Austin Real Estate Blog - Austin Housing Market Blog

How to Use the 203k Loan to Your Advantage

Understanding the 203k FHA LoanA 203k loan is a way for home buyers to both buy a home and fix it up without being subjected to outrageous interest rates. This is a specific type of FHA loan created to stimulate homeownership rates and bring attention to some of the nation's more decrepit neighborhoods. It takes a lot of gumption to buy a home in need of repairs, and the government would like to see more of that go-getter attitude. See how to use the 203k loan to your advantage, so you can end up in the home (and the block) of your dreams.

How 203k Loans Work

A 203k loan isn't the same as a typical FHA loan, although...

What You Need to Know About Making a Down Payment on a Home

Learn the Basics of Making a Down Payment on a HomeA down payment on a home is money given to a mortgage or other lending company by someone wanting to purchase a Buda home. The purpose of a down payment is to reduce the amount borrowed by the home buyer from the lending company and to potentially decrease monthly mortgage payments. Down payments are always expressed as a percentage of what needs to be borrowed to buy a home.

Down Payments Explained

For example, if a couple wants to buy a home costing $100,000 and they have $3000 available to use as down payment, they will need...

Understanding VA Loans: A Guide to Alternative Home Financing for Military and Veterans

Understanding VA LoansVA loans are perfect for those in the US military who want to purchase a home without breaking the bank. These loans don't require the potential home buyer to make a major down payment, which is usually the biggest hurdle in purchasing a home. VA loans may be made through private lenders, but they're backed (up to a certain amount) by the VA, provided the applicant meet all of the requirements.

Eligibility Requirements

Veterans Affairs (VA) loans are available to any active or formerly active member of the military. Certain spouses of deceased military members are also eligible, if their spouse...

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