July 2017

Found 4 blog entries for July 2017.

All About USDA Home Loans for Home BuyersSince 1991, the U.S. Department of Agriculture (USDA) has been offering rural development loans to home buyers to encourage them to move to America’s rural and suburban areas. Here’s what every home buyers should know about USDA Loans before applying for a mortgage.

Purpose

USDA Loans give low- and medium-income individuals an opportunity to own their own home in designated rural and suburban areas by offering them affordable loans that require no down payment. At the same time, the influx of people moving to these areas helps to boost the economies there. 

These loans can be for as much as $500,000, but this is more common in states with expensive real estate such as California and Hawaii. Many of America’s rural areas are limited to a

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Getting a 203(k) Loan to Finance Your Fixer Upper HomeProspective home buyers who are interested in purchasing a home that is classified as distressed or is in need of significant renovations, updates, or repairs may find it difficult to find financing to cover these improvements, in addition to the purchase price. In this situation, buyers may want to consider applying for a FHA 203k loan, guaranteed by the Federal Housing Administration, instead of a construction loan that may be more difficult to obtain.

FHA 203k Loans Allow Buyers to Combine Mortgage Plus Renovation Costs

The FHA 203k loan was designed to allow borrowers to combine the purchase costs plus the cost of renovations into one mortgage. In addition, borrowers may be able to also include funds to cover costs of housing for up to

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How to Decide if You Should Buy a Fixer UpperMany buyers love charming older homes in up-and-coming neighborhoods. Many enjoy tinkering around working on home projects. Sometimes, a buyer's budget just won't support a new, move-in-ready house, particularly in competitive markets like Hermosa Beach.

Whatever the reason a potential home buyer is considering buying a fixer upper home, it's not a bad choice. Homes that need work can end up being dream houses if the owner proceeds strategically and knowledgeably during the renovation process. On the downside, they can also be money pits with unforeseen expenses that tank even the most determined fixer-upper owner.

Buyers should think carefully and answer these six questions honestly before deciding to buy a fixer upper.

Buyer DIY Skill

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Understanding FHA Loans: FHA ExplainedWhen it is time to purchase a home, choosing the right home mortgage can be nearly as complicated as choosing the right house. Even though the mortgage interest rates are still low across the board, they are beginning to move up, with the FED recently raising the prime rate another quarter percent, with future raises expected.

In addition to rising interest rates, home buyers who select a loan without understanding how it works or comparing the terms involved may be ignoring key differences that could end up making them repay more than they should over the life of the loan or make the application and approval process more complicated than it needs to be. If preparing to dive into the housing market, this overview of one of the most popular loan

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