Archive of posts tagged ineligible

A little-known loan program for fixer-uppers

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Home buyers thinking of purchasing a distressed property in need of repair, but who are concerned that the cost of the repairs could drain their savings account may qualify for the Federal Housing Administration’s (FHA) 203(k) rehabilitation program. MAKING SENSE OF THE STORY: The FHA’s 203(k) rehabilitation program provides loans for covering renovation costs as …

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Fannie Mae Intensifies Penalties for Strategic Defaulters

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Despite being able to afford their monthly mortgage payments, some borrowers are walking away from their homes based on the sheer fact that the property is currently worth less than what is owed. This phenomenon, dubbed “strategic default,” isn’t looked upon kindly, as it unnecessarily adds to the growing number of foreclosures across the nation. …

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