203(k) Loans Can Be Beneficial
203(k) loans can be very beneficial. Learn how to use only one loan to both finance and repair real estate.
A simple solution to this problem is the FHA 203(k) loan. The FHA 203(k) is a loan that is secured by the Federal Housing Administration that is used by borrowers for the purpose of fixing up or rehabbing real estate. Some of the advantages of a FHA 203(k) loan are:
1) borrow up to 110% of the after completion value of the property
2) take out one loan to cover a property's purchase price and cost of rehab
3) refinance existing housing
4) finance 100% of the cost needed to improve the property
5) and much more.
To learn more about the FHA 203(k) loan (such as loan limitations, property qualifications, etc.) contact your local FHA approved lender or visit the HUD website at http://www.hud.gov/offices/hsg/sfh/203k/sfh203kc.cfm.
About the Author
Daniel Cobb lives in Chicago, Illinois and is a former realtor who is now a real estate investor. He is also author of the e-book, "Complete Guide To Investing In Real Estate Through Government Scavenger Sales" - an informative e-book on how to purchase real estate through government auctions.
This article courtesy of http://realestate-basics.com/.
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