There are two main types of FHA 203(k) loans: Standard 203(k) Loan: This is for more extensive renovations and repairs, including structural changes and repairs that exceed $35,000. The loan amount is based on the projected value of the property after the renovations. Limited 203(k) Loan: This is for less extensive renovations and repairs, typically costing less than $35,000. It's often used for cosmetic improvements, such as updating kitchens or bathrooms. Some key points about FHA 203(k) loans: They require a down payment of at least 3.5%. The property being renovated must be a primary residence. Borrowers must work with an FHA-approved 203(k) consultant. There are specific eligibility requirements and guidelines for the types of renovations and repairs that can be financed. Overall, FHA 203(k) loans can be a helpful option for buyers and homeowners looking to finance home improvements, but it's essential to understand the requirements and limitations of the program before applying. Tune in and learn https://www.ddamortgage.com/blog Didier Malagies nmls#212566 DDA Mortgage nmls#324329

One program that is available for first-time home buyers is where you can put 1% down and the lender will give you the other 2% towards a down payment. A total of a 3% down on your home. If you bought a 300,000 home you would put 3,000 down and if you got the seller to pay 3% of closing costs, you just bought a home for $3,000. What would it cost to move into another rental? First, Last, and deposit? Now for the next program. depending on where you live, you could get up to $5,250 for a down payment or closing costs. That is huge and with the seller paying closing costs, Now you can see how the opportunities of getting into a home No liens, second mortgages, or anything. This is a great opportunity not to have to do down payment assistance with a second lien against your home with certain restrictions there are no restrictions with the 1% down or up to $5,250 towards down payment or closing costs Please let me know how I can help you tune in and learn at https://www.ddamortgage.com/blog Didier Malagies nmls#212566 DDA Mortgage nmls#324329

1. Regular FHA where you can put down 3.5% have lower credit scores, higher income debt ratios 2. FHA203k - Mortgage you can do with an added feature of having Home improvements where you buy a home and get things done like a new roof, air conditioning, etc ., and have it all in one. 3. I am going to catch you on this one, did you know that Reverse Mortgage is an FHA? So really 3 different types of vehicles that can get you into a home or get home improvements included in the financing or a Reverse Mortgage for the elderly that has no mortgage payment and help subsidize your retirement. The Government did an incredible job looking at the various ways to help buyers get into a home. tune in and learn https://www.ddamortgage.com/blog Didier Malagies nmls#212566 DDA Mortgage nmls#324329

Depending on where you live there is an opportunity in certain areas that you can get $2,500 towards the closing costs. You also get a lower rate and monthly PMI. Programs open up to you where there is down payment assistance and also the 1% down program available. The Gov't is printing 1 trillion every 100 days, and the costs of everything are out of control. The time will come when they will be printing a trillion every 30 days. Credit cards, car loans, and student loans are at unprecedented levels is it time to refinance your home to save money and then do another refinance as a rate term when the pivot happens at some point in the future the cost of everything is going up and not stopping and you will see inflation continue to gain ground once again. Time to put the house in order with a refinance to consolidate debt. A phone call or an email away to go over your present situation and see what makes sense with the present home values tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

Depending on where you live there is an opportunity in certain areas that you can get $2,500 towards the closing costs. You also get a lower rate and monthly PMI. Programs open up to you where there is down payment assistance and also the 1% down program available. I am seeing more and more first-time home buyers coming out now and this is information you need to know. Yes, home prices are higher and rates as well. But if you have these programs available and the payment is affordable then the probability of refinancing down the road is in your favor and if inflation continues to go up so will home prices. Maybe it is the right time to buy a home now? Tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

 Rates are moving up now and several factors could be contributing to it, the 1 trillion dollars that the gov't is printing every 100 days could be inflationary. so what I see happening is there will have to be an event that happens to drop rates like we experienced in 2020. We will be paying 1.6 trillion in interest expense annually starting at the end of this year and are said to grow to 3 trillion annually next year. I say rates will have to come down in order for the Gov't to pay the interest expense, kicking the can down the road so to speak. We will have an opportunity to refinance the higher rate we have on our home and also refinance all the credit card debt, installment loans, car loans, and even student loan debt. The probability is great sometime down the road. Continue to watch the videos and when rates do make a significant drop will let my viewers know. Then it comes down to what is the cost vs the savings on a refinance. Opportunities will come just the timing not sure about. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

VA mortgages, also known as VA loans, are home loans offered to veterans, active-duty service members, and, in some cases, eligible surviving spouses. Here's what you need to know about VA mortgages: Eligibility: VA loans are available to active-duty military personnel, veterans, reservists, National Guard members, and some surviving spouses. Eligibility requirements may vary based on the length and nature of service. No Down Payment: One of the most significant benefits of VA loans is that they typically do not require a down payment, allowing eligible borrowers to purchase a home with 100% financing. Funding Fee: While VA loans do not require mortgage insurance, they do require a funding fee. This fee can be rolled into the loan amount and varies depending on factors such as the down payment amount and whether the borrower has used the VA loan benefit before. No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require private mortgage insurance, which can save borrowers money on their monthly mortgage payments. Competitive Interest Rates: VA loans often offer competitive interest rates compared to conventional loans, making them an attractive option for eligible borrowers. Flexible Credit Requirements: VA loans typically have more flexible credit requirements compared to conventional loans, making them accessible to borrowers with less-than-perfect credit. Loan Limits: VA loans do have loan limits, which vary by county and are set by the Department of Veterans Affairs. Borrowers can still use a VA loan for a home purchase that exceeds the county loan limit, but they may need to make a down payment for the portion of the purchase price that exceeds the limit. Assumption: VA loans are assumable, which means that if a borrower sells their home, the buyer can take over the VA loan if they are also eligible for VA loan benefits. This can be an attractive feature when selling a home. Refinancing Options: VA loans offer various refinancing options, including the Interest Rate Reduction Refinance Loan (IRRRL), also known as the VA streamline refinance, which allows borrowers to refinance their existing VA loan to obtain a lower interest rate with minimal paperwork and no appraisal in most cases. Property Requirements: VA loans have specific property requirements, including minimum property standards to ensure the home is safe, sanitary, and structurally sound. Preapproval Process: Borrowers interested in obtaining a VA loan should begin by obtaining a Certificate of Eligibility (COE) from the Department of Veterans Affairs. Lenders may also require additional documentation for loan approval. Overall, VA loans can be an excellent option for eligible veterans, active-duty service members, and their families to achieve homeownership with favorable terms and benefits. Didier Malagies nmls212566 DDA Mortgage nmls324329 tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

With More homes going on the market, people losing jobs and the cost of everything going up, when a home comes on the market it may need a New Roof, A/c, floors, kitchen, and or bathroom. With an FHA 203k or a Conventional renovation loan, you can have that done when buying the home. An opportunity to include that in the mortgage so you do not have to do the out-of-pocket expense. Maybe the home will not pass inspections and this way you can buy your home and get the work completed. You must have a licensed contractor who is insured and bonded, the first thing is to get them approved with the lender. Then when the appraiser goes to appraise the home they have your contractor's bid looking at the after-value. At closing the seller gets their funds and the lender has the escrowed funds ready to pay the contractor once the work is done. Rates are usually a .25% higher and there are a few more fees with inspections to check and make sure the work is completed. Let me know how I can help you tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329