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Basic home mortgage loan or 203(b) loan: The 203(b) loan is the FHA’s main home loan program for buying a home or refinancing. These loans come with fixed and adjustable-rate options, as well as ...
This is an FHA-insured loan designed for home improvements, even if you have little or no equity in your home. To qualify, renovations made must substantially protect or improve the basic ...
Myth #2: You can access 100% of your home’s equity with a home equity loan or a HELOC. Unfortunately, very few lenders will finance a loan for 100% of your home equity.
Qualifying for a home equity loan typically requires a minimum of 15% to 20% equity in your home after first and second mortgages are accounted for, a credit score of at least 620 (although higher ...
FHA adjustable-rate mortgage: Also used to purchase a primary residence, an FHA adjustable-rate mortgage is a type of home loan with an interest rate that changes over time. ARMs begin with a ...
Home equity loans: A home equity loan is a second mortgage for a fixed amount at a fixed interest rate. The amount you can borrow is based on the equity in your home, and you can use the funds for ...
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