What is 203K?

Want to buy a fixer-upper but don’t think you’ll have the money for the remodel after you buy the house?

Ask your mortgage professional about a 203K loan.

A 203K loan is backed by FHA and combines the price of the house and the price of construction into one loan with one closing cost. The FHA 203K loan is great for helping you pay for a remodel of your current home, too.

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This might be too far gone for a 203K but you get the picture. It’s a loan for a fixer-upper.

There are a few fixer-uppers on the market in Oxford and Lafayette County. Some might need a lot of work, some just need a little updating.  If you’d like to see any for possible purchase, please let me know…I’ll be happy to show them to you. But first, talk to your mortgage company or mortgage department in your local bank for more information and to get pre-approved.  Sellers will take offers more seriously if you have been pre-approved for a loan when you place your offer.

Eileen Saunders, Realtor with Tommy Morgan Realtors, 2092 Old Taylor Road Suite 101, Oxford MS 38655, 662-404-0816/662-234-5344 Equal housing

photo credit: Broken House via photopin (license)

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