By Seb Frey
 In an attempt to encourage the revitalization of run down neighborhoods, the Federal Housing Administration began offering a loan program called the FHA 203K Loan program. Under this program, homebuyers can rehabilitate a property using a federally backed loan.
What Is an FHA 203K Loan?
An FHA 203K Loan is a loan that is insured by the federal government but issued by a traditional lender. The loans offer between $5,000 and $35,000 to homebuyers or homeowners who wish to rehabilitate residential properties. They can be used for one to four-family dwellings, provided the owner lives in a portion of he property. The homes that qualify for this loan must be at least one year old. The loan program allows the homeowner to roll the purchase of the property and the cost of the repairs, up to $35,000, into one loan, rather than purchasing the home and funding the repairs separately.
Getting a FHA 203K Loan
If you are interested in using an FHA 203K loan to help you fix up a rundown property, you will first need to find an |
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By Steven Walters
 Surprisingly to some there are still plenty of opportunities to get mortgages for bad credit even in today's poor credit environment. So, if you've avoided refinancing because you think your credit score is too low you may want to reconsider. There are many homeowners who got caught up in the mortgage industry debacle when rates began climbing and lenient lenders started disappearing from the scene. There are still many other who are still getting approved for mortgages with credit scores that one would think would only qualify them to get mortgages for bad credit. What makes things worse is that many people are still being approved for adjustable rate mortgages (ARM's). These ARM's interest rates continue to climb making it more difficult for the borrowers to make their monthly payments. So, we shouldn't be surprised that the bad credit industry is flourishing during these times.
Not even the real estate market is being helpful these days. Decreasing property values and increasing foreclosures are combining to drain the equity from today's housing market. This means more and more home loans get declined because lenders simply |
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By Steven Walters
 One thing that people don't realize is that getting bad credit home loans can sometimes lower your monthly payments and provide relief from other high interest debts like credit cards. They also don't think about the other benefits that come with bad credit home loans such as the boost that the new loan will give to your credit score. Just by itself the credit repair is justification for taking a poor credit loan. And, you can consolidate all of your other higher interest debts into one lower interest rate loan with just one monthly payment.
With the internet being so pervasive these days it's easy to do all of your bad credit home loan research online and save yourself loads of time. It's so easy to go online to compare the individual bad credit lenders and see their fees, costs and interest rates at a glance. If you're considering bad credit home loans make sure that you research well and check out a variety of lenders to find the best rates and fees for the loan. Bad credit lenders rates can vary widely. One |
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