When shopping for a home, folks often find a house that would be perfect--after a few changes. Maybe it needs a new kitchen or a bathroom upgrade. Or maybe they would like to make it more energy-efficient or even add solar panels to reduce their ongoing energy costs.
Or maybe they find a super deal in a bank-owned home, but since those are always sold in "as is" condition, they frequently need some work.
The FHA (Federal Housing Authority) recognized that, in recent years, many people have found it hard to buy a home and then obtain a second mortgage or home-equity line of credit to do any remodeling. The FHA's solution was to create a first-mortgage, 30-year fixed-rate loan, where the borrower could enlarge the loan amount to cover the cost of having the new home remodeled.
Homebuyers in Bellingham can borrow up to $375,000 under this program, with a minimum down payment of only 3.5%. These terms give homebuyers a lot of choices and flexibility to purchase a home and have it remodeled in one simple process.
If you would like the details about the FHA purchase-and-remodel loan program, drop me an email or give me a call at (360) 319-4755.