Thinking of buying a Omaha Home? Or buying a Omaha Bank Owned home?  Currently, there are some great deals available to home buyers in Omaha.  Investors are picking up some great buys.   However, home buyers wanting to occupy the home have had trouble  financing a bank owned properties.  The homes generally are in need of some type of major repair, i.e. roof, furnace, electrical, windows etc and buyers don't have the funds to make the needed improvements.

Did you know FHA offers a great renovation mortgage to home buyers called a FHA 203K mortgage?

First, it's just like a regular FHA mortgage.  However, with a FHA 203k mortgage you can escrow up to $35,000 in repairs and possibly more in some cases to make improvements to your home. Note: the improvements need to be performed by an approved contractor.

For example, let say you find a bank owned home in a nice area, where homes generally sale for $125,000 to $130,000.  The list price is $100,000, but it needs carpet, paint and a furnance est $10,500 in repairs.  You could buy it for $100,000 escrow $10,500 for contractors to make the improvements after you close.  It's a great deal for buyers.

That's why I have partnered with a seasoned mortgage professional in Omaha that specializes in Renovation Mortgages.  If you would like more details about this great mortgage option, please don't hesitate to contact me.  I can help you find a home and guide you through this great mortgage option in Omaha.