The Unexpected Expense You Need To Prepare For After Closing On Your Home.

You've found the home of your dreams, but there's one problem: It needs work.

You're not alone. More than half of all homes sold in the U.S. have needed some sort of repair or rehab before they were ready for buyers, according to Zillow. That can include everything from minor fixes like repainting and new carpeting to major projects like new plumbing and electrical wiring.

If you're worried that this means your dream house will be off-limits because you can't afford the mortgage AND out-of-pocket repair expenses, read on — because there might be a mortgage program that will let you buy exactly what you want, even if it needs work first.

There are many different loan programs available on the market today for buyers looking for affordable home loans. One of these programs is the USDA renovation mortgage program — which could be perfect for you.

USDA is a loan you can obtain if you meet the following criteria:

• You don’t have money for down payment. 
• You have a 620 middle credit score. 
• You earn 91k or less for a total family of four and total household income. 
• The mortgage loan will be less than $647,000.00. 
• You are a first-time homebuyer wanting to buy a primary home. 
• You own no other real estate.
• The home you want to buy is in USDA eligible area.

This mortgage program has an option where you can finance up to $35,000.00 in repairs above and beyond your purchase price. 

However, with this mortgage program, you must know that monthly mortgage insurance never expires. If you qualify, you can always refinance the loan.

If you would like some more information about how the repairs portion of this mortgage program works and you want to know if the home you’re interested in buying is in a USDA eligible area, call or text me at (772) 444-6362.