Want to find your dream home? It could be a fixer-upper – Joshua Beach tells you how to finance it to get the most out of your remodel. The Washington Blade reports:
The Federal Housing Administration (FHA), which is part of the Department of Urban Development (HUD), offers a “Section 203k” loan intended to provide financing for both the purchase and renovation of eligible properties. The 203k program is essentially a decorator-allowance loan that gives you the ability to make the renovations that you want, without having to pay out-of-pocket. These renovations include things as small as replacing carpets and painting, up to knocking down walls and more extensive projects.
See the details at the link above.