Imagine stepping into the charming potential of this $70,000 home and envisioning it transformed into your dream residence. This is where the FHA 203K loan steps in, a perfect fit for first-time homebuyers, not just investors. With the FHA 203K loan, you can Get this home Under contract for $70,000 and have the freedom to renovate it exactly the way you want. Here’s how it works: after buying the home, you hire a licensed and insured general contractor who provides you with a detailed quote for all the renovations you desire. This list is then submitted to the appraiser, who evaluates the home as if all the improvements were already completed.
