Neighbor News
Is a FHA 203k Renovation Loan Right for You?
Just in case you missed it, check out the "Norcom Mortgage 203k Dream Home Loan" discussion with Scott Haney on Better Connecticut.
Here’s an Overview:
Is a FHA 203k Renovation Loan Right for You?
o Buy a “Fixer Upper,” short sale or REO needing renovation
o Get the funds to both purchase and upgrade your dream home
o Refinance and Renovate your existing home
Find out what's happening in Woodbury-Middleburyfor free with the latest updates from Patch.
Advantages of 203k Renovation Loans
o Loan amount based on the home value including renovations
o Only one loan needed to both purchase and improve the home
Find out what's happening in Woodbury-Middleburyfor free with the latest updates from Patch.
o Refinance and rehab your own home with one fixed rate loan
o Can be used to buy property otherwise not eligible for financing
Who Qualifies?
o A minimum down payment of 3.5%
o A credit score of 640 or higher
o You currently have no other FHA loans
o You DO NOT have to be a first-time buyer
https://www.youtube.com/watch?feature=player_embedded&v=8_Pf0M32N6I
