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Is there a gap between the home you want and the home you can afford? If so, you might consider buying a home that needs some love with a renovation loan. These loans allow you to buy a home and get the funds you need to cover the costs of repairs, remodeling or renovations to the property - all with one loan.
Here's a mortgage question we received recently: "We have been pre-qualified for a regular FHA loan but we'd like to get qualified for a 203K loan so that we can look at "fixers" that might be more in our budget. Can we do that?"
Fixer-upper homes are the norm in today's housing market. Whether it's home owners who quit maintaining their homes because values dropped, or bank-owned homes that have stood vacant for 12 months, home buyers today will come across all levels of houses in need of some TLC. But this doesn't mean you have to do all the work yourself or come up with a huge stash of cash to pay for the work up front. There's an option when it comes to home improvement loans that lets you borrow money on top of the value of the home, based on the after-improved value. It's called the FHA 203k. Download the FHA 203k Survival Guide here and learn more.
Comparing two mortgage options for a property that needs renovations If you're buying a house that needs some love, you've got some work to do. Whatever you're planning - updating the kitchen cabinets, replacing the roof, adding a master suite - it's going to take a bite out of your wallet. So before you run out to buy that first gallon of paint, take some time to consider a couple of home loan options that can help you get the job done. In this blog, we'll compare two popular mortgages: a conventional loan and the FHA 203(k) - a renovation loan that can help you finance remodeling and renovation projects.