financing: Can I Really Roll Rehab Money Into My Mortgage?
- 12/13/08 07:24 AM
The answer, believe it or not, is actually "Yes!" But in order to do it, you're going to need to use the FHA 203k Loan Program. Now this is not giving you an open checkbook to go out and fix up a property in need of help but, it is a way to help you make some necessary repairs without paying for them out of pocket. Here's how it works: Prior to closing, you will need to have contractors come in and give you bids for how much it will cost to make the needed repairs to your new home. Now … (3 comments)
financing: I Have No Down Payment....Can I Still Buy A Home?
- 12/03/08 08:33 AM
Believe it or not, inspite of all that you've heard on the news lately, there are still 100% loan opportunities for homes that fall under the category of Rural Housing. The USDA program (also known as Rural Housing) has not changed their guidelines. These loans are Zero Down and require no Monthly Mortgage Insurance (commonly referred to as "PMI"). They do, however, collect a Guarantee Fee which ends up getting financed into the loan (so yes, the customer ends up financing more than 100% into the loan when you figure there was no down payment, plus an additional fee rolled in). Borrowers … (0 comments)
financing: Down Payment Assistance...Going...Going...
- 11/10/08 04:13 AM
Wow, it is September 7th and I can't believe that the end of Down Payment Assistance programs is right around the corner! Yes, if you have been pre-approved for a loan program that allows the seller to pay your down payment for you, you absolutely have to close on the house BY THE END OF THIS MONTH - SEPTEMBER 30, 2008 or there's a very good chance you're not going to get the help you need!<!--more--> This is very serious business. Do you already have an accepted offer on a home? If so, have you made sure that your contract specifically … (0 comments)
The answer, believe it or not, is actually "Yes!" But in order to do it, you're going to need to use the FHA 203k Loan Program. Now this is not giving you an open checkbook to go out and fix up a property in need of help but, it is a way to help you make some necessary repairs without paying for them out of pocket. Here's how it works:
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