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Renovation-loan Articles

Posted on February 13   By MLP Blog
So, you've been thinking about making home improvements but you lack the cash to do so? You feel that it's the right timing and you regret that you haven't saved for this situation? You don't need to despair. If you've been paying your mortgage installments and you have some equity available on your home, you can refinance your home loan and take some cash out of your home equity. With a Cash out refinance home loan you can refinance your current mortgage for a higher loan amount than your outst.... Read More...
Posted on February 13   By MLP Blog
Love the neighborhood, hate the house. That is a common enough complaint from both current homeowners and prospective homeowners. Lenders have an increasingly attractive alternative for people in this situation: renovation loans. With these, a borrower who wants to move into an existing home need not compromise on quality, and the homeowner who has outgrown the house but does not want (or cannot afford) to move can upgrade more economically. “We’re seeing a huge increase in demand fo.... Read More...
Posted on July 27   By Justin McHood
Let's face it: when buying a bank owned property, many times there are repairs that are going to be needed to the property. Sometimes, a significant number of repairs. If you are planning on financing a home that is currently owned by a bank and in need of repairs, one important thing to be aware of is which repairs will be required by FHA and which repairs will not be required prior to close by FHA. Here is a list of repairs that -- if the property needs it -- will be required by FHA to be r.... Read More...
Posted on April 28   By Justin McHood
One of the best ways to get a deal on a house today is to buy a house from a lender who currently owns the house. The lender owns plenty of houses and is usually willing to "cut you a great deal" on price if you will just buy it. One of the largest lenders in the US (THE largest lender) is Fannie Mae - they own millions of mortgages and currently have thousands and thousands of homes that they own that have been foreclosed properties and went back to the lender. In an effort to reduce the amou.... Read More...
Posted on April 25   By Justin McHood
With the recently released Fannie Mae HomePath renovation mortgage, I have seen plenty of people ask the question: "Which is better, the HomePath renovation mortgage or the FHA 203(k) loan?" Because there are quite a few houses that are owned by banks, many of these properties need a little work done before they can be lived in. Surely, you have seen the stories of what some homeowners have done to properties before they vacated them in the foreclosure process. FHA 203(k) Streamline or HomePath .... Read More...
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