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FAQ – What is an FHA 203(k) loan good for?

FHA 203k loans raleigh nc
Your source for Raleigh-Cary area FHA 203(k) loans

What Is an FHA 203k Loan?

This loan can help you buy and repair a fixer-upper or what is sometimes called a Handyman special

FHA 203k loans are loans that are insured  by the Federal Housing Administration The federal government designed these loans to encourage lenders to fund seemingly risky home purchases. Risky, because they are homes that either don’t meet HUD standards for occupancy and are in need of major renovation or simply need some updating but the updates are causing the homes to fall short of market expectations.

There are two types of FHA 203(k) Rehab loans.

Traditional 203(k)

Streamlined 203(k)

Continue reading FAQ – What is an FHA 203(k) loan good for?

3 Down Payment Assistance Programs for Raleigh Homebuyers

three little known down payment grants for home buyers in Raleigh North Carolina

8 Things to Know About Hiring a Contractor

Even if a friend or relative has recommended a contractor that he or she has used before, you should establish some minimum credentials. Get the full company name and address, and make sure that the firm has a current state license and adequate insurance coverage. (Typically, this means at least a million dollars in liability and worker’s compensation coverage.) Get license and policy numbers, then verify that they are current. Determine whether any formal complaints or legal actions have occurred in the past or are pending.

Top 6 Home Renovation Scams To Avoid

Scam artists are nothing new, but there are plenty of reasons to predict there will even more of them due to tough economic times. While they tend to prey on the elderly, anyone who is not cautious and informed is a potential victim. Your best defense is a skeptical mind and knowing what to look out for when you hear that offer that’s “too good to refuse.” Here are some of the most popular, and costly, home improvement scams.