
In today's busy market, many homebuyers have found themselves weighing options they would normally pass by. One of the more common compromises is to consider a home that needs some work.
On the plus side, fixer-uppers often come with lower prices, less competition, and a lower-pressure sale on the whole. Still, they're not without challenges.
Are you considering a fixer-upper? Here are five things to think about first.
1. You may need an alternative mortgage program. If you want to finance the home purchase and the renovations and repairs the property needs, you might consider loans like the FHA 203(k) loan or the Fannie Mae HomeStyle loan. Your loan officer can help you choose the best option for your purchase.
2. There may be appraisal and inspection issues. If the home is in disrepai...
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