"Mortgage delinquency rates in the Fort Worth-Arlington area are on the rise.
In September, nearly 5.1 percent of mortgage holders were at least 90 days behind on payments, compared with a 3.5 percent delinquency rate in September 2008, according to First American Corelogic."
If you are in the market to purchase a home, now is a great time to find a bargain. While some homes that are forcelosed upon are relatively new, most need a lot of repairs. Hence, the hesitation the reason why many single family home owners shy away from them and most foreclosures are purchased by investors.
For many single family owners, typically the reason why they do not think about purchasing a foreclosure is because they often don't have the money set aside necessary to make the repairs. Little do most buyers know, they have options! Most people utilize traditional home loans, however many people are unaware of 203K Renovation Loans.
203K Loans allow a buyer to include the remodeling costs in the original home loan. That means you can pick up a diamond in the ruff for a bargain, remodel the home to meet your lifestyle and save money in the process. Other benefits of the loan include only 3.5% down payment comared to most other traditional loans that require 10 to 20%.
To learn more about the 203K loans, feel free to read this recent article published by Remodeling Magazine that goes into more detail of the loans:
http://www.remodeling.hw.net/remodeling/renovation-loans-a-foreclosure-silver-lining.aspx?rssLink=203k+renovation+loans
Enjoy the articles and the savings!
Brian Heltzel
Putting On The Fix Remodeling
Burleson, TX
www.puttingonthefix.com
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