Articles by Chris Esposito on ArticleSnatch.com

Understanding The Closing Costs For An Owner Builder Construction Loan

Wed, 26 Aug 2009 23:45:51 -0400

After an owner builder navigates his way through the labyrinth of qualifying, it will be time to close on the loan. This is essentially where you sign a huge stack of documents that you will barely skim, and hardly comprehend anyway. Basically, this is where the owner builder loan promises to give you the money, and you promise to repay it. Seems simple - so why is it usually a hundred pages long? An owner builder is usually free to choose any closing agent for the closing. In most states, owner builders can choose either an attorney or a title company to perform this function. Once you sign all the documents, the closing agent still must record them with the county registrar, making the owner builder construction loan official. This is usually the day after your signing. During construction, as an owner builder requests specific loan draws, the lender will most likely request the closing agent to do periodic updates of the title to make sure no liens have been filed to date. A few years ago, all of the good owner builder construction loans were one-time-close, construction to permanent loans.** End Summary**

About the Author:
Chris Esposito's office provides owner builders with construction loans to allow them to manage the construction of their new homes without a GC. If interested, visit Owner Builder 101 at www.OwnerBuilder101.com .

Going Green With Home Renovation Loans: The Managerial Art Of Building Equity

Tue, 28 Jul 2009 21:04:27 -0400

With the economic downturn, more and more people are opting for home renovation loans to rehab their existing property instead of purchasing a new house as a way to fit their family's home needs. With this trend comes a boom in green home features that people can install to make their homes more environmentally friendly. However, you must weigh the costs of the home improvements to the benefits. Over the last couple of years, home improvement has grown a deeper shade of green, which is a terrific trend for the environment and all those who live in it (i.e., everyone). However, many environmentally friendly products still have higher costs associated with them, making it a difficult decision for anyone who wished to fix up their home through one of the home renovation loans available today. Is it worth breaking your piggy bank to help reduce your home's carbon footprint? Fortunately, the world of home renovation loans has provided some relief to such a difficult decision. If you can save some money and still opt for greener products, then you can get the best of both worlds.** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans for people who need to fix up their property and build equity through individual home improvement projects . For more info about home renovation loans and planning, visit http://www.DirectRehabLoans.com, or call (877) 876-3688.

The Holy Grail of DIY Projects - Home Renovation Loans

Fri, 17 Jul 2009 00:00:00 -0400

If you enjoy working around the home and doing various DIY projects, then maybe you're ready for the Holy Grail of DIY - a home improvement project through a home renovation loan. By repairing and renovating your home, you will build instant equity into your property, whether you are completing a minor home renovation or a full-scale home rehab. When taking on a home renovation loan for your rehab project, you will oversee the general contractors and their sub-contractors. For the true DIY enthusiasts, you may even decide to do some of the work yourself to save some money and build some extra sweat equity into your property. If you do go this route, just make sure your home renovation loan will allow for it. For many DIY lovers, a home improvement project is a chance to put their skills to good use. When you fix up your home through a home renovation loan, you can make a wide range of repairs, from minor cosmetic changes to full, structural tear-downs. There are many examples of homeowners who do much of the labor themselves, from framing all the way through to landscaping, depending on the scope of the home renovation project.** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans for clients who wish to finance their home improvement project with a one-time-close, fixed rate mortgage. For more information about home improvement loans, visit www.DirectRehabLoans.com , or call (877) 876-3688.

What Should You Expect to Pay in Closing Costs for Home Renovation Loans?

Fri, 03 Jul 2009 00:00:00 -0400

When looking for home renovation loans for your home improvement project, you will undoubtedly want to compare financing programs and closing costs. If you want a home rehab loan, you will need to make sure you are comparing apples to apples when looking at overall loan fees. A specialized home improvement loan will have slightly more fees than simpler mortgages, but it should be worth it in the long run. Home renovation loans will typically have more fees associated with them as compared to simpler types of loan products, such as purchase loans or refinance loans. These loan fees, though, aren't typically paid in terms of excessive discount or origination points. In the financing industry, one point equals one percent of the loan amount. Therefore, if a loan has three points in the closing costs, then that would equal a total of 3 percent of your loan amount. Points come in all shapes and colors. For example, you are probably familiar with origination points or even perhaps discount points. However, home renovation loans shouldn't have many more points than simpler loans.** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans for clients who wish to finance their home improvement project with a one-time-close, fixed rate mortgage. For more information about home rehab loans, visit www.DirectRehabLoans.com , or call (877) 876-3688.

