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Financing FHA Required Repairs
That’s right. If an appraised value is higher than the sales price, FHA-required repairs can be financed into the new FHA loan! Only FHA appraiser-required repair costs are eligible. Costs are added to sales price BEFORE calculating mortgage amount (sales price + repair costs x 96.5%). Repair costs + sales price cannot exceed appraised value. Contract...
First step in getting PreApproved
The first step to buying a home is getting PreApproved for your new home loan. Here’s a few tips when thinking about getting PreApproved: Know Your Financial Info Gross Monthly Income (Your New House Payment Should be around 30% or less of Your Gross Monthly Income) Asset Account Balances (Including 410K’s and IRA’s...