The 203K loan process is a bit more detailed than any other loan process, but with the right precision, you can get this type of loan to help you purchase and fix up a home. 203K loans are backed by the FHA, so they have many of the same guidelines as FHA loans. Where the difference lies is in the process that needs to take place in order to complete the home purchase. There … [Read more...] about Everything You Need to Know About FHA Renovation Loan Process
Negotiating Strategies When Buying a FSBO Home
Not every home for sale is listed by a realtor. Many homeowners decide to try for sale by owner (FSBO). This way they don’t have to share the profits. Since it’s up to the seller to pay the real estate agent, the seller comes out the winner on this one. So does it make sense for you as a buyer to buy FSBO home? We take a look below. What you Might Lose Buying a FSBO Don’t get … [Read more...] about Negotiating Strategies When Buying a FSBO Home
Refinancing Your Second Mortgage
Refinancing becomes a little more complicated when you have a second mortgage. With just a first mortgage, you pay off the first mortgage and take on a new one. It is not that simple when you have a 2nd mortgage there. That second mortgage actually takes first lien position when you pay off your first mortgage. It does not matter that you are taking out another loan in the … [Read more...] about Refinancing Your Second Mortgage
Is Rent-to-Own a Good Idea for First-Time Homebuyers ?
Rent-to-own has become a popular way to buy a home in recent years. After the housing crisis, many consumers left with damaged credit. Unable to secure a mortgage approval, they were stuck renting. Many renters, however, got smart and signed an agreement to buy the home after a specific period of renting. Three years was the norm. Once the three years was up, renters could buy … [Read more...] about Is Rent-to-Own a Good Idea for First-Time Homebuyers ?
Buying a Condo with VA Financing
Many veterans opt for purchasing a condo when they first use their VA benefits because of the convenience and affordability of this type of housing. Condos often have more benefits for those just starting out and luckily enough, the VA offers the same benefits on condos as it does single family houses. This gives veterans even more options when they are ready to purchase a … [Read more...] about Buying a Condo with VA Financing