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Answers (3)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
I suggest you contact Nic. He's in CO.
http://www.zillow.com/profile/Colorado-Lender/
Happy funding, Rudi
http://www.zillow.com/profile/Colorado-Lender/
Happy funding, Rudi
- Brent Kluge, "Brent Kluge FHA 203K"
- Contributions:94
DO NOT do an FHA 203k. You will incur MORTGAGE INSURANCE...
These fees are VERY EXPENSIVE and on your loan would be at least $3,000.00 financed in UP FRONT MI and also MI paid monthly in your mortgage payment to the tune of $287.00. CRAZY RIGHT????
You need a Conventional Renovation product! Since you will have 20% equity on the final home value, you will NOT incur MI. I have about 3 different versions of this loan. The rates/APR's are in the LOW to MID 4's and there are zero points. Also, all costs can be financed, so it is an amazing loan.
Please feel free to look up my contact info in my profile and reach out to me. I would be delighted to assist personally.
Best,
b
These fees are VERY EXPENSIVE and on your loan would be at least $3,000.00 financed in UP FRONT MI and also MI paid monthly in your mortgage payment to the tune of $287.00. CRAZY RIGHT????
You need a Conventional Renovation product! Since you will have 20% equity on the final home value, you will NOT incur MI. I have about 3 different versions of this loan. The rates/APR's are in the LOW to MID 4's and there are zero points. Also, all costs can be financed, so it is an amazing loan.
Please feel free to look up my contact info in my profile and reach out to me. I would be delighted to assist personally.
Best,
b
- Charles Moore, "Charles ER Moore"
- Contributions:75
You could do an FHA 203k rehab loan or take out a 2nd mortgage to finance the repairs. The costs to take out a 2nd would be less than the FHA loan, but which option is better will depend on the extent of rehab along with how long you plan to stay in the home. Feel free to give me a call or email to weigh the options.
We want to do a large home remodel; how can we finance it?
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