PRICE REDUCED!!! ASKING: $38,750701 HOLCOMBE AVE, MOBILE, AL 36606 | Zoned B-2 | DISTRESSED PROPERTYCommercial Property in need of repairs/ rehab. Located on a corner lot! Property is within 5
Finance Your Fixer Upper With The FHA 203k Rehabilitation Mortgage
WHAT HOMES QUALIFY?
A one- to four-family home that has been completed for
aleast a year
A home that has been torn down, provided that some of the existing foundation is still in place
A home that you want to move to a new location
The home cannot be a co-op, but some condos are eligible
Can I rehab a building having both residential and commercial
51% of the Gross Building Area (GBA)
isfor residential use; and commercialuse will not affect the health and safety of the occupants of the residential Property.
WHAT'S THE MINIMUM CREDIT SCORE? HOW MUCH DOWN PAYMENT IS NEEDED?
Generally, You may be eligible with a FICO score of at least 620 and 3.5% down. Anything less than 620, may have additional requirements.
WHO QUALIFIES FOR A FHA 203
WHAT REPAIRS QUALIFY?
There are two primary types of FHA 203
Other repairs that qualify: decks, patios, bathroom and kitchen remodels, flooring, plumbing, new siding, additions to the home such as a second story, heating and air conditioning systems, and more!
Some examples improvements not covered: adding a tennis court or pool, or anything considered a luxury repair. Another thing not covered is any improvements that don't become a permanent part of the property.
MORE INFO FROM THE SOURCE!
To get all the details about the FHA 203
Brent Beavers, AL State Broker | Company Lic. # 90164
Mobile, Alabama native. Worked as a civilian contractor with the Army Recruiting command in Mobile, as a Clerk/ Admin Support. Also, served in the US Army attached to the 92nd Military Police Battalio....
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A FHA 203(k) Rehabilitation Mortgage, is a loan that is backed by the Federal Government. A FHA 203(k) Loan can be used to finance residential homes that are fixer uppers or to update your