On Money Monday with Murray Feldman, Hale Walker from Michigan Mutual says there are ways to obtain money with your home.
He came to the Fox 2 Studio to help clarify loan products.
FHA 203K Streamlined Home Improvement Loan:
There is the 203K Standard loan, which helps homeowners complete major renovations, such as the addition of rooms, major landscaping and more.
The streamlined loan is a less well-known, scaled down version of the standard. It's a great solution for homeowners looking to do minor improvements to strengthen home value and comfort- It covers the repair or replacement of roofs, gutters, plumbing, electrical and flooring; minor remodeling of kitchens and bathrooms; painting; home weatherization; purchase and installation of appliances; and more.
Construction loans and their return to the region:
The metro Detroit housing market has been heating up quickly this year, leading to a shortage of available inventory in the region-many buyers are having trouble finding their dream home with such tight inventory. This program allows buyers to take matters into their own hands and build their own dream home - which is a reality for many growing families. The return and increasing popularity of this loan is a sign of our improving local economy and housing market.
VA Home Loans:
US Veterans Affairs guarantees a portion of home loans for veterans, which means private lenders can offer veterans more favorable rates and offers to quickly help them become homeowners
For First Time Homebuyers:
Many folks don't now that mortgage companies offer resources and tools to first time home buyers-since the incentive a few years back. Some are going above and beyond to work with first time home buyers to build a strategy to help them qualify for the loan they want, including creating an action plan to improve their credit score.
Minimum down payment loans-Many first time buyers believe they need to put as much as 20% of a home's purchase price down-this may have been true in the past, but not so anymore-there are many options available that require a minimal down payment, which make it easier on first time buyers.