The Ethical Side of Credit Restoration

Mon, 29 Jun 2009 00:00:00 -0400

Is it ethical to remove legitimate bad credit from a credit report? Of course it is. The credit rating system has not been kind to the American consumer. The term "credit repair" has been given a nasty reputation and has become synonymous with fraud. This state of affairs often forces defense of the ethics of the service, which is unfortunate. Something that is completely legal, ethical, and good for you shouldn't need to be defended. Credit repair and restoration is an alternative to credit prison despite the disrepute that taints the overall credit improvement industry. A credit report is no more than an allegation, and most consumers never challenge that allegation. However, you need to know that you are wholly entitled to essentially enter a plea of not guilty. Removing the record of a negative credit item is, without doubt, ethically sound. We belong to a fundamentally capitalistic society, and the credit bureaus capitalize on consumer information. Unlike our legal system, the bureaus take no oath to truth, equity and the common good. No citizen has a moral obligation to support any business venture, much less a publicly traded corporation, which may well destroy his or her financial life.** End Summary**

About the Author:
Chris Esposito focuses primarily on home renovation loans and home improvement projects for people who wish to buy and rehab residential real estate across the nation. For more information about his company and home renovation loans, visit www.DirectRehabLoans.com , or call (877) 876-3688.

The 9 Basic Steps to Home Rehab Loans

Fri, 26 Jun 2009 00:00:00 -0400

Home rehab loans give you the chance to fix up a home and earn a lot of instant equity in the process. However, the loan process is more involved and time consuming than a simple purchase or refinance loan. If you are considering a home rehab loan, understanding these nine basic steps will make the project much smoother. Step One: Home Rehab Loan Pre-qualification Before you invest too much time and money in planning your home improvement project, talk to a home renovation loan officer about qualifying for financing. Let's face it - almost none of us can build a house without borrowing money from the bank. So, take a few moments to speak with a lender who specializes in home rehab loans and learn the details about the program that you would qualify for. Step Two: The Pre-approval In the first step, you simply got pre-qualified, meaning nobody pulled your credit or examined any application documentation. At the pre-approval stage, you actually apply for the home rehab loan and give the lender the right to pull your credit report and review some income/ asset documentation, as well as review any extra details about the project you are considering renovating.** End Summary**

About the Author:
Chris Esposito, through CM Direct, specializes in home rehab loans for those who wish to buy and fix up properties through simple, straightforward home renovation loans . If you want more info about home improvement financing, go to www.DirectRehabLoans.com , or call (877) 876-3688.

The Hidden Gems: Underpriced Homes Needing Minor Improvements

Mon, 22 Jun 2009 00:00:00 -0400

We've all seen the news lately of the homes in Detroit, Michigan, selling for $100, requiring massive home improvement work. These seem like great deals, and they may be for the right person. However, the reason these homes are selling for $100 is that the entire neighborhood has been abandoned, and the home has been stripped clean. Literally, all the copper has been removed, all the outlets are gone, and don't even think about finding any workable fixtures. In other words, these houses are going to require a lot of work and money for someone to make them livable. That's why this particular type of home improvement project requires the right individual. However, for the rest of us, there are plenty of better home improvement opportunities that will be quick and easy, not requiring experience in the industry. You just need to look for the hidden gems in good neighborhoods. In today's housing market, home prices are appetizingly low. Because of the competition among the flood of homes on the market, the ones with minor blemishes are currently under-priced.** End Summary**

About the Author:
Chris Esposito specializes in home improvement financing and home renovation loans through CM Direct, a direct nationwide lender. If you want more information about buying and upgrading a piece of real estate, then visit www.DirectRehabLoans.com, or call (877) 876-3688.

15 Huge Credit Myths - And Why the Bureaus Prefer They Stay Hidden

Tue, 16 Jun 2009 00:00:00 -0400

In the past, most people could only guess at what helped or hurt their credit scores. The creators of the credit scores worked very hard to maintain a shroud of secrecy about their scoring models for two main reasons - each designed to protect their profits. They did not want their competitors to learn and copy their ideas, and they certainly did not want consumers to figure out ways to beat the system. Either of these would result in the credit scores being useless and the credit scoring companies going out of business. Today, we know much more about how the credit bureaus and their scoring models work. Here are the biggest myths of credit scores and credit repair. Myth # 1: The credit bureaus are a branch of the government, infallible, and above reproach. The credit bureaus are publicly traded "for profit" companies. They are not government agencies. But, they are one of the most heavily regulated industries. The strict regulations stem from a public outcry of abuses and mistakes. A recent survey by an independent research group revealed more than 79% of credit reports contained mistakes or errors.** End Summary**

About the Author:
Chris Esposito provides home renovation loans through CM Direct, specifically designed for people who want financing for their home improvement projects. To learn more about credit repair or home renovation loans, visit www.DirectRehabLoans.com , or call (877) 876-3688.

Fannie Versus The Government: Who Has the Best Home Renovation Loans?

