There are many foreclosed properties available in Merrillville, IN at great prices. When purchasing a foreclosed property, chances are that the property is in need of repair. These type of homes would not qualify for traditional financing. There is a type of financing that is available. It is called FHA 203k financing. This type of financing is used for single family homes.
In addition to the homebuyer borrowing funds to purchase the home, they can now borrow additional funds that are needed to repair the home. The homebuyer can borrow funds based on the after repair appraised value of the property. The funds are placed into an escrow account and are not released until each phase of the project is approved.
This FHA 203k loan program has played an intergral part in assisting homeowners, lenders, and communities improve their stabilization in today's market. For more information, please visit the Hud website at www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm. Click here to search for foreclosed properties.
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