How Will You Fund Your Fixer-Upper?
One of the great parts of homeownership is the freedom to make changes as you deem necessary. You can literally turn any fixer upper into the home of your dreams with your creative touch in every aspect. While it's an exciting time as a homeowner, it can come with some financial stress. A remodeling project may involve lots of choices, but you have only five basic ways to pay for it: cash, credit cards, personal loans, home equity loans, or cash out refinancing . Many loan options fall into the last category of cash out refinancing, but most require the value of your home to far exceed the amount of the loan. If you simply don’t have the equity, one little known option may be the answer—the FHA 203k . Let's take a look at details of an FHA 203k and see if it's a viable option for you! What is an FHA 203k? FHA's Limited 203(k) program permits homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home. Homebuy...