3 Challenges of Buying and Inspecting a Foreclosure
I got a call yesterday to inspect a home in foreclosure. For the inexperienced inspector, this could be quite the challenge. We have little to no access to data or history about the properties we inspect and when the home is owned by a bank or other governmental agency the opportunity to ask questions or uncover […]
203(k) Loan Requirements Disclosure
Borrower – You’ll be asked to sign quite a few documents on the road to residential rehab. The following are borrower acknowledgements, instructions and disclosures for the FHA 203(k) Loan. The borrower and the lender are asked to sign HUD-92700-A prior to obtaining the loan. If you have, in fact, not seen this info, ask your […]
‘Rehab’ Loans to the Rescue
In the end it was another loan that came to the Mercados’ rescue: the Federal Housing Administration’s 203(k), also known as the F.H.A. rehab loan, which is designed to cover not only buying the home but also renovating it, and is then paid back like a regular mortgage. A hybrid that has been around for more than 30 years, the loan program has recently surged in popularity.