Comparing one mortgage loan option to another is a bit like comparing apples to oranges. They're both fruit (or home loans) but they're still a bit different. If you're looking to compare the 203k loan vs conventional mortgage options, then you're likely already familiar with how the FHA 203k helps home buyers finance remodeling and renovations. So instead of answering the question "What is the FHA 203k?" we'll dive right into the difference between this home improvement loan and a more traditional route, a conventional mortgage.
The AmeriFirst Home Buyer Learning Center
While you won't need a 20 percent down payment for every conventional mortgage, the 20 percent figure is pretty standard. Without it, you'll pay mortgage insurance for sure, and may have a higher interest rate as well. So the question remains: do you have 20 percent of the home price set aside in cash for a down payment?
Buying a house can leave you feeling overwhelmed and under-informed. You have so many mortgage loan options in front of you, it's hard to know where to start. From the conventional mortgage to FHA loans...from zero-down loans to adjustable rate mortgages, it's a difficult task to cover all of them.
Writing for Advice
Once upon a time people "wrote in" for advice. Ann Landers, Dear Abby...that sort of thing. Now people offer advice all over the place: blogs, news/commentary shows, etc. So it's no surprise that first time home buyers can find advice by simply turning on the TV. That's what we found this week. A woman known at the Queen of NYC Real Estate is offering advice for anyone considering buying their first house. It's actually pretty good advice, and her story is pretty interesting too!