Insured With Escrow
October 19, 2016
Great News for home buyers looking for affordable homes in Spartanburg, South Carolina.
Many Home Buyers searching for affordable homes, become discouraged in the buying process, as they find homes that appeal to them, only to find out that the condition of the home must meet certain standards to qualify for the loan. For example, the first time home buyer sees a for sale sign on a home that appeals to him/her, calls the Realtor, finds out the home is priced in the price range he/she qualifies to purchase, views the home, likes everything about the home only to find out the home has an old roof and doesn’t have a stove, and the seller is unable to replace these items. FHA financing offers a solution for this type of property. This home buyer may apply for a 203-B Repair Escrow Loan. FHA has just increased its escrow limits from $5,000.00 to $10,000.00. This increase opens doors for many more purchases on homes in need of repair. The purchaser adds the amount of the repairs to the loan amount, the monies for the repairs are held in escrow at closing and the repairs are completed after closing. In other words, where there is a will, there is a way. If you qualify for a loan, don’t let the little things stand in your way. With the help of an experienced real estate agent and a mortgage lender experienced in FHA Escrow loans your dream of home ownership can come true, no matter your price range.
Go to HUDHomeStore.com or contact EnternetHomes.com for a number of homes in Spartanburg, SC that are currently available for sale, very affordable, and qualify for the 203-B Repair Escrow Loan.