People who go shopping for a new house often end up choosing something that’s at the upper end of what’s affordable to them. In the long term, this can even be a good financial strategy if there is a high likelihood that your income will grow over time and you’re sure that you want to settle down in one place for many years to come. In the meantime, though, this approach to home shopping can leave you without the money to make needed improvements to the property. If you are facing that situation, you should explore FHA 203k Rehab Home Loans as a way of improving your home without feeling like you might go broke in the process.
These loans are financed with the backing of the Federal Housing Administration, which makes lenders feel much more confident that they’ll ultimately get back the money that they’re lending. The big advantage to borrowers is that you can get a single loan that offers enough money for both the purchase of the home and necessary improvements. For example, if you choose to buy a property that has a need for a new roof because you can get a great price on it, you can also borrow the money that you’ll need for the roof replacement. That way, you won’t find yourself scrambling to come up with the money before the next rainy season comes along and does serious damage.
The FHA 203k Rehab Home Loans are designed to make home ownership affordable to people who would otherwise have to stay out of the market. Their required down payments are low and they keep the interest rates very low as well. They also make it much easier to afford a house in a great neighborhood at all, by making it possible to focus on those properties that require some work and love to be a suitable place to live.
You can contact Village Mortgage to explore your eligibility for the program, and to learn more about how it works. If you’ve been struggling to come up with the money to afford a place of your own, this just might be what it takes to put it within reach.
©2014 Village Mortgage Company, NMLS #6331 (www.nmlsconsumeraccess.org), CT #6331, RI #6331, Mortgage licensed lender in MA ML6331. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation. Rates, terms, fees, products, programs and equity requirements are subject to change without notice. Village Mortgage, Equal Housing Lender.
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