Is a fixer right for you?

The Spokane market is full of houses that need a little TLC. Whether it's updating a 1980's bathroom, ripping out carpet and adding hardwoods, or installing vinyl windows, these diamonds in the rough just need your personal touch to make them shine. Now it does take some imagination and you have to look past the apparent defects, but if you can do this, you can make the house exactly what you want. Example below...



But how do you come up with the money to make these fixes after you purchase the house? (Because I know I couldn't cook in the first kitchen.) Glad you asked. The government has started a program called an FHA 203k loan that can allow you to wrap the purchase of the home and the renovations into one mortgage. It takes some extra effort on your part to find contractors for the work but I could help you get the bids and find the right contractor for you. This still allows you to take advantage of low interest rates and still get the house you want for a great deal.

This article explains more of the qualifications needed:
http://www.forbes.com/2010/06/18/fha-home-repair-loan-personal-finance-203k.html

This program is not for everyone but allows you to look at a broader range of houses and find a great deal in the area that you want. If you have any questions or want me to start looking for your diamond in the rough, give me a call or shoot me an email.