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Federal housing help

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    Bob Massi on benefits of a 203K home mortgage

  • Duration 3:28
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Fifteen minutes out of the top of the hour well did you ever dream of buying a house fixing it up and making your own dream home who hasn't.

Well now that dream can come true thanks to a loan.

That will cover the cost of your home and the repairs that come with it.

Analyst Bob -- here to explain how botnets are missing the sounds too good to be true what.

Sent it anyway it's it's -- -- program it's been around for many years two or three -- program Gretchen and because of what's going on in America -- so many homes that are being foreclosed on and have been destroyed.

This program was designed years ago to revitalize neighborhoods but I want her views and know that it does exist and what it basically means.

Is that.

-- buyer could go win and qualify.

For a loan to rehab or repair a home.

And can actually not only get qualified for the loan but also for money.

To do the construction and -- -- of the home and so I wanted to talk a little bit about that today -- and former viewers of this program that there has been on the books for years.

But it's used more now than before so who can participate in the program and are there any requirements and for participating.

Yet that the minimum requirement has to be that this be a minimum of 5000 dollars in repairs.

To the home which is to -- -- -- is not much.

But also somebody who is -- a position to buy -- home and by the way Gretchen.

This is not a program designed for investors this is designed for people who have to live in the home.

Just so if in fact they do they qualify for the loan and the construction to rehab or repair there's actually part of this programmer you could take a home believe it or not.

From the existing foundation -- move it to another foundation that'll cover.

And also you can refinance existing loans on the property.

To do the repairs for the home here's here's the downside it's a federal program.

Which has about four inches of Paper to fill out.

But again it's something that.

Not many people talk about which is why -- -- sort of get this information out to the viewers today all right final question can you increase the mortgage amount.

To cover additional questions that.

Yet and that's one thing I want our viewer yeah exact one thing of our viewers knows this.

When you get if you qualify for this you have to get a good appraiser the contractor.

People that know exactly what the costs going to be because once you get approved.

For this loan were.

Gretchen for purposes of rehabbing it.

Yet that's yet if the carjacker comes and it says oh by the way we -- this you have to come out of pocket to do that.

So if you are eligible for the program you get qualified people -- there to do the appraisals to do the estimates so that -- whatever money you do yet and it's gonna be used for the improvement of the.

On our it I -- on court question.

If our viewers are interested in the Hud an extra day rehab program you're so good we had to have an on course what did they need to do if their interest in it.

She go to their website that Hud dot gov has a website that explains it to its pre K program.

The process to do it.

I think it's something that is important for all of us to know about I've been educated more -- in the last six months.

Which is the reason why wanna just throw it out for viewers some may qualify summit not suddenly not be interested -- it's better to know that not know.

Fantastic thanks so much for help it's always -- you can email Bob your questions by logging -- fox and dot -- next week and haven't and one.

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