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NO ‘mysterious’ deposits to your bank accounts – Borrowing money for a down payment to buy a home is an absolute ‘no-no’ in the world of mortgage lending. If there is a chance you may not have enough for the … Continue reading
Tagged banker, borrower, buyers, credit score, FHA, FHA 203k, finance, for sale, home, home loan, homes, interim fincnce, lender, loan, loan modification, loan underwriter, mortgage, pre-qualification, repair loan, sellers
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Principle and Interest The first item on your house note will be the Principle and Interest (P&I) calculation based on the original amount of your loan. Using a good Mortgage Calculator, simply plug in the current interest rate and the … Continue reading
Tagged amortization, buyers, escrow, fannie mae, FHA, FHA 203k, finance, flood insurance, for sale, freddie mac, home, home loan, homeowners insurance, house note, HUD, insurance, interim fincnce, loan, mortgage, mortgage calculator, mortgage insurance, pmi, pre-approval, pre-qualification, principle and interest, property tax, short sale, st tammany, tax escrow
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The following is a reprint courtesy of HUD.Cov, US Dept of Housing and Urban Development The Section 203(k) loan program is HUD’s primary program for the rehabilitation and repair of single family properties. As such, it is an important tool … Continue reading