You could take advantage of buying a fixer-upper home and make repairs with an FHA 203(k) rehabilitation mortgage.
Here are some highlights of the program:
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
Lately, buyers are finding the current homes inventory in need of deferred maintenance, or significant projects requiring large sums. Most buyers today are not in the position to pay for a new home with cash left over to fix up. This is a way to find a "not so pretty" house in a nice location and make it what you want.
Ask me how I can help you qualify for this loan and find you a great fixer-upper that will give you plenty of opportunities for your family.
Sincerely,
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