After moving to Fort Myers in June for a job, Grant Wilcox and Michelle Tarr decided they wanted to buy a condominium. But a lot of the properties in their price range were rundown and beat-up. The units were missing appliances, had broken doors and worn carpeting.
It was starting to look like the pair, both 24, either were going to have to continue renting until they could afford a bigger mortgage or make sacrifices on what they wanted and fix a place up over time. Then their real estate agent suggested they call Matthew Wieder, a mortgage broker with W.J. Bradley in Bonita Springs. Wieder had helped another of the agent’s clients with a loan that both had a low down payment and made money available for renovations.
Wieder recommended the couple use the Federal Housing Administration (FHA) 203(k) loan program, which allows homebuyers to finance both the purchase price and some renovations in one loan.
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