Corona Said:
My boyfriend and I are going in on it together. he doesn't have a lot of credit and I do. His is A+ and mine has quite a few blemishes. What's the best loan for us to get?
Franklin Advantage:
Choosing the right loan can be very confusing; especially in this market. There are a lot of options and extraordinary opportunities today. FHA may be the program that can help you buy fixer-upper home.
FHA allows for blemished credit and low down payments. The Federal Housing Administration (FHA) was created by the National Housing Act of 1934. Its intent was to regulate the terms of mortgages that it insured and increase the number of people who could afford homeownership. With minimal down payments and affordable monthly mortgage payments, FHA accomplished its goal of increasing homeownership over its 75 year history.
FHA's 203k program allows you to buy a fixer home, fix it up and include the repair costs in one loan. This loan is based on the sales price but rather the future value once the repairs are complete.
Today, there are a lot of foreclosed homes for sale. These homes often need repairs. Conventional financing will not allow financing until the repairs are complete. This keeps many potential home buyers from buying these homes but with the FHA 203k program, homebuyers can finance the cost of the repairs into their FHA mortgage.
http://www.f-advantage.com/articles.php
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