Today's housing market is full of foreclosures and short sales that need fix-up work--plenty of "as-is" properties. But there is a loan program that can ease the burden of buying such properties, the Federal Housing Administration's (FHA) 203k program.

In 2009, only 219 borrowers took advantage of the program, and not many lending and real estate professionals are aware of it. The 203k program allows the costs of needed repairs and improvements to be included in the FHA federally insured loan amount, so long as it's done within six months of the escrow close.

The loan covers renovation financing for minor and major improvements, as well as help buyers compete with investors when bidding for short sales and foreclosures.

Read more at RISMedia.

photo credit: damenleeturks

Posted in Education And Training, Buyer Resources

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