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 …
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 …
What is a Home-style Renovation Loan?
Are you thinking of renovating a home but need assistance in terms of financing? You might want to check on a type of loan called Home-style Renovation. The Home-style Renovation Loan is a mortgage loan that helps with the purchase of a new home needing repairs or refinancing the original mortgage with the cost needed …
