It is important to be familiar with three terms which the US Department of Housing and Urban Development uses in sales If you plan to buy HUD Real Estate Owned (REO) properties, it is important to be familiar with three terms which the US Department of Housing and Urban Development uses in sales: Insurable (203b), Insurable with …
What is a Buyer or Seller Funded Repair Escrow?
A repair escrow may either be funded by the buyer or the seller, and is typically determined by the contract. If the seller is required to pay for the repairs, the escrow funds will be collected from the seller at closing. Refusal to comply with this requirement may jeopardize the approval of the mortgage plan …
What is a HomePath Mortgage Loan?
Many homebuyers seeking financing may take advantage of a type of loan devised by a lender to sell a foreclosed property at the best deal that the market would allow. This type of loan is called the HomePath Mortgage Loan, and one of the largest lenders in the US, Fannie Mae, is one such lender …
The Greatest Benefit of Renovation is Increased Home Equity
Sweat Equity Home renovation usually is deemed to be more practical and certainly less expensive in the Greater Springfield Missouri markets than buying a brand new home. It is also generally looked at as an investment precisely because renovations make it easier and faster for people to sell their houses. In other words, it increases, …
What is a Full FHA Loan?
A FHA 203(k) Full loan merges the repair costs into the home financing. It’s an excellent option for homeowners who do not want separate mortgage applications and processes for buying a home and fixing it to make it a dream one. The beauty of this option lies in the higher coverage: up to 50% of …
