Explore our blog for insights on buying, financing, remodeling, and taking care of your home.
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.
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 Loan® Mortgage Program It's a catchy name. But it's not just a funny name. The But Loan® mortgage program is a solution to a problem for real estate agents and home buyers alike.