FHA 203K...IT'S THE LOAN FOR HOMES THAT "NEED A LITTLE TLC"

I'm going to assume anyone that's been out house hunting has seen an ad in realtor.com , trulia or zillow that goes something like this:
"Home has lots of potential...just needs (here's the hook) a little TLC". Generally translated, that means the home is in varying stages of ugly. Until recently, your choice was to buy it and then have enough money to fix the "ugly". FHA has given you an alternative. It is called the 203K loan . Granted, it's not a particularly inspiring title, but look where "Pick A Payment" got us! Anyway, if the property you want needs that TLC,and the repair costs are under $35,000, a 203K loan will let you finance those costs, close your loan, hold the repair costs back and let a contractor bill for the repairs. There are tons of things covered, but in brief: carpet, paint,broken windows, appliances, air conditioner, cabinets, and many more. Also, there are funds available for rehabs far above $35,000. But I may bore you to sleep listing the additional criteria for that. It would be better if you drop me a line on that part.