If you found a home you love, but know that it needs some renovating, you may wonder if you can add the renovation costs to your mortgage. Typically, purchase mortgages don’t allow you to pay for anything except the cost of the home and possibly some closing costs. Compare Offers from Several Mortgage Lenders. There are a couple of loans that do allow this, though. Keep … [Read more...] about Can You Add Renovation Costs to a Mortgage When Purchasing?
FHA 203k loan
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
Here are some of the most frequently asked questions about the FHA 203k loan program. How many bids are required for a 203k loan? The FHA guidelines only require one bid for the work to be done, however, lenders may have additional requirements to make themselves comfortable. Depending upon the lender you could need more than one bid but there are certainly lenders that … [Read more...] about FHA 203k FAQs
We all know about loans and what they are capable of doing. It isn’t hard for them to give you a heart attack and it’s also not hard for them to boost you financially. A 203k loan is just like any other loan out there but it is used for a totally different purpose compared to the others. A 203k loan is usually used for home improvement. A faulty ceiling or a worn out carpet … [Read more...] about Advantages of a FHA 203k Loan
Financing today's fixer-uppers and selling for profit using FHA 203k loans - it's possible! There's a lot of hype today about buying and fixing up foreclosures. Late night TV infomercial shows are selling the "roadmap" to making millions...are they making millions selling books or selling Real Estate? The truth is that it is possible to finance distressed homes, and … [Read more...] about Buying a Fixer Upper and Selling It Using an FHA 203k Loan