How to Qualify to Buy a Distressed Home Like a Foreclosure Home in Kansas City

Yesterday I was asked by an Olathe first time home buyer how she could qualify to purchase a foreclosure home. Her lender had informed her that she could not finance the new carpet, painting and buying new appliances into the mortgage loan.

In today’s stringent credit climate, the process of securing a loan approval involves many details that can be easily overlooked by prospective home buyers. The 203k loan— is an FHA loan that enables home buyers to purchase distressed properties. From finding licensed and trusted contractors to detailing the scope of work involved in the renovation plans, obtaining a 203k loan requires a special degree of knowledge.

A FHA 203k loan allows a home buyer to purchase a distressed home like a foreclosure. The cost of repairs can be added into the mortgage loan.

My recommendation is that if you want to buy a distressed home like a foreclosure, you may want to checkout a FHA 203k loan. There are only a few mortgage lenders in Kansas City that I have found that do both types of FHA 203k loans.

If you're interested in researching FHA 203k loan options, contact Dan Henderson from Citywide Mortgage. Dan can be reached at 785-979-3631 by phone or dan@MrKCMortgage.com by email.

Let us know what you think or add to our blog by writing a comment.

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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How to Qualify to Buy a Distressed Home Like a Foreclosure Home in Kansas City