The government has created a fund that can be used as a home improvement fund as long as you qualify under their conditions. The fund is called the FHA 230K Home Loan.
The purpose of this loan is to help homeowners make repairs to their homes and better their properties.
This loan can be used in a variety of different circumstances such as
- Purchasing a Staten Island or Brooklyn home that is being sold as a short sale and needs repairs
- Purchasing a home and moving it to a new site and repairing it
- Refinancing your existing Staten Island or Brooklyn property and repairing your home.
The FHA 230K Home Loan requires that you take out a minimum loan of $5,000 for repairs.
If you were undecided about purchasing a Staten Island or Brooklyn property or refinancing your home now may be the time for you to move forward with your plans. Contact Steven T. Decker, an experienced and well known Staten Island & Brooklyn New York Real Estate Attorney, for more information on purchasing a home, the sale of your existing home, refinancing, modifying your loan or purchasing a short sale. For more information on the eligibility requirements for this “Home Fix-up Loan” click on the link below.
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