The FHA 203k loan is a good way to buy a home and also get the extra money that can be used for renovations, repairs or both. There are good points and bad points to the loan and all of these should be considered before making a decision to purchase a property.
Welcome to our FHA mortgage resource page! Here you will find great articles on FHA, FHA refinance, FHA 203k purchase and refinance and a ton of how to articles describing the lending process from start to finish. You will also find articles of commonly asked questions by people just like you. We try hard to answer questions about FHA loans in our blog posts. We are here to help make the home buying and refinancing process as pain free as possible. If you can’t find what you are looking for here, please feel free to Contact Us with any questions. We are here to help!
The following will compare an FHA loan vs Conventional mortgage, not to show that one is better than the other, but to highlight the strengths of each mortgage.
Learn how to purchase a fixer-upper and totally remodel it! With a little insight and some negotiation skills, it is possible to find that diamond in the rough.
FHA guidelines prospective buyers need to keep in mind when shopping for their home. FHA approved lenders are able to offer mortgages with enticing rates for people that might not qualify for a Fannie Mae or Freddie Mac home loan.
A non-occupying co-borrower that has a solid credit history, low debt and enough income to meet their needs as well as help one of their relatives can step in and boost an overall mortgage application.
For people willing to think outside the box, an FHA 203K loan can be a great alternative to a construction loan. People looking to become homeowners are often faced with the same old question: buy a new home, build a new home or buy an existing home? For most people, building a new home can be quite a challenge.
While the cash gift is not only allowed but encouraged by the Federal Housing Administration, there are rules to how the money can change hands and how it is all documented. If the steps are not followed it is very likely that the home loan will be rejected.
The aim of the FHA 203k programs is to allow people an opportunity to purchase and either repair or renovate the property before moving in.
Illinois no money down home loans enable those who have not been able to save for a down payment to realize the dream of home ownership. We offer three mortgage programs still available with little or no money down 100% financing for all Illinois residents:
Understanding how an FHA loan works can relieve stress for home buyers in the same kind of way. Here are some of the major points to consider.