Buying Fixers

With the number of distressed properties at records highs, now is a great time to pick up fixer properties that are partially built by builders or left in disarray from a distressed homeowner that had to get out.

Two little-known home renovation mortgage programs offer solutions for buyers and homeowners who want to renovate.​

Fannie Mae and the Federal Housing Administration have home renovation mortgage programs that allow buyers to borrow based on what the house is expected to be worth after the home rehab is completed. Homeowners can also use both programs to refinance their existing mortgage plus the renovation costs into one loan.

FHA's 203(k) program and Fannie's HomeStyle Renovation Mortgage have been around for years. In the old days -- when most borrowers could easily get second mortgages or generous credit lines to pay for renovations -- these loans weren't as appealing as they are today.

Contact Home Advantage at 1-855-710-7936 or submit the Contact Us form (click) for more information on buying a fixer property.

Talk to us about specifics that you want to see.
When you are ready to walk into houses,
please call us at 1 (855) 710-7936 for a showing.