03/20/2012 08:51 am ET

Federally Backed 203K Home Mortgage Covers Repair Costs Of Fixer-upper Homes

By Judy Rose, Detroit Free Press

When Brian and Traci Montpas bought their bank-owned house in Flushing last spring, it had been vacant more than a year. Flooring and copper plumbing had been stolen; the drywall was punched full of holes, and animal feces soaked the subfloors.

But the money to repair this mess -- $68,000 over the cost of the house -- was not a problem for them. It was built right into the home loan -- a 203K mortgage.

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