Using the 203K Loan to Finance Your New Home

shutterstock_70389316Why in the world would anyone want to buy a home in terrible condition, and then spend time and energy rehabbing the property? Well, to put it in a nutshell, it would be to create wealth. Let’s face it, investors flipping houses do it every day! The theory is you buy a house for well below market value, hire a contractor to do the necessary improvements and the total costs are far less than the final value. It’s not that difficult if you’re working with an experienced Realtor and HUD consultant. Continue reading

The Pros and Cons of FHA Financing in Hampton Roads VA

shutterstock_97977032As the real estate market in Hampton Roads continues to stabilize, many buyers are considering purchasing a home with a FHA loan. Originally created to boost home ownership for moderate-income families, FHA loans offer low down payment guidelines and affordable closing cost. These benefits have positioned FHA loans as an increasingly popular financing tool for buyers of all income levels. Continue reading

The Pros and Cons of VA Financing in Virginia Beach VA

VA Beach Mortgages Virginia Beach VABuying a new home in Virginia Beach VA can be an exciting experience. Whether you’re moving across town or across the country, buying a house is an important milestone impacting your future. Just as with any major decisions in life, deciding on the type of financing that is best for you, should be carefully researched. Continue reading

Understanding PMI

patrick bowler movement mortgage For many buyers, looking to purchase a home in Virginia Beach VA, private mortgage insurance (PMI) can be a major cost factor, but buyers do have options when it comes to private mortgage insurance.

Private mortgage insurance, also referred to as lender mortgage insurance, is the part of the monthly mortgage payment that a buyer pays to the lender if the mortgage is more than 80% of the purchase price of the property. In many cases, PMI is required for loan approval to protect the lender in case the buyer defaults on the loan. Once, payments reach 20% of the principal loan, PMI is removed from the mortgage and from the payments. Continue reading

Benefits of Using a VA Loan in Virginia Beach

shutterstock_6322540The VA Loan Program has been an important financing option for service members since 1944, and today there is no better way for military members and veterans to finance a Virginia Beach, VA home than with a VA Loan. The benefits of a VA Loan continue to increase with the tightening of lending requirements nationwide. A conventional mortgage cannot match the financial advantages of a VA Loan, and unlike conventional mortgages, VA Loans offer reduced or no required down payment. Additionally, VA Loans have competitive interest rates and no private mortgage insurance. Continue reading

Understanding the 203k Loan

203k loans in virginia beach va, patrick bowler in virginia beach va, the best mortgage companies in virginia beach va, movement mortgage virginia beach vaThe 203k Loan is a great financing option for buyers considering purchasing a distressed property, but only a few Hampton Roads real estate agents are educating their buyers about this loan and its’ tremendous value. The 203k Loan is a product of the FHA and was created to provide buyers with alternative financing for both those homes needing repairs and for properties needing full rehabilitation. Because the 203k Loan is endorsed by the Federal Government Loan Programs, it allows buyers to roll-in the repair costs into a 30-year fixed mortgage with only a 3.5% downpayment, which includes the purchase price and the repair costs. Continue reading