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Smart Two03k Buying

Controlling the Controllable

The circumstances which can lead to mortgage payment default are many; Some within a homeowner's ability to control and others are not. In the case of an event beyond a homeowner's control, mortgage holders have been known to offer assistance by providing a grace period or a temporary reduction in payment until circumstances improve and some semblance of normalcy is restored where the home owner can resume regular payments.

Events which qualify for this type of lender assistance may be illness, death, divorce, and in some cases, unemployment. In rare cases, such as a recession or governmental order, mortgage holders have provided similar assistance to their mortgage customers. However, when a default occurs which could have been avoided, there is little help or sympathy from the lender or anyone else, because the proper steps to such avoidance were not taken by the home owner.

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At the moment when a decision is made to purchase a home, several questions may enter the mind of the decision maker(s), and conversation topics could range from affordability to property type and neighborhood. Generally, prospective home buyers are able to determine what they can afford to pay for monthly housing expenses, so the affordability factor is usually not an issue; and invariably, they would have already decided on what type of home is suitable enough to meet their family's needs, as well as where it should be located. Once an offer is accepted, home buyers at times insist on a professional engineers report or, in the very least, a professional property inspector's report so that they could have a complete understanding of the property's physical condition.

Obtaining one of the reports mentioned above(more home buyers have opted for the inspector's report based on cost, but the engineer prepares a more comprehensive report which is justifiably more expensive) equips a home buyer with the knowledge of any physical defects of the home and that's the extent to which many buyers were able go with regard to completing any needed repairs recommended by any such property inspection report. Typically, most homes are sold in "as is" condition subject to normal wear and tear, so home sellers would usually refuse to complete such repairs.

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I must point out here that repairs recommended by a professional engineer or home inspector in many cases are not the same as repair work or improvements required by a HUD appraiser. Barring a discovery of glaring defects in the property condition, real estate transactions proceeded to closing with those recommended repairs undone because most of the buyer's savings went toward down payment and closing costs to complete the purchase. Today's buyers have an option.

It is at this juncture in the transaction when every home buyer should make a decision to grasp control of a circumstance which have caused many a home owner to unwittingly default on mortgage payments. Unexpected repair of major working components in a home - heating/air conditioning, plumbing and electrical components, among others - have been known to create havoc with a family's budget, and thus causes delinquency in mortgage repayments. This is the kind of controllable circumstance to which I referred earlier.

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Home buyers can control the occurrence of unexpected repairs in the home they are purchasing by utilizing a special government program available to them at the time of purchase. I said special because it provides the home buyer with a uniquely affordable method to eliminate potential budget shattering, unexpected major repairs far in advance of when such repairs are likely to be needed as a result of working component breakdowns in the home.

The HUD Section 203k rehabilitation loan helps home buyers accomplish this forward-thinking, intelligent method of home buying. This loan program provides financing for needed repair/rehabilitation to a home in amounts ranging from five thousand dollars ($5,000) up to a FHA maximum of 96.5% of the combined home price and repair costs (Total Acquisition Cost). Repair costs are incorporated into the purchase mortgage based on a required contractor's estimate and HUD consultant's work write-up, which is also a HUD requirement.

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The loan closes, at which time that amount is placed in escrow; home sellers receive their net sale proceeds; home buyers receive title to their new home; and repair work begins within thirty days of closing. The buyer(s) are now assured that all repair work outlined in the HUD consultant's report will be completed in a workman-like manner, while being paid for without the prospect of huge chunks taken from the housing expense budget; But the threat of an unpleasant circumstance which could otherwise create mortgage payment default has been eliminated by the use of the 203k mortgage to complete the purchase. It is a controllable which could be controlled by forward-thinking home buyers.
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Information contained in this section of the Borrower-friendly Loans website is provided as sources of reference relating to financing residential homes. The type of financing most often discussed on B-fL is the HUD-administered residential mortgage programs, all of which are insured by the Federal housing Administration (FHA). However, there were several mortgage programs introduced within the last two years which were initially intended to provide relief to some homeowners who encountered difficulties as a result of problems fueled by the economic recession; so information relating to those programs will also be provided on this site in the form of your search results.

The B-fL Home Loan Search Reference List: Categories below provide additional relevant areas of search.