After the housing bubble burst in 2007, many individuals and families found it difficult to get repair loans for either the purchase or repair of a home. This left some people without the option of owning their own residence, while others were forced to live in homes that were desperately in need of repair. These […]
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Streamline FHA Loans and Refinancing Options In addition to their regular 203k loans, which finance the purchase and rehabilitation of existing homes in need of update and/or repair, the Streamline FHA loan also offers homebuyers and current homeowners the option of purchasing, updating, repairing or refinancing their homes under a streamlined option. The streamline FHA home construction options allow homeowners to […]
The Benefits of a FHA 203k Loan A FHA 203k loan is designed to help residents purchase, repair, and rehabilitate older homes in their communities. As part of a government initiative to encourage sustainability and improve living conditions in urban and suburban settings, the 203k loan program offers federally backed loans through certified lenders. These loans exhibit some unique benefits to borrowers […]
Choosing 203K Contractors Choosing 203K Contractors The FHA 203k loan program is designed to allocate funds to homeowners who are looking to purchase, renovate, and repair an older home. Once a homeowner is approved for this loan, he or she will need to choose a HUD consultant and 203k contractors to begin work on the renovations. When shopping […]
203K Loan Requirements An FHA 203k loan can be an excellent option for anyone looking to purchase and rehabilitate an older house, or for those looking to refinance and/or remodel their existing home. Before embarking on the application process for one of these loans, however, it is important to know the ins and outs of 203k loan requirements. […]
What You Need To Know About the 203k Mortgage In the late 1970s, the U.S. Department of Housing and Urban Development and the Federal Housing Administration launched an initiative called a 203k mortgage, that was intended to revitalize urban communities. This successful initiative survives today under the provisions of the FHA Loan Program, which provides 203k mortgage loans to individuals looking to purchase and […]
What is the FHA Construction Loan? The FHA construction loan is a loan backed by the Federal Housing Association, which is dedicated to helping people remodel, rehabilitate, refinance, or expand single family homes. The benefit of the FHA loan (in addition to its affordable interest rates and payments) is that it offers borrowers the opportunity to take out one loan to […]
What is the FHA Rehab Loan? Homeowners who need to repair an older house, or potential homebuyers looking to purchase and renovate a run-down home may want to look into applying for an FHA rehab loan. These loans are designed to make homes in urban and/or low-income areas more attractive and more livable, and are ideal for individuals on a limited […]
How To Find a FHA 203k Contractor Selecting a FHA 203k contractor for your remodeling project is one of the most important aspects and can be an overwhelming task. There are a few things that you need to look for when choosing the right FHA 203K contractor for your project as they […]
Mortgage Applications Increase Mortgage applications are up. The phone was ringing off the hook this week with the majority of callers asking about the FHA 203K. Not surprising since we are smack in the middle of the best buyers’ market we have ever seen and probably will never see again in our life time and most houses need […]