Section 203k Program Gives Arlington and Mansfield Buyers Another Option
With all of the focus in the real estate market being on the condition of sales and foreclosures, many Arlington and Mansfield area residents may not be aware that there is a fantastic program available to those who want to improve their existing homes.
The huge number of home foreclosures around the country have wreaked havoc on the real estate industry. With so many homeowners defaulting on their mortgages, it can be very difficult for their former neighbors and their home values. Those wishing to refinance their Arlington and Mansfield homes or to get better rates or cash out some equity to make improvements may have to wait until the market recovers.
Some Arlington and Mansfield homebuyers are also a little hesitant to commit to buying homes right now even with the incentives they have available to them. The Federal Housing Administration (FHA) has a great program that some may prompt potential homebuyers to proceed. The Section 203k program is a loan option that allows individuals to get the funds they need to buy or fix up their homes. The program was originally intended for the purpose of buying, repairing and/or rehabilitating homes.
The Section 203k program provides Arlington and Mansfield homebuyers with a great opportunity to buy homes that are already at very favorable prices. Some of the benefits of this program that make it especially appealing include the fact that it:
• Only requires a 3.5% down payment from buyers.
• Allows for buying, repairing or improving the home.
• Has no prepayment penalties.
• Has lower credit requirements than most loans
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