South Carolina | Home Loan | Mortgage | Refinance

Archive for May, 2010

In today’s real estate market and economy more people are looking for ways to improve their home. Also people are buying bank foreclosures and fixing them up. But the problem many people are running into is the difficultly of getting a construction or rehab loan. That is where the 203K Streamline Loan steps in.

The official name of this program is the FHA Streamlined 203(k) Limited Repair Program. The 203K Streamline Program will allow a homebuyer or homeowner to purchase a home or refinance a mortgage plus include in the loan the costs of repairs and improvements in the loan. The 203K Streamlined loan is not a government loan, it is provided though FHA Approved Lenders throughout the country. Because the 203K Streamline Loan is insured by FHA, the FHA Approved Lenders are more willing to make them available to more people.

Another good benefit of the FHA Streamlined 203K Limited Repair Program is the low down payment of 3.5% and people with less than perfect credit can get a 203K Streamline Loan. Most conventional renovation loans requires 20% down payment and higher interest rate.

But not all improvements or repairs are eligible for the FHA 203K Streamlined Limited Repair Program.

First the 203K Streamline Program is not intended for a major renovation of a property. It is intended for uncomplicated repairs and improvements which don’t required engineers, architects, consultants, or plans that tend to slow things down and run up costs.

Here Are Some Of The Improvements Eligible For The 203K Streamline Loan:

1. The repair or replacement of roofs, gutters, and downspouts.

2. You can use it to repair, upgrade, and replace your existing HVAC system.

3. You can replace the flooring including carpet.

4. Minor remodeling, an example would be a kitchen, but you can’t use the 203K Streamline to do structural repairs.

5. Painting the house inside and out.

6. Energy saving items such as weatherization, storm windows and doors, insulation, and weather stripping.

7. You can buy and install appliances such as free-standing ranges, refrigerators, washers and dryers, and dishwashers.

8. Improve accessibility for persons with disabilities.

9. Stabilization or abatement of lead-based hazards.

10. You can even add, repair, or replace decks, patios, and porches.

11. If you have a basement you can get it waterproofed.

12. Replace windows and doors, and also you can do exterior wall re-siding.

13. Repair or replacement of septic system and well.

As you can see the 203K Streamline Loan can be used to do a lot of improving and repairing of your property without the hassles of plan, architects, and engineers required by most renovation loans. Because of economical reasons, the popularity of the 203K Streamline Loan has increased in the last few months. The 203K Streamline could be just what you are looking for to make the wanted improvements to your home or buy a foreclosure home to fix up.

P.S. Want More Information On 203K Streamline Loans Or FHA Loans? You can find more articles on FHA Loans Information by clicking on the links below.

If you are considering a 203K Streamline or any other FHA Loans you can get more articles by clicking here FHA Loans Information.

You can information on FHA home foreclosures for sale by clicking on How to Buy HUD-FHA Homes for Sale.

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There is little doubt that mortgage rates are going to start trending higher with the 10 year treasury yield. The yield has been in an uptrend since the beginning of the year and it is only time before it starts to bring mortgage rates with it. At the current yield of 3.7% history states that mortgage rates should be around 5.6%. If this is the case, will many of the current home buyers in the the market lose interest?

President Obama has set out to get home buyers interested in real estate again by making it dirt cheap to borrow money. In the past three months overall rates were very close to historic lows which should have sparked interest in most housing markets. Unfortunately this has not been the case based on the data that has been produced. If low mortgage rates did not get home buyers interested then it will be very interesting to see what happens if rates do in fact go back up.

Wells Fargo has been the best financial institution through the entire mortgage crisis but they make money when they are funding mortgages. Now that the housing market has totally fallen apart and the economy seems to be worsening will they continue to be able to produce a profit. Wells Fargo makes money in other areas besides the mortgage market, but that is a big chunk of their overall business plan. They will gobble up all the Wachovia mortgages but many of those were sub-prime that were likely going to default. It will be quite interesting to see if Wells Fargo can continue to produce profits in this global economic downturn.

Subprime Blogger offers a series on mortgage rate predictions and how you can save money by predicting where rates are headed. There is also information on Wells Fargo mortgage rates and how to get access to the lowest home loan rate possible.

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WASHINGTON — Mortgage rates have fallen to the lowest level of the year as investors poured money into the safe haven of U.S. government securities. The average rate on a 30-year fixed rate mortgage dipped to 4.78 percent this week from 4.84 percent a week earlier, mortgage company Freddie Mac …
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Since November, federal authorities have charged the former president of Financial Resources, Scott Farah, with … Commissioner Peter Hildreth and former Bureau of Securities Regulation head Mark Connolly — who decided on his own to resign so he …
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One controversial way to help close the budget gap is to get rid of the mortgage interest deduction that $40 million taxpayers take advantage of annually, with Mark Calabria, Cato and Lawrence Yun, National Association of Realtors.
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Is now an ideal time to buy a home, given that mortgage rates are at record lows, with Michael Moskowitz, Equity Now president, and Fred Glick, US Loans Mortgage LLC. (CNBC) Mortgage – United States – Business – Financial Services – Refinancing
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Air mile credit cards give you points or miles with every purchase you make, which you can redeem for traveling related expenses. In most cases, you can use your points or miles to get a free airline ticket to travel to a destination of your choice. Frequent flyers can use those very miles or points to redeem your reward faster.

There are a lot of companies out there that offer air mile cards. You can choose to get one online, through a bank, or even a credit card company. Each one is unique, and offers it’s own unique set of features. Before you select your card, you should always look at different companies and compare them as well. Normally, you will get a point or mile for every dollar you spend. You’ll also want to look at blackout dates as well, as many companies have decided to drop them and their expiration dates completely.

You will also want to find out what type of purchases you make with your card give you reward miles. Some purchases that you make may not be included in your reward incentives, which is why you’ll want to find out what purchases are and aren’t included. The bigger purchase items, such as televisions and furniture may have more miles included, which is why you’ll want to inquire.

Another area of importance is the interest rate. You should look deeper into the air mile credit card that you are interested in and find out how much the interest rates are and if there are any annual fees to using the card. Although your rewards may sound great, you don’t want to pay too much in fees or an annual rate just to reap the benefits.

Even though they have been around for many years, air mile credit cards are very popular for those like to travel. These cards can also help you with rental cars and hotel expenses as well, as long as you use the points you have accumulated by using your card. The get the most out of an air mile credit card, you should use your card on a frequent basis. You can really rack up the points if you purchase everything with your credit card – instead of using cash.

Air mile credit cards are great to have, as long as you don’t end up paying an arm and a leg in fees, and the annual rate isn’t that high. If you check into what each manufacturer offers, you can normally get a great deal. Also, make sure that find out what other rewards are included with the air mile credit card you get as well – as this can help you to make your decision when you finally decide to get the card.