Oregon Mortgage financing blog. The facts as I see them.

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How to buy a home that needs work and get the government to pay for it.

December 31st, 2009 10:33 AM

Have you ever heard of the 203K program? Surpisingly, most people in the Eugene-Springfield area are unaware of this when they look to purchase a home. Here are the basics on how it works:

Only 31/2% down payment required, which can be gifted by family members

More flexible qualification requirements allow those with less than perfect credit to purchase a home at competitive rates

A single loan for both purchase and improvement of your home means you make only one loan application and pay one set of closing costs – saving you time and money

FHA loans are assumable and there are no prepayment penalties

An FHA Energy Efficient Mortgage (EEM) can allow you to qualify for a larger mortgage to add additional improvements that will lower your utility expenses.

By including cost of renovation in your home mortgage, you pay for these improvements over time at a much lower interest expense than conventional alternatives

Rather than paying a premium for a home in “perfect” condition, take advantage of the great prices available on foreclosures or other homes on the market that are in need of repair or remodeling

Instead of paying for a previous owners improvements you may not desire, invest instead in exactly the features, colors, styles, etc. that suit your tastes and needs

Enjoy the opportunity to live in an up-to-date home in a great location closer to work, shopping, cultural activities and more.

Its easier than you think when you use a mortgage provider that is well trained in how to help.

Posted by Eric Nichols on December 31st, 2009 10:33 AMPost a Comment (0)

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