rehab loans: Attn. Realtors....A New Mortgage Program Can Help You Sell More Homes
- 11/02/08 02:46 PM
FHA 203K Loans The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased. FHA's (Federal Housing Authority) 203(k) program can help you with this situation, and allow you to purchase or refinance a property, plus include in the loan the cost of making the repairs and improvements. The FHA insured 203(k) loan is provided through Bill Cunningham at Neighborhood Funding. It is available to persons wanting to occupy the home. … (6 comments)
rehab loans: Different Types of FHA Loans
- 10/11/08 02:17 AM
Fixed Rate Mortgages FHA fixed rate mortgages, or Section 203(b), are the most typical and popular type of FHA loan. A fixed mortgage is one in which the interest rate does not change. A fixed rate FHA mortgage insures the total amount of the mortgage against default to the lender. This type of loan also requires very little in the way of down payment, as opposed to a conventional loan. The typical down payment for a fixed rate FHA mortgage is 3.5% of the total amount borrowed. The advantage of a fixed rate mortgage is a lower interest payment if the … (0 comments)
rehab loans: FHA Rehab (Streamline K) Loans.
- 10/08/08 04:26 PM
If you've been passing up buying homes that require cosmetic repairs for lack of funds to fix them up, FHA has a program for you. Not to be confused with FHA's more complicated 203K program, a Streamline-K loan eliminates much of the paperwork and simplifies the process to obtain rehab funds. Bill Cunningham, a loan consultant at Neighborhood Funding in Tampa, FL, believes first-time home buyers should get all the help they can. He says first-time buyers are often turned off by fixer uppers or overwhelmed and not prepared to deal with the work required to bring some homes up to today's … (5 comments)
FHA 203K Loans;)
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