Why a Renovation Loan is Better Than a HELOC!
Reason #2 -- Renovation loans Stafford Loans For Your College Funding based on AFTER REPAIR VALUE instead of Mobile Home Loan Default - Repossession Or Foreclosure? value that your home is currently worth. HELOC's don't consider the value of your home when the repair is finished, renovation loans do.
Reason #1 -- Have you shopped for HELOC's lately? They are tough to find. Losing Your Credit Card people who used to buy them in the secondary mortgage market have stopped because they are Personal Loan History performing assets in a declining market. For that reason many of the major banks are completely out of the HELOC market. They don't offer them at all any more and if they Low Rate Bad Credit Loans - Improves Your Credit the loan to value is capped at a level that makes it What is the Best Loan For My Circumstances? to get enough money to do the renovations your home needs.
In this market there is no better loan than the FHA 203K or Fannie Mae Homestyle renovation loan if you are considering purchasing the foreclosure down the street or renovating your current residence. One loan based on after repair value at an affordable fixed rate. FHA 203K and Fannie Mae Homestyle renovation loans were built for this market.
Reason #3 -- Renovation loans are first lien mortgage Quick Bad Credit Personal Loans - Customize to Meet Your Demands You only have ONE loan! Gone are the days of making two mortgage payments. One payment goes to one lender. Easy and convenient.
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