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FHA 203k Rehab Loans and VA Loans: Mortgages for the New Economy
By:  Elaine VonCannon, RE/MAX Hall of Fame, ABR, SRES, REALTOR, Notary Public, Team Manager, NARPM, Member of the Va. Commercial Alliance, Award Winning Agent
Are you searching for a home and disappointed by the options available? Perhaps the home you can afford is too small for your requirements, or in need of extensive repair or upgrades. Two important federal government loan programs may be available for home buyers who qualify. These include VA Loans (Veterans Administration) for military personnel who have served in the Armed Forces and a 'fixer upper' loan, the FHA (Federal Housing Authority) 203k Rehab Loan. These two loans are reliable financing options for the new economy.
The FHA 203k program requires the home buyer use the property as a primary residence. The FHA 203k rehab loan cannot be used for investment property. The only exception to this rule is if the buyer is a qualified non-profit.
VA Loans are also designed for those seeking mortgage financing for their primary residence. New regulations for the VA Loans include lower credit scores and 100% financing.
Home Buying Guidelines for FHA 203k Loan Program
In the present real estate market, foreclosures are common. Many properties have been sitting empty or ... more

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