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What First-Time Home Buyers Should Know About Fixer-Uppers

Renovation loans let you finance a house and improvements at the same time. With a renovation loan, you can pay off improvements over a longer period of time and at a lower interest rate than other types of financing. Options include: FHA 203(k): Offered through the Federal Housing Administration, FHA 203(k) loans allow lower income and credit scores than conventional mortgages. They can be used for most improvement projects. VA renovation loan: The Department of Veterans Affairs recently updated its VA loan guidelines to include the purchase and renovation of a home. A VA-approved contractor is required, eligible projects are somewhat limited and your lender may charge a construction fee. HomeStyle: Guaranteed by Fannie Mae, HomeStyle mortgages require higher credit scores than FHA 203(k) loans. But almost any improvements are eligible, including “luxuries” like a pool or landscaping.

Jumbo Loans: When Do You Need a Jumbo Mortgage?

You might expect a higher mortgage rate. This has traditionally been the case with jumbos, reflecting the increased risk that lenders assume when extending loans worth around a half-million dollars or more.

But today, many buyers are landing lower rates for jumbo mortgages than for conforming loans. Lenders are charging higher rates on conforming loans as a way of passing off rising fees Freddie Mac and Fannie Mae are charging to guarantee mortgages.

The increased fees are a part of the fallout from the housing market crisis of the 2000s, which threatened Fannie and Freddie as homeowners lost the ability to pay for their homes in alarming numbers. Take a look at mortgage rates in your area .

You might be asked to make a higher down payment. But this, too, was generally the way things used to be. Today, not so much.

At one time, lenders wanted you to have cash to cover up to 30% of the purchase price if you were buying a property requiring a jumbo loan.

How can I determine if my home was/is GUARANTEED by fannie mae and or freddy mac?

In reguards to the new stimulis , your home mortgage must be guaranteed by fanny and/or freddy, how can I research to find out if my home and mortgage were gauranteed by these entities.

A loan officer can tell after doing a credit check for you.

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