When we moved back to Washington state after living in New Orleans, we were very lucky to already have a place to live. My Grandmother had just died and my Dad was offering us his house. Our intention has always been to buy the house from him and upgrade it. Since he retired this year, we are becoming more serious about looking into our options. As first-time home buyers, there is a lot of information out there.
My Prospect Mortgage offers the 203(k) loan that is definitely something to look further into.
FHA’s 203(k) loan program is designed to finance the purchase and renovation of your home, all in one loan.
Our house is older and was a rental before my Dad bought it in 1990. So there are definitely some things that are ready to be upgraded. This loan offers an easy way to do that. With one loan payment, you can buy and renovate your fixer-upper.
Another option would be the HomePath loan.
The HomePath program was created by Fannie Mae to offer foreclosed homes directly to qualified buyers. This special program allows you to qualify with the minimum down payment and can even give you money to fix up your dream home.
With this loan, you get a bank-owned home with as little as 3% down and no mortgage insurance. You can also get up to $35,000 for renovations for your new home.
Buying a home is the biggest purchase we’ll ever make and I am thankful to My Prospect Mortgage for giving me a few options to seriously think about.
Disclosure: This post was brought to you by My Prospect Mortgage. All thoughts and opinions are my own.