Smart first time home buyers use a mortgage program that finances a professional to do all the work so they can enjoy the new home rather than wallowing in the weekend work. So what does the smart, brave buyer use? It’s called the FHA 203k. This mortgage option allows you to buy a home in almost any condition and roll the cost of improvements or repairs into the mortgage payment, all based on the value after the work is done.
Instead of making your first mortgage experience a frustrating one, turn it back into a great time full of dreams and possibilities. You can do this with home improvement loans like the FHA 203k and HomePath Renovation. These options can help you turn a fixer-upper into a diamond in the rough, eventually getting your dream house. And it’s your first mortgage!
One of the focuses of each of these plans is homeowners who pay their mortgage bills despite the fact that home values have dropped and many homes are now “underwater.” This means their values are below what’s owed to the bank. Many of these mortgages also have interest rates nearly double the current current interest rates. And that is where the problem lies: homeowners who owe more than their homes are worth have negative equity. This means they cannot refinance into a lower interest rate to lower their payments and ease the financial burden, even though they’re following the right path of paying their bills.
The FHA 203k can help finance required repairs as well as desired improvements whether you’re buying a house or you’re willing to refinance to pay for the work you want done. This home improvement loan option is great for first time home buyers, step-up buyers, refinancing homeowners and almost any other real estate category.
Ever been in a renters nightmare? Lazy landlord…noisy neighbor…paying a stranger’s mortgage…everyone’s renters nightmare is different. Whether it’s the neighbors holding a kegger on a quiet Saturday afternoon or losing water pressure when your landlord doesn’t care, renting can certainly have its challenges.