Purchase a Fixer-Upper with FHA Loan Funds
Posted by Carey Frankel on
Are you in the market to buy a home for sale in St. Johns County? Are you willing to put a little “sweat equity” into a home for a lower purchase price? If yes, then an FHA insured HUD 203(k) loan may be just the thing for you. If you qualify you could be approved for a loan equal to the selling costs, and the estimated costs of repair and remodeling.
There are many reasons why a home may be in disrepair. The age of the home, or it may have been unoccupied for a length of time causing the property to wither. Or, perhaps an owner simply ignored maintenance issues and would now rather sell than fix the property. In any case, a fixer-upper home can be a good start for an individual or family willing to invest the time and effort in a St. Johns…
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The vacillation of the stock market is being seen in the mortgage market in their rates, terms and timing.
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You've probably heard that lenders have been strengthening their guidelines requiring higher credit scores for the best rates and/or bigger down payments from borrowers.
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You might of heard that lender are changing their programs more regularly. But have you heard of buyers going to the closing table and the lender no longer keeping to the terms that were offered? I am being told that it is happening.
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In addition, I am just being told that the rates the lenders are charging can change up to 4 times a day! So if your mortgage broker calls you with a great rate and you don't lock in ... you can pretty much be assured that the…