Uncategorized - Indiana 203K Mortgages

A Run Down Of HUD’s 203k Streamline Mortgage

The 203k streamline mortgage is not the same as the 203k mortgage. The FHA 203(K) Streamline obtained its name because it simplifies the loan process by not requiring the extra cost and details found in its counterpart, the FHA 203(K) loan. Eligible Borrowers This loan program is available only to people who plan to use the properties for which they are getting the loans as their primary residences. If a current homeowner needs to rehab his existing home, he can use this program. Nonprofit organizations can also qualify for this loan program. It is not available to investors who will not be living in the property. Eligible Properties The program is focused on single-family, owner-occupied properties, but it is not limited to those. Homeowners can also use...

What’s Going On With Your Credit Score?

What’s Going On With Your Credit Score? Is your credit score good? Don’t feel bad if you don’t know. Many people don’t understand the credit scoring process; or even what these numbers actually mean. Here’s a breakdown of how credit score numbers measure up : 760-850 Excellent 700-759 Very Good 660-699 Good 620-659 Fair 580-619 Poor 500-579 Very Poor If you’re looking to obtain a mortgage, you should shoot for a credit score of 640 or higher. Most lenders require a credit score of at least a 640. The better your score, the better opportunity you have for a lower interest rate. So, what do you do if your credit reports make you want to hide under the covers and never use your credit cards again? Relax; you...