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Question: Repairs on foreclosed home purchase?

We are about to buy a foreclosed home in a good area of Chicago for about $80,000. What would be the best way to pay for those repairs and invest in this property so that we can live in it in a couple months?
We have the time to work on it, I was just wondering about what ways we can go about getting money to repair it... loans-wise.

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Answer: Look into getting a 203k loan, also called the FHA rehab loan. You borrow the money needed to make the repairs and pay back the extra money with the mortgage.

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