This Little Known FHA Loan Can Help You Buy Your Dream Home – Or Create It!

http://www.g-sig.com/

Have you ever found a home that you fell in love with but just needed too much work to repair? Well you’re not alone. Foreclosed properties, abandoned properties and those homes that have been neglected by the previous owners all fall into this category.

With foreclosed and short sale properties making up nearly 50% of all home sales the probability of finding a home that needs repairs are extremely high. Most of the time first time home buyers do not have the funds available to make these repairs and have to pass up on their dream home.

This scenario does not have to play out any longer. FHA has developed a program that far too many people do not know about. It has been around for almost 20 years. It’s called the FHA 203K loan program.

Under the 203K loan program qualified borrowers can obtain a single loan with only 3.5% down that will cover both the purchase price of the home and the costs to improve the property all into one single loan. These repairs must be completed by a licensed contractor and bids must be submitted in order to figure out the repair costs that will be bundled into the total loan amount.

Surprisingly, since its creation the 203K loan program has had declined enrollment – until 2007 when the foreclosure crisis began to spread nationwide. In 2008 the number of FHA 203k Loans issued were 6,700, that is almost double the amount of 203K loans issues in 2007 alone. Presently, in 2009 – the number of 203K loans expected to be issued is on pace to be doubled again with reports indicating that nearly 11,000 203K loans will be issued in the 2009 year.

Distressed properties are becoming more and more apparent in every neighborhood and this FHA Loan program is the answer that many potential homeowners can take advantage of. It allows these buyers to put little money down – only 3.5% and be able to finance all repairs into one single loan.

For more information on this 203K loan program, contact http://www.fha.gov/

For more information on Foreclosure news, and new products and services homeowners can take advantage of visit our blog weekly at http://www.gsigllc.com/