If you want to buy a house that is run down and won’t pass an appraisal, you probably think of the FHA 203K loan as an option. This loan program gives you the funds to purchase and renovate a home so that it will pass the FHA appraisal. You can even make cosmetic changes to the home if there’s room in the loan. What if you don’t want the FHA 203K loan, though? Are there other … [Read more...] about What are the Alternatives to the FHA 203K Loan?
You got your loan preapproval and you can’t believe how much you can borrow! You are already dreaming of the perfect house that you are going to buy – you have it all pictured now. Before you do, you may want to consider buying less home than you can afford. We know that sounds like we are crushing your dreams, but there are some valid reasons you should use this … [Read more...] about The Top Reasons You Should Buy Less Home Than you Qualify For
You lost your home in foreclosure so you assume that you won’t qualify for a conventional loan anytime soon, right?We have good news for you - it is still possible to get a conventional loan and you may not have to wait as long as you thought. Today, Fannie Mae guidelines allow you to get a conventional loan as soon as 2 years after foreclosure.Looking for Current Mortgage … [Read more...] about Is it Possible to Get a Conventional Loan After Foreclosure?
When homeowners default on their Fannie Mae loans, Fannie Mae takes possession of the homes. Fannie Mae doesn’t want to keep these homes on their books, though. The idea is to sell the homes and make back as much of the money as they can on it.Looking for Current Mortgage Interest Rates? Click Here.The program to sell these homes is the Fannie Mae HomePath program. Fannie … [Read more...] about Fannie Mae HomePath: Are Investors Eligible?
If you need to get your hands on some cash and you have home equity, you may consider a cash-out refinance. While you may enjoy the funds, when tax time rolls around, you may find yourself wondering if you have to include the proceeds from your cash-out refinance on your tax return. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to find out what the IRS … [Read more...] about Do You Pay Taxes on Proceeds From a Cash-Out Refinance?