Welcome or Register

Thank you for visiting today. If this is your first visit, take your time and look around. We trust we've provided important information and resources you're looking for.   If you are a return visitor, thank you!  We would love to hear from you and learn how we can serve all your real estate needs or do what we do better! 

Susie Gustafson Real Estate

  • Welcome
  • Real Estate
  • Tools & Information
  • About Us

Susie Gustafson
Susie Gustafson Real Estate, LLC
12 University Ave.
Hamilton, NY 13346
315-824-4663 Office



Article

Are there programs for fixer-uppers?


If you need home loan to buy a "fixer-upper" and remodel it, look at the U.S. Department of Housing and Urban Development's Section 203(K) loan program. The program is designed to facilitate major structural rehabilitation of houses with one to four units that are more than one year old. Condominiums are not eligible.
A 203(K) loan is usually done as a combination loan to purchase a "fixer-upper" property "as is" and rehabilitate it, or to refinance a temporary loan to buy the property and do the rehabilitation. It can also be done as a rehabilitation-only loan.
Investors no longer may participate - only owner-occupants. Owner-occupants are required to come up with only 3 to 5 percent. HUD requires that a minimum of $5,000 be spent on improvements.
Two appraisals are required. Plans and specifications for the proposed work must be submitted for architectural review and cost estimation. Mortgage proceeds are advanced periodically during the rehabilitation period to finance the construction costs.
|
by Blitz Development
agent photo
Susan D. Gustafson
Susie Gustafson RE LLC
12 UNIVERSITY AVE
HAMILTON, NY 13346
Phone: 315-824-4663
Email: sgustaf1@twcny.rr.com