The FHA 203k renovation loan is an excellent option for Albuquerque homeowners who want to renovate their current property or take advantage of a New Mexico foreclosure purchase that needs a little rehab work.
Buyers out looking for a great deal generally run across a bank owned or short sale property. Standard FHA guidelines state that these homes have to be fully repaired prior to the close of escrow, which may require several thousand dollars out of pocket that a first time home buyer hasn’t budgeted for.
However, the FHA 20k program allows a borrower to finance the property and receive an additional $31,000 (depending on your state) towards repairs.
Basically, a buyer is able to finance up to 96.5% on an FHA 30 year fixed rate loan to take advantage of the current low interest rates.
There are a few simple guidelines attached to receiving the repair money, but the concept works perfect for people who are looking at securing a great deal on Albuquerque real estate.
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NM – Albuquerque
Charter Funding
505-235-0325
*This is not an offer to lend. 
Obama Refinance Plan For San Jose Homeowners AnnouncedHome Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012 Guidelines for Purchasing a 3 to 4 Unit Property with FHA Financing in Alameda, CA8 Year Fixed to 30 Year Fixed. You Can Choose Your Loan Term In San Jose
