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Results For Tag: loan

What is a 203k Loan

July 31, 2013 |  Article By :   | 
What is a 203k loan? Most often you will hear about them if you are looking at buying a distressed property. They are technically called FHA 203k loans because they are offered by the Federal Housing Administration. These loans are specifically for homes that are in a bad state of disrepair with the hope that someone will by them and be able to fix them up. The loan covers the purchase of the property and specified home repairs. Normally, the down payment is quite low and in some cases you can refinance with a 203k loan as well.  Typical repairs covered by this type of loan would be:  roof, floors, bathroom, additional rooms and more. Speak with your loan officer to find out more detailed information.
Below is an infographic from RealtyTrac about 203k loans:
203K loan


Record Low Interest Rates

May 21, 2012 |  Article By :   | 

Once again we are seeing record low interest rates!  The average rate on 30-year loans dipped to 3.79%. That’s down from 3.83% last week and the lowest since long-term mortgages began in the 1950s.  The 15-year mortgage, a popular option for refinancing, declined to 3.04%, down from last week’s previous record of 3.05%.  Mortgage rates are lower because they tend to track the yield on 10-year Treasury notes. Slower U.S. job growth and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury notes, which are considered safe investments. As demand for Treasury notes increases, the yield falls.



FHA Mortgage Insurance Premium Increase

April 5, 2012 |  Article By :   | 

Planning to use an FHA-backed mortgage for your next home loan? You might want to get your application in gear today because the FHA Mortgage Insurance Premium Increase starts next week.

Beginning next week, the Federal Housing Administration (FHA) is changing the way it charges mortgage insurance to U.S. homeowners. For the fourth time since 2010, FHA mortgage insurance premiums are rising for all FHA-backed homeowners. (more…)