Bank Owned Homes That Need Work Have Special Loans

You could take advantage of a fixer-upper home and make repairs with a FHA 203(k) rehabilitation mortgage from Bank of America.

With one loan that combines the cost of buying the home with the cost of making repairs, the 203(k) could be ideal for qualified buyers interested in purchasing a home that needs repairs of updating. The 203(k) advantages include:

1. Qualify with as little as 3.5% down.
2. Cash needed for repairs is built into the loan amount.
3. Loan amount is based on the as-improved value.

For homes needing repairs, qualified buyers may not opt to use the FHA Streamline 203(k), featuring all of the advantages of the 203(k), except up to $35,000 of loan proceeds can be applied toward repair or rehabilitation. Of course, we’re always available to explain the details so you can select a loan that suits your needs.