Are There Special Loans For Springfield Mo Fixer-Uppers And Springfield Real Estate?

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Real Estate Agent with RE/MAX Broker, RE/MAX Solutions

Are there special loans for Springfield Mo fixer-uppers and Springfield Real Estate?

If you are purchasing Springfield Mo real estate and need a loan to buy and remodel it, there are programs available.  Check out the U.S. Department of Housing and Urban Development's Section 203(K) 203(K) Loans for Springfield Real Estateloan program. It is designed for major structural rehabilitation for houses with one to four units that are more than one year old.

A 203(K) loan is usually done as a combination loan to purchase a "fixer-upper" property "as is" and rehabilitate it, or to refinance a temporary loan to buy the property and do the rehabilitation. It can also be done as a rehabilitation-only loan.

  • One of the requirements include the owner-occupant to put up to 5% down.  For investors, the requirement is 15% down.  Housing and Urban Development (HUD) requires at least $5000 be spent for improvements.
  • Another requirement - two appraisals. 
  • Buyers must submit plans and specifications for the proposed work for architectural review and cost estimation.

Money for repairs are paid in advance periodically during construction to finance the constructions costs.

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Certified Distressed Property Expert

 

 Kay is a Certified Distressed Property Expert specializing in short sales.

 

 

Kay services the following towns in the Springfield area:  Springfield, Ozark, Nixa, Rogersville, Republic, Clever, Billings, Willard, Battlefield, Sparta, Highlandville, Spokane, Marshfield, Ash Grove, Strafford, Fordland, and Greene, Christian and Webster Counties in Missouri.

 

For information on Springfield Mo real estate visit: www.kayvankampen.com.

 

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Kay Van Kampen | RE/MAX Solutions. Springfield Mo 65721

Kay Van Kampen CRS GRI ABR (RE/MAX Solutions): Real Estate Agent in Springfield, Greene County, Missouri

   
 
 
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Rainmaker
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Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

I have marketed a few homes where a 203k could have been used but in all the instances the buyer ended up just purchasing with cash. It is an excellent program though!

March 12, 2010 06:54 AM
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Kay Van Kampen

Realtor®, Springfield Mo Real Estate
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