Financing a Home Archive


Why do lenders require a down payment?

Sunday, December 2nd, 2007
It protects them should you default on the loan, especially if you fail to make payments in the early years of the loan when more is owed on it. Foreclosure, property fix-up, and resale costs could result in a loss on the mortgage loan. ...
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Where can I get a mortgage?

Sunday, December 2nd, 2007
You can get a home loan from a number of different sources, a credit union, commercial bank, mortgage company, finance company, government agency, thrift - which includes savings banks and savings & loan associations - mortgage broker, and even the seller. ...
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What about state and local governments?

Wednesday, November 28th, 2007
Just about every state now offers loans for renovation and rehabilitation at below-market interest rates through its Housing Finance Agency or a similar agency. Call your governor's office to get the name and phone number of the agency in your area. ...
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Does the federal government offer home improvement programs?

Wednesday, November 28th, 2007
Yes. Among the most popular:Title 1 Home Improvement Loan. HUD insures the loan up to $25,000 for a single-family home and lenders make loans for basic livability improvements - such as additions and new roofs - to eligible borrowers. ...
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How can I finance work needed on a fixer-upper?

Wednesday, November 28th, 2007
According to the Millennial Housing Commission created by Congress, few lenders are willing to administer home improvement loans. Most prefer to make home equity loans or unsecured consumer loans because they are easier to manage. Home improvement loans usually require inspections and irregular draws on the loan amount as ...
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How does a lease option work?

Monday, November 26th, 2007
A landlord agrees to give a renter an exclusive option to purchase the property. The option price is usually determined at the outset, but not always, and the agreement states when the purchase should take place---whether, say, six months, or a year or two down the road. ...
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How long do bankruptcies and foreclosure stay on a credit report?

Sunday, November 25th, 2007
They can remain on your credit record for seven to 10 years. ...
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Can a home be sold for less than its mortgage?

Sunday, November 25th, 2007
Sometimes. But it is a complicated process and a lot will depend on the lender. ...
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What types of foreclosures are there?

Sunday, November 25th, 2007
There are two types---judicial and non-judicial. A foreclosure that results from a court action is a judicial foreclosure. The mortgage deed or trust does not have a power of sale clause, therefore the lender, trustee or another lienholder must take the borrower to court to recover the unpaid balance of ...
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If faced with foreclosure, what are my options?

Sunday, November 25th, 2007
Talk with your lender immediately. The lender may be able to arrange a repayment plan or the temporary reduction or suspension of your payment, particularly if your income has dropped substantially or expenses have shot up beyond your control. You also may be able to refinance the debt or extend ...
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