
Dave,
We have seen several older homes that need a lot of work to bring them up to acceptable standards. We’re more than happy to purchase a “Fixer Upper” but we’re not sure where the funds to do so would come from. We do not have a lot of cash to put in the home after we purchase. Can we include the costs for the needed improvements in our mortgage?
Troy, Fruita
Troy,
Yes, many times you can include improvements or repairs of an older or foreclosed home into your mortgage. The loan program is called a 203K or 203K streamline loan and you can call your local lender and they will be able to give you all the information about how these loans work. I might add that finding a lender that is experienced in doing these loans is very important as they require more attention than a typical home loan. Ask your agent what they know and who they would recommend for this type of loan program, but don’t let the perfect home slip away until you research your 203K options.