What is the Prospect Mortgage Dream Remodel mortgage loan option? Maybe you've seen the national TV ad about this option to help you get the house you've always wanted. It puts the FHA 203k to use for home buyers. If you've never heard of the FHA 203k option we're going to explain it here. We're also going to compare this national TV ad about the Prospect Mortgage Dream Remodel option to the AmeirFirst Home Mortgage "But Loan" story.
The AmeriFirst Home Buyer Learning Center
What happens when a real estate agents shows a house she thinks would be perfect for her buyers, but they say "I'd buy this house but it's so outdated inside. The carpets are old and the paint is ugly. Plus the kitchen needs some remodeling." What happens is that agent has to go back to the drawing board and load the clients back in her car and drive around looking for the "perfect home."
We all know that spring is a season of renewal. Baby animals (chicks, fans, calves, foals, lambs), tree buds & flower shoots and spring cleaning. It’s also a great time for homeowners to tackle spring home improvement projects. Whether it’s painting a bedroom with the windows open or some sprucing up the landscaping, there’s a lot you can do to freshen up your house a bit.
It's official: you can finance your home improvements with the But Loan® at AmeriFirst Home Mortgage. What is the But Loan? It's an option for financing or refinancing a house to take care of home improvements. So if you've ever said to yourself, "I'd stay in this house BUT the kitchen is old and we need another bathroom. Let's find a new house," then the But Loan is for you. Or if you've gone house hunting, found a nice house but said, "I'd buy this house BUT the basement needs to be waterproofed and I'd rather have a deck," then the But Loan can solve those problems with one mortgage.
We all want our home to be perfect. However, finding the perfect home is like trying to catch a cloud. It's pretty much impossible. Almost every house out there has had someone living in it, and has their style and choices all over it. You'll find ugly wallpaper and carpet in some homes. Another place won't have a deck even though the yard is perfect for it. Yet another will have old windows and peeling paint. You could keep looking, getting back in the real estate agent's car and driving all over the place. Or you could find a diamond in the rough and put something to use: home improvement loans.
What is the FHA 203k mortgage option?
The FHA 203k is a way to pay for repairs, renovations and home improvements, all within your monthly mortgage payment. It's an option that's great for first time home buyers because many times, that first house is a fixer-upper. While "sweat equity" from do-it-yourself projects is great, rolling in the cost of professional work at about $6 a month for every $1,000 you spend is pretty affordable. In other words, if you want an updated kitchen in your first home and it will cost about $5,000 then you'll only pay about another $30 a month on your mortgage. The additional bonus: because it's in your mortgage payment, you can reap tax break benefits!
The But Problem
House hunting can be rewarding, exciting and fun. Especially for first time home buyers. But it can also get frustrating. Real estate agents and buyers alike know the infuriating "But Problems" that creep up when looking for a house to buy. Wait, you don’t know what I mean by "But Problems?" Let me run down the list.