Income and down fee requirements are much less stringent than other types of mortgage loans. Renovation costs are restricted to 75 percent of the “after-repaired value” of the house, with a 50 p.c cap for manufactured houses. Conveniently contains the acquisition of home’s principal and residential renovation funds in a single loan with one set of closing prices. You can qualify with a down fee as little as 3 percent if you’re a first-time buyer getting a fixed-rate loan and you propose to live in the home. Build home fairness – One key method to increase the worth of your…
