Key takeaways FHA 203(k) loans provide funding to finance both a home’s purchase and the cost of repairing it. If you qualify, you can obtain one from an FHA-approved lender. This type of loan is reserved for borrowers who intend to live in the home, not house-flippers or investors. There are two types of 203(k)
Annual growth in spending on rent and mortgages accelerated in May, rising by 6.3%, according to a major bank’s analysis of its current accounts. This was faster than a 3.6% annual rise recorded by Barclays in April. The data was sourced using Barclays current account transactions which were identified as direct debits and bank transfers
The Consumer Financial Protection Bureau (CFPB) is investigating junk fees that increase the closing costs on mortgages. Closing costs have risen sharply in recent years, the CFPB said in a Thursday (May 30) news release announcing the inquiry. From 2021 to 2023, median total loan costs for home mortgages increased by more than 36%. In
Yuri A // Shutterstock If you’re like most borrowers, your monthly loan and credit card payments have increased, even from a few months ago, according to Experian data. As of February 2024, the average amount consumers needed to repay all of their monthly debt obligations climbed to $1,225. For each major type of loan—credit cards,
halbergman / Getty Images/iStockphoto No matter the state of the economy, housing is always one of the biggest monthly expenditures that Americans face. However, the housing market at this time is especially inflated, due to factors rippling out from the pandemic such as early supply chain disruptions on building materials, low housing inventory and high
Key takeaways To qualify for a home equity loan or line of credit, you’ll typically need at least 20 percent equity in your home. Some lenders allow for 15 percent. You’ll also need a solid credit score and acceptable debt-to-income (DTI) ratio. Lastly, lenders will want to see steady and adequate income, even if you