Some young professionals have discovered the secret. There is currently a mortgage loan program that will allow you to buy a fixer and obtain money to renovate the home and combine the two loans into one 30-year fixed-rate loan.
Sam and Kim (some of you may know Sam as a DPJ blogger) recently purchased a bank-owned fixer near the Park Central Mall. At the same time that they were approved for their FHA loan, they were simultaneously approved for approx $32,000 in rehab money. Thanks to their very capable contractor handling the rehab and a little grunt work of their own, they will be able to move in and enjoy their renovated home within the next 30 to 60 days.
So, the moral of the story is, if you have considered a bank-owned home, but realized they were all fixers, fear no more — you can turn your fixer into your dream home before moving in with only a small down payment.
To find out more information about this very special loan program or about available bank-owned properties currently on the market in Downtown Phoenix, contact Lyle Plocher with Urban Connection Realty at 602.373.3725 or firstname.lastname@example.org.