Homebuying October 06 2017

Your Guide to FHA 203(h)

Did you know that there is a home loan specific for those recovering from a natural disaster? The FHA 203(h) loan is a great option for those who have become a displaced owner or renter due to a recent disaster such as flooding, storms or fires. FHA 203(h) Guide FHA 203(h) loans are applicable to qualified buyers who are either owners or renters of a property as long as it is their primary residence. One of the major advantages of this program is that it allows for 100% financing—making a down payment not required. FHA 203(h) quick facts The FHA 203(h) program is designed for those whose property falls under a presidentially-declared disaster area, and who have either lost their homes or have had extensive damage. These mortgages may be used for a new purchase or the reconstruction of the home as long as they apply within one year of the major disaster declaration.

Note: In order to qualify for an FHA 203(h) the home must be destroyed or damaged to the extent that a reconstruction or replacement is necessary. If your home needs rehabilitation, you may consider looking into an FHA 203(k) option instead.

FHA 203h requirements

 

Have you or anyone you know has suffered extensive damage to their home due to a recent disaster? Learn more about the FHA 203(h) program!

Contact a Loan Officer today!

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December 17 2018

FHA Announces New Loan Limits for 2019

The Federal Housing Administration (FHA) has announced their new loan limits—and it looks like it’s another increase in 2019!

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December 13 2018

Student Loan Debt? How You Can Still Get A Mortgage.

While your student loan debt may look like the biggest obstacle getting in the way of homeownership, a lender may not see it as much of a threat. Here are what lenders are looking at and how your student loan debt affects your approval.

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November 15 2018

The Impact of Rising Rates

If you’ve ever had a credit card or purchased a car, you should be familiar with interest rates. An interest rate is the percentage of the amount you are borrowing (known as the principle) charged by the lender as a fee for allowing you to use their money....

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November 12 2018

What to Keep From Your Closing

After several stressful months of buying or selling your home, it may be tempting to put the transaction in the past and dispose of the evidence—which is often more than 100 pages. However, there are several important legal and financial documents...

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November 05 2018

What is an Appraised Value?

Everyone wants to sell their house for more than they bought it for, but real estate is trickier than that. Markets change, and home values change right along with them. Fortunately, there are licensed professionals called appraisers who will come to your home,...

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November 02 2018

Pros and Cons of Buying a Condo

Whether you are a first-time homebuyer or searching for home number ten, buying a condo instead of a house may be the perfect choice. Most condos are essentially a hybrid between an apartment and a single-family home. They are great for certain lifestyles but...

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October 29 2018

What a Home Inspection Should Cover

Before making what may be the largest investment of your life, you’ll want to get a home inspection. Home inspectors are trained to examine the physical structures and systems of a house. If you’re going to spend hundreds of thousands of your...

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October 26 2018

5 Reasons to Invest in Real Estate

Increasingly, Americans are choosing to invest in real estate instead of stocks, bonds, or mutual funds. From 2000 to 2016, real estate outperformed the stock market at a ratio of about 2-to-1. For three years in a row, Bankrate found more U.S. adults feel...

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October 22 2018

What Does a Realtor Do?

Ever wonder about the difference between a real estate agent and a realtor? They’re the same, right? Not so. Working with a real estate agent can take a lot of time and stress out of the home buying process, but not all real estate agents are the same....

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