Sun, 14 Jun 2009 00:00:00 -0400

When considering a home improvement project, most people will need to turn to a home renovation loan to finance the desired repairs and upgrades. Nowadays, there are two big kids on the block in the world of home renovation loans: Fannie Mae's Homestyle loan and the government insured FHA 203k program. Let's take a look at which one is better for you. Both the FHA 203k program and the Fannie Mae (FNMA) Homestyle program have advantages and disadvantages. When it comes to home renovation loans for your home improvement project, the right choice will depend on your specific scenario. Here are a list of factors to consider when choosing the right program for you. 1. Down Payment In the world of home renovation loans, nobody beats the government insured FHA 203k program in terms of down payment requirements. This program simply calls for a 3.5% down payment from the borrower, which is a very small amount for home improvement loans. And, to make things even better for borrowers, you can use gift funds from family members to pay that 3.5% for you. So, you wouldn't have to pay any down payment out of your own pocket!** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans for people who want to fix up real property with home improvement plans, using either the FHA 203k program or the Fannie Mae Homestyle product. For more info, visit CM Direct's website at www.DirectRehabLoans.com , or call (877) 876-3688.

How Your Credit Scores Are Calculated - The 5 Main Factors You Need To Know

Fri, 12 Jun 2009 00:00:00 -0400

When most of us think of scores, we think of the relatively straightforward systems used in sports or in school tests. You get points for certain actions, behaviors, or answers; and those are totaled to determine your score. Credit scoring isn't nearly so easy. Credit-scoring models use multivariate formulas. That basically means that the value of any given bit of information in your report might depend on other bits of information. To understand how this works, let's use a noncredit example. Say that your sister calls you to report that her husband is more than an hour late in coming home from work, and she asks if you think he's having an affair. To answer the question, you would need to review what you know about this man, including his attitude about his family, his general moral standards, and whether he's had dalliances in the past. Using all these variables, you could try to predict whether your brother-in-law is likely to be stepping out, or might just have stopped off to buy his wife an anniversary present.** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans for people who wish to buy and fix up a home with a home improvement project or a full, major rehab. For more information about home renovation loans, go to www.DirectRehabLoans.com , or call (877) 876-3688.

Quantifying The Real Cost of Bad Credit

Mon, 25 May 2009 00:00:00 -0400

What is the real cost of having bad credit? Let's take a quick look at automobile financing and mortgage loans to see if we can't put some specific numbers to it. Very quickly, you'll see that there is a very real, very quantitative cost to having a low credit score. On the other hand, you will also see how financially advantageous it is for you to work to increase your scores. 1. Automobile Financing. If you are financing a car and have bad credit, you are probably paying thousands of dollars more than you would pay once you had restored your credit. This extra interest shows up every month in a dramatically higher payment. One of the first things a person often does once they have restored their credit is to refinance their automobile for a fraction of their current payment. Or, they sometimes buy twice the car at nearly the same payment they originally had. The following numbers illustrate this additional cost. Imagine you purchase a car for $20,000 with car payments spread over five years. If you have an excellent credit rating, you can get a rate of 3.99%, giving you a monthly payment of $391.** End Summary**

About the Author:
Chris Esposito, through CM Direct, specializes in home renovation loans for people who wish to buy and fix up a property through a home improvement project or a full, major rehab. To learn more about the home renovation loans, go to www.DirectRehabLoans.com , or call (877) 876-3688.

Home Improvement Projects Will Be The Stimulus That Ends The Current Recession

Sat, 23 May 2009 00:00:00 -0400

How are home improvement projects going to turn the tide for our economy? It's no secret that the nation's current economic downturn began with the mortgage and housing industry. Today, home values are down, spending is down, and unemployment is up. The boost to the economy must come from the housing sector; and, the best way to increase home values is through home improvement projects and home renovation loans. But, why will home improvement projects lead the way? The key lies within the fact that most Americans build wealth through homeownership. In order for American confidence and spending to increase, their home values must increase first. Then, once this happens, we will begin to spend money on consumer goods as a nation, which will drastically decrease our unemployment rates. So, if home improvement projects are going to be the start of this upturn in the economy, it's important to recognize exactly why they're a vital cog in the housing market machine. The key factor is the number of foreclosures that have flooded the market. A few years ago, when the federal government began forcing an increase to our mortgage's interest rates, the sub-prime market imploded.** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans for people who wish to fix up a property through a home improvement project . The FHA 203(k) program allows for minor renovations or full, major rehabs. Visit CM Direct's website www.DirectRehabLoans.com , or call (877) 876-3688.

Credit Scores - What is Good, What is Not?

Wed, 20 May 2009 00:00:00 -0400

What is a good score? Unfortunately, there is no one answer to this question. The simple answer is: it depends. We all know that the higher the score, the better. After that it gets a little more complicated. Each creditor makes its own determination of credit scores and what is acceptable - and what is not. They make these decisions based on the level of risk they feel they are taking when they issue that particular type of credit to a particular range of credit scores. Based on their experience with these factors, they make their own decision as to what is good for them or bad for them. What is good for lender X may be considered bad for lender Y. Additionally, the type of credit being applied for can help determine what a good or bad score is. For example, a credit card issuer may consider a 600 score good for their customers, