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NEXTA
By Leesa Sandoval
Using the FHA 203k loan to rehab your home and build equity. Instead of a traditional home equity loan the FHA 203k loan allows you to refinance the current mortgage and add money for repairs. It ends up being a new single lien at a great FHA rate without the hassel of the home equity loan process.
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By Leesa Sandoval
And they say that FHA 203k rehab loans don’t close. Well here (video) is another FHA 203k that closed on time. It went from contract to closing in 45 days. This house needed $83,000 worth of repairs including new windows, new flooring, complete bathroom renovation, new fence, etc. Without the program, this house would have
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By Leesa Sandoval
Many people ask, what is a 203k loan? The 203k loan allows the borrower to borrow extra money to renovate or repair the residence at the low FHA required down payment of 3.5%. Also, the loan amount can go up to 110% of the home’s value after repairs/renovations.
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By Leesa Sandoval
There are actually a few options out available when it comes to rehabbing your home – for both purchase and refinance transactions. One of the challenges can be to find that perfect rehab loan to fit your needs. It’s my goal to make that selection easier. Today, I’d like to compare and contrast two of my favorites: The FHA 203k Rehab loan vs the Fannie Mae HomeStyle Rehab loan.
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By Leesa Sandoval
Selecting, purchasing and maintaining homeowner’s insurance is a standard for anyone wishing to purchase or own a home. The problem tends to be with so many companies out there offering so many different options, how do you know what’s best for you?? Furthermore, as your needs change how do you determine if you have the best coverage? To help, I sat down with Caren Martin of Ellis Insurance and asked her a few questions.
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By Leesa Sandoval
Credit scores play an important factor in obtaining the best interest rate available for your new home purchase loan, rehab loan, or refinance no matter where you live. Protect your FICO score.
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By Leesa Sandoval
We are now offering FHA 203b loans to borrowers with FICO scores as low as 600! This means that if you meet the requirements you may purchase a “move-in ready” home using an FHA loan with a middle credit score of at least 600.
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By Leesa Sandoval
Current home owners, did you know that just about anything in your home can be repaired, upgraded, etc with a simple rehab refinance? There are refinance options for both conventional and FHA loans which allow for the rehab of your current home.
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By Leesa Sandoval
HUD owned properties are a great place to turn when looking to buy a foreclosure in Texas, Louisiana, New Mexico, Oklahoma, and Arkansas for several reasons. Buyer Beware! Purchasing a HUD owned property is very different than an owner occupied property because they follow a “blind” bidding process. The bidding date is released by HUD, and each buyer submits their best offer-without the knowledge of any other bids. As long as HUD finds the highest offer acceptable, that offer is accepted. HUD also retains the right to refuse all offers.
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By Leesa Sandoval
By now you are probably familiar with the FHA 203k Rehab loan but did you know that Fannie Mae offers a rehab loan which may allow for more flexibility? The Fannie Mae HomeStyle Rehab loan allows for the installation/repair of luxury items as well as High Balance Loans – you are not limited to $417,000.00. In many cases we can finance up to $800,000.00 but the limits will vary from county to county. You may click here to review the county loan limits.
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