FHA 203k Renovation Loan
The FHA 203k mortgage is a special loan that allows you to purchase and close on a home now and complete repairs later. This is especially helpful when you find a home at a great price but can not get regular financing due to the needed repairs.
Many times sellers are unable or unwilling to make needed or desired repairs and if paying all cash is not an option, the 203k loan might be just the solution.
How the 203k Works
Basically it works pretty much the same as a regular FHA loan except with the added step of getting contractor estimates on desired work early in the loan process. Once you have selected the contractor and the work to be done, we appraise the home as if the work was already completed. This allows you to borrow more than the sales price or the current value of the home.
Once everything is approved, you go to closing, the seller gets their money and the repairs can be started. We hold the money for repairs in escrow and release it to you and the contractor whne you are satsified with the work and it has been re-inspected by an appraiser.
It is also possible to refinance a current home to get money for repairs. Since we value the home as if the renovations are already done, you can get cash even if you don't presently have enough equity by normal loan standards.
Access Modification Loan
The ACCESS Home Modification Program provides mortgage loans up to $10,000 to assist persons with disabilities or who have a family member(s) living in the household with disabilities who are purchasing a home that needs accessibility modifications. This program provides a deferred payment loan, with no interest, and no monthly payment. The loan becomes due and payable upon sale, transfer, or non-owner occupancy of the property.
See more here: Access Modification Loan
BMC Homestead Loan
You can get up to $10,000 in forgivable funds if you meet certain guidelines and buy a home in an elgible area. These funds can cover your full down payment and closing costs. If you stay in the home for at least 5 yrs the secondary loan is completely forgiven - you never have to pay it back!
See how it works here: $10,000 Down Payment Assist