t have the right financial person to assist you.  Traditionally, purchasing a foreclosure meant getting two loans; the first to purchase the property and the second to fix it.  That meant you needed two separate loans, two times the qualifications and approval processes and two closings.  This translated into more out of pocket money from you, and much more stress.

Today, we  assist you with the ONE type of financing needed to buy and fix-er-up- together — in advance.  It’s quicker, easier, with less out of pocket expenses.  Sounds Great?

Depending on how much work the house will need, we help you through the process of securing either a Streamline 203K loan or a Full 203K loan , which is a guaranteed loan through the Federal Housing Administration.  This allows the buyer greater flexibility in qualifying with a lower down payment and less out of pocket expenses to close, than conventional foreclosure financing.  The seller is able to assist you with some of the closing costs, too.  What does this mean for you?  Well, you don’t need 20% down payment (today it is 3.5% of the purchase price) and one closing covers everything!

It allows you to finance the purchase and repairs with one long-term loan.  The money is available through some traditional and none-traditional lenders.  It is flexible to allow for a variety of credit and less out of pocket expenses than most loans.

Imagine moving into a home that has new windows, new appliances, new carpeting, new paint or a new bathroom and you will have thirty years to enjoy it.

Most homeowners buying an existing home are using almost all of their saved funds to buy it and move in.  Then they have to start saving again to paint and maybe change the carpeting or the tile floor in the bathroom.  That is where this program is different than any other.  You can buy it, have it fixed up and then move in.  WOW- this is living!

In the coming weeks and months we’ll be going into greater detail about these loans and the advantages to using them, so check back often to learn all you can.

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