High home prices and interest rates are leading some homebuyers to consider fixer-upper homes, which make up approximately 5% of listings. Mortgage programs like FHA 203(k), VA rehab loans, and conventional renovation loans can assist with repair costs, offering benefits such as low down payments and competitive rates. However, buyers should be aware of potential challenges including complex processes, competition from investors, and extra expenses, and should evaluate the extent of work required before selecting a renovation financing option.
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