Explore our blog for insights on buying, financing, remodeling, and taking care of your home.
A home buyer called me the other day to ask a great question about buying a foreclosed home and taking care of some of the work on it. Have you seen these vacant houses? Some of them need a lot of love. This house in particular had a driveway issue that was affecting the foundation of the house. Of course I immediately thought of the Full FHA 203k. This home improvement loan must be used when the work involves the structure of the house. The caller asked if the 203k would pay for a new driveway. Since I didn't have the answer at the top of my mind, I leaned on our expert.
Searching for the perfect home has become quite the chore in the last couple of years. The headlines say it all - housing stock is down. This means you as a buyer have fewer homes to choose from on the market. What's a buyer to do? This can be especially frustrating for a first time home buyer, as most first timers don't have the means to get into a bidding war. There's an option out there for financing your dream home - even if it looks like a nightmare. The FHA 203k renovation mortgage puts the low down payment option of the FHA loan to work with the power of after-improved value once the remodeling is finished.
If you're to the point in your home buying process to compare lenders, then it's time to talk about big bank vs community lender. When you're looking at the difference between an Amerifirst Home Mortgage and a Wells Fargo, you'll have a lot of points to consider. Especially when you're looking at the Amerifirst vs Wells Fargo 203k loan.
Foreclosures are down in 2013 compared to the last 5 years or so. However, foreclosed homes continue to exist and home buyers still find them in the housing market for sale. Since these properties often come at a price significantly lower than occupied homes for sale, a lot of home buyers consider them “good deals.”
For some remodeling projects, a home buyer will need some serious help. For others, a lighter duty of assistance will suffice. Where do you draw the line?