Thinking of buying a home in need of repairs?  The FHA has a 203K mortgage program that allows buyers to finance 100% of the cost of the repairs and /or renovations.

Allowable repairs include:

1.  Electrical repairs and upgrades.
2.  Plumbing repairs and upgrades.
3.  Roof repairs.
4.  Painting.
5.  Finishing basement space.
6.  General carpentry repairs and upgrades.
7.  Purchasing new appliances.
8.  Carpet installation.
9.  Well and septic improvements.
10.  Finished exterior decks.
11.  Energy efficient windows.


The buyer needs to supply the required 3.5% down payment to purchase the home
and then the estimated cost of the repairs is added to the purchase price and can be
100% financed into the new mortgage.  The down payment can be all gift funds.

The FHA 203K mortgage is a great way to build instant equity and have a "new home" experience.  Today many homes are in need of some TLC or major upgrades.  Either way the FHA 203K mortgage program is an excellent option for many people, especially first time home buyers.

Allied Funding Group is your Connecticut (CT) FHA mortgage specialist.

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