Those looking to purchase or refinance a home and renovate it have additional mortgage options compared to those who just want to do the former. For example, the 203(k) loan...
Contour Mortgage is an approved FHA direct lender. This means you receive the benefits directly, which include:
For more information on FHA loans, see HUD.gov
An FHA loan is a mortgage insured by the Federal Housing Administration (“FHA”), a government agency within the U.S. Department of Housing and Urban Development. These loans are a safe, viable option for building credit in today’s tough real estate market. Your down-payment can be as low as 3.5% of the purchase price, and in many cases your closing costs and fees can be included in the loan. The FHA allows home sellers, builders and lenders to pay some of the borrower’s closing costs, which include appraisal, credit reports and/or title expenses.
Two Mortgage Insurance Premiums are required on all FHA loans. The first is the upfront premium and the second is the annual premium. Contact your mortgage professional to learn more about these premiums and the current annual premiums for your loan amount.
FHA also offers a special loan product designed to finance home repairs and improvements called a 203K. Click To Learn More.
Pre-Qualifications are an important step in today's real estate market. They show sellers that you are qualified to buy their home and that your offer should be considered above other, less serious offers.