HUD 203(k) Home Rehab Program

 

When a homebuyer wants to purchase  a "Handyman Special" they can run into a problem. By the time the buyer has closed, they no longer have enough money to do the repairs and upgrades necessary. HUD something called the 203k Home Rehab Program which can help. The loans under this program can take longer (typically 90 days) and involved more paperwork, but can allow a buyer to purchase a "Handyman Special" and have it upgraded as part of their mortgage process.

 

Here is a link to other internet resources from the HUD site.

You can also go to FreddieMac for additional ideas on home rehabilkitation.