Fixer upper in a desirable Plant City city limits area. 3 bedrooms 1 bath. Needs new roof and some electrical repair. Hard wood floors in all rooms but kitchen and bath. Renters tried to pull up vinyl in the kitchen but needs more attention. There is hard wood underneath which will need a sander to bring back to life.
I will hook you up with a lender to see if you qualify for a.........
FHA 203k Renovation Program “STANDARD FULL 203k” (Property Closes AS-IS Regardless of Condition)
This program allows the buyer to purchase the home in “AS-IS” condition and borrow extra money for improvements all
in one loan. The minimum repair amount is $5000 and THERE IS NO MAXIMUM REPAIRS provided the “After-Improved
Appraised Value” is sufficient. This loan allows NEEDED repairs or COSMETIC repairs. This is regular FHA loan with 3.5%
OR
Fannie Mae “Homestyle Renovation” (Property Closes AS-IS Regardless of Condition)
This program allows a buyer to purchase ANY HOME and borrow extra money to fix it up all in one loan (sales price +
improvements). The minimum repair amount is $5000 and there is NO LIMIT to the amount of repairs provided the
“After-Improved Appraisal” is sufficient.
The maximum loan is $548,250 with the following down-payments:
3% down for FIRST TIME owner-occupied buyers
5% down for owner-occupied
10% down for 2nd home buyers
25% down for investors (INCLUDES REPAIRS WHICH IS KEY)
20% down NO PMI on all loans
down (Sales Price + Improvements).
The maximum Loan amount is 110% of the after-improved value up to the FHA Loan Limit for each county $356,362