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Do you want a low-maintenance property, or a fixer-upper?
If you buy a fixer-upper, you probably won't spend too much money initially, but once the property becomes yours expect to shell out a lot for repairs.
If you buy a fixer-upper, bring a knowledgeable contractor in with you for an estimate on repair costs.
The Purchase and Renovate Program is specifically designed for homebuyers who are buying a fixer-upper.
Contact FHA for more information regarding the 203(k) mortgage program for fixer upper loans.