CAN I BUY THAT FIXER-UPPER?

Happy 2009 everyone. As I was getting ready to start my yearly after Christmas cleanup ( everything looks so nice and clean (bare) after the holiday decorations are taken down) I noticed that there were several items around the house that could use some fixing up. I've also been working with several first time buyers that are looking at homes that could certainly use some work. With money scarce for many buyers the question is always asked " Can I finance some of the work on this house?"

According to information published by Fidelity Bank the answer appears to be a big YES, you can finance those repairs. FHA has a loan program called a 203KS loan that allows you to finance up to $35,000 for home repairs on top of the loan amount. Covered items are carpeting/floor finish, new roofs, painting, kitchen and bathroom updates/remodel, siding, windows, basement finishing and new appliances. Contractors must do the work and supply bids for each item. Once the sale has closed they have six months to complete the repairs. All of this without affecting the seller or the contract sales price.

Sweet! So don't let the possibilities of a home needing repairs keep you from getting the great price on an "as is" home. Contact you local lender ( or contact me and I'll put you in touch with some great lenders) for more information.