There are several rehab loans first-time home buyers should consider when researching mortgage options, including those offered by the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac.
Insured by various U.S. federal agencies, government-backed mortgages can help borrowers achieve home ownership through lower down payments and closing fees, flexible credit scores, and other advantages.
Yes, FHA 203(k) loans require mortgage insurance. As the government agency backing this loan, the Federal Housing Administration expects all borrowers to pay two types of mortgage insurance premiums: Upfront and Annual.
First-time home buyers may qualify for various conventional and government-backed loans, such as those offered through Fannie Mae, Freddie Mac, the Federal Housing Administration, U.S. Department of Agriculture, and Veterans Affairs.
Government-backed loans offered through the Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), and Veterans Affairs (VA) can assist qualified borrowers with home purchases, and improvement and rehab projects.
Yes, renovation costs can be added to specific rehab loans offered through the Federal Housing Administration (FHA), Fannie Mae, Freddie Mac, and more for borrowers meeting specific criteria regarding down payment amounts, project scopes, credit scores, and more.
It’s best to have all documentation, financials, commitment letters, and mortgage options prior to making an offer on a property in the current, record-breaking spring home-buying season led by bidding wars, pent-up demand, and decreased inventory.
When researching and comparing the best mortgages for your needs, there are several options, such as conventional, government-backed, jumbo loans, and more—all of with unique requirements, features, benefits, and cost-saving incentives.
This website and all its contents is an advertisement from Contour Mortgage Corporation, not FHA or HUD. This content has not been approved by the Department or Government Agency. Licensed Mortgage Banker – New York State Dept of Financial Services. Contour Mortgage Corporation - Equal Opportunity Lender - NMLS # 34384