fha: So You've Found A Fixer-Upper
- 10/28/08 07:22 AM
So You've Found A Fixer-Upperby Pam SimpsonThe Kudzu Vine You're so excited to get a GREAT deal in a GREAT neighborhood but there's a catch. It's a "handyman special"...a "fixer-upper"...it needs "TLC". And everyone is telling you there is no way you will be able to get a loan on it. Well, hold on there. There is a loan made specifically for this situation - the FHA streamline 203(k). The Streamline 203(k) permits the buyer/borrower to finance up to an additional $35,000 into the mortgage loan to improve or upgrade the home. Do the shingles look suspect? Does it have green shag … (0 comments)
fha: Buy a HUD home - $100 down payment
- 07/24/08 04:59 AM
In Mississippi, you can purchase a HUD home with only a $100 down payment. First, here is a brief (and very simplified) introduction to HUD homes. When someone purchases a home using an FHA loan, the loan is insured by FHA (which is a part of HUD). If that borrower defaults on the FHA loan, HUD becomes the new owner by foreclosure. HUD does not wish to be a property owner, so they place these homes back on the market for sale. In Mississippi, HUD and FHA have a program where you can purchase a HUD home using an FHA mortgage for only … (11 comments)
So You've Found A Fixer-Upperby Pam SimpsonThe Kudzu Vine
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