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Archive for FHA loans

Battling between the 203K and HomeStyle rehab loans?

From: Mortgage Professional America Modern mortgage programs make it easier than ever for borrowers to purchase and finance a home renovation with one single loan. Both Fannie Mae’s HomeStyle mortgage and the FHA’s 203K mortgage serve as “one-time-close” mortgages with distinct similarities and differences that can make choosing between the two difficult to decide. “Fannie […]

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FHA 203K Refinances

I often get calls from people who say they don’t have enough equity in their home to get a line of credit. They go online to see if there’s any solution, and they find my website. I’m happy to inform them that, yes, they do have options.  A FHA 203k will suit their needs. They’re […]

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FHA 203k Renovation Mortgages – The Pros and Cons

Everybody who’s looking to buy a home should at least consider a FHA 203k renovation mortgage. But I’m not going to lie — it isn’t for everyone. As with just about anything else, there are advantages and disadvantages. For borrowers with certain needs, it’s a godsend. But you need to weigh the pros and cons […]

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5 Things You Didn’t Know About Home Renovations

From: Zillow Porchlight Ready to remodel? Add these facts to your toolkit first. Home renovations are so shiny and attractive on the surface that it’s hard to imagine the ways they can go terribly wrong. But before you can enjoy the finished result, you’re likely to hit a few bumps in the road. Here are five […]

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Costs Associated with a 203K

I write a lot about the many advantages of the FHA 203k program. How it helps borrowers create instant equity, and ultimately save money. How it also helps communities by sprucing up and getting occupants for aging housing stock, thus revitalizing the housing market. But some people have a negative attitude toward this type of […]

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The FHA 203K and Competing with Cash Offers

When we work with homebuyers who are trying to purchase REO or foreclosure properties, they often find themselves competing against cash buyers and cash investors. Banks or foreclosure representatives typically sell properties for more money when they’re dealing with end-customers rather than cash investors, which tends to make end-customers more desirable for them. I’m a […]

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More First Time Homebuyers Open to Renovation Loans

From: Mortgage Professional America Balancing all the factors associated with home buying, such as location, features, school district and more can be tricky. But according to Perry Farella, loan officer with AmeriFirst Home Mortgage, first time homebuyers are now “working backwards” by seeking properties not for their aesthetics, but rather ones that are within the […]

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203K Relieves Burdens of First-Time Homebuyers

Say you’re a first-time homebuyer. You know you’re making a major financial commitment. But you’ve already calculated the down payment, closing costs and mortgage payments, and you can handle them all on your income. So now you have nothing more to worry about, right? Not necessarily. Many first-time homebuyers fail to take into account the […]

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FHA 203K and House Hacking

You may have heard the term “house hacking,” which is a trendy concept in the investment world. So what is it, exactly? Basically, it refers to buying a property as your primary residence and rehabbing it. Then you either turn around and rent the property, or flip it after a year. The idea is that […]

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Considering a Renovation? How about adding a second level to your home?

How is it possible? FHA 203k mortgages are increasingly popular for adding a second level to an existing home using the FHA 203k in a refinance transaction (known as an add-a-level project).   This is done by adding the existing debt of the mortgage (or mortgages if you have a first and second mortgage) and […]

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