While some people will purchase newer properties or properties that have recently been renovated, others may be interested in purchasing an older property or real estate that requires significant repair and maintenance work. If you fall into the latter group, you may be wondering how you can finance both your purchase and the repair costs. Most traditional real estate purchase loans will provide you with funds to purchase the property, but you generally would need to find additional sources of financing for the repair costs.
This can be challenging to do, but the good news is that streamlined loans available to you through MortgageDepot are available for this purpose. With a closer look at what 203K loans have to offer, you may discover that this is the perfect financing solution for your needs.
What is a 203K Loan Program?
In some cases, the loan will also provide you with up to six months of mortgage payments as well, and this gives you money to live elsewhere while the repair work is being completed or to pay for the payments on the subject property so that you can afford to live in another home.
Other Important Information About 203K Loans
These are streamlined loans that are designed to simplify the process of purchasing and fixing up an older home. The funds can be used for structural improvements and repairs to the home, such as replacing the roof, as well as non-structural features, such as new appliances or paint. There are limits regarding how much money you will receive for living assistance and repair work, so it is wise to speak with a lending specialist for more information about the program.
Many people who tour homes for sale will find a home they may love, but the repair costs may be too significant for their budget. With streamlined loans available through MortgageDepot that are designed specifically for this purpose, you can purchase the property you fall in love and update it to your specifications. Contact MortgageDepot to learn more about the options available to you.