80 Homestead Road

Description

Opportunity is knocking. Open concept home in need of some repair. Privately set on a hill with lots of glass to let in the natural light. Wrap around deck to take in the nature. New State approved 3 bedroom septic design comes with this offering. Drilled well and metal roof. Ideal situation for an FHA 203K renovation loan. Cash works too! Foundation is insulated on inside with 200 amp electrical service. This property is a prime candidate for a HUD 203K loan and we have an experienced lender (with lots of 203K loans successfully completed in NH) ready to make this a reality for you. As an example: AS-IS value: $150, 000 needed repairs: $100,000, final appraised value: $250,000 (determined at start of loan) loan amount: $275, 000 (this means that FHA will lend you $275,000 upfront, which will allow you to complete the $100,000 in repairs and have $25,000 left over for contingencies, temporary housing while house is under repair, etc.). Furthermore, if you are handy and can get these repairs completed for $70,000, you can pocket the additional $30,000 as well. And if you have extra cash left over after the repairs are completed, you can either keep it or simply pre-pay the loan balance. Either way a WIN-WIN