If you want to buy a home that needs fixing up, you probably won’t get traditional financing. Conventional and government-backed programs will not fund if the home does not pass an appraisal because the home is not livable. The good news is that there are two options that help you purchase and renovate a home. These options are the FHA 203K loan and the Fannie Mae HomeStyle … [Read more...] about Home Renovation Financing: FHA 203K vs. Fannie Mae HomeStyle
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 What is the FHA Renovation Loan Process?
Contemplating to buy an energy-efficient home or improve your home to make it more “green” and sustainable to live in? You can finance energy conservation projects through loans specifically made for that purpose. An energy-efficient home not only brings savings to the homeowner/buyer but adds value to the home come appraisal. Let’s take a look at some of these loans. Find … [Read more...] about Consider These Energy Efficiency Loans for Your Home
The FHA 203K loan gives you the ability to not only purchase/refinance a home, but to also have the money necessary to make repairs that you wish to make. These repairs can be anything from major structural repairs to cosmetic changes that you want to make. The kicker is that you usually have to have a professional do the work for you. There are exceptions to the rule of … [Read more...] about Can you Perform your Own FHA 203K Loan Repairs?
You know the drill; you have been in your home for more than 10 years and suddenly you find out that you need a new roof. Knowing that it is a very expensive replacement, you start to wonder how you will ever make that happen. Should you take out a second mortgage? What if you do not have enough equity in the home? Maybe you should take out a personal loan? There are many … [Read more...] about How the FHA 203K Program can Help with Common Repairs