If you are in the market to buy a rehab home with the FHA 203K loan, you’ll need to hire a 203K consultant. Yes, it’s another service that you must pay for, but the 203K consultant is there to make the process easier for you. The FHA 203K loan is a long process that requires a lot of paperwork and has many checks and balances. Having that neutral third party there to help you through the process can be a great thing. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to … [Read more...]
How to Solve Your Most Common FHA Loan Approval Woes
An FHA loan is a commonly-sought mortgage program by potential borrowers who would like to get a home loan but have problems either with their credit score or getting enough money to pay the conventional down payment requirement. An FHA loan is one of the housing programs established by the government to aid a significant chunk of the borrower market who cannot get a conventional mortgage. Because many lenders shy away from the risk of these types of borrowers, the FHA stepped in to cover for … [Read more...]
A Home Rehab Can Take a Wrong Turn
Who does not want to make their home look more beautiful? Home improvements may mean both essential repairs and cosmetic renovations. Every homeowner needs to shell out some cash in order to maintain the property in a reasonably livable state. You’d eventually need to change leaking gutters, or replace moldy, worn-out carpets. Home improvement is a necessary element in homeownership. Homeowners take home rehab as a chance to increase the value of their residence . However, there may be … [Read more...]
What is a Streamlined 203K?
If you want to make changes to your home and include those changes in your mortgage, the FHA Streamlined 203K loan is a great option. If those changes are minor, meaning less than $35,000, you can take advantage of the streamlined 203K. This “easier” version of the FHA loan is a great way to get the changes done to your home that you desire without the many headaches that the standard 203K may cause. In addition to the lower cost of the renovations, there are several other stipulations you must … [Read more...]