If you purchase a home that needs repair there are some options available for you.  One is a 203(k) Loan.

A 203(k) loan is an FHA insured loan that allows buyers to purchase a home and include money for renovations and/or repairs into the same mortgage loan used to purchase the home.

This program loans buyers money based on the home's after-improved value. Repairs can either be required repairs or optional repairs. The minimum amount of repairs must be $5,000.

With a 203(k) loan buyers can:
Bullet Build an addition
Bullet Remodel an outdated kitchen or bathroom
Bullet Update heating and air systems
Bullet Get a new roof
Bullet Update landscaping or build a new fence
Bullet Replace old worn out carpet with new carpet and fresh paint

The 203(k) loan will help you sell more homes! It can be used to finance HUD homes, to market “fixer-uppers” and gives buyers an easy, convenient way to remodel a home to match a their taste.

Please feel free to call me if you have any questions, or if I can refer you to a lender who can explain the options for this type of loan.