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TRY AN FHA 203(K) Mortgage!
The FHA 203(k) mortgage is the perfect tool to sell distressed foreclosed properties!
In a single loan, your buyer can get the money to purchase the home and make all needed or desired repairs and improvements.
The loan works like this. Plans and specifications are prepared for the repairs and improvements to be completed. An appraisal is done based on a before repair and an after repair value. The loan is closed and funds are disbursed for the purchase of the property. An escrow account is established for the work to be done. At each stage of the completion of the work a draw is paid from the escrow account to pay for the completed work.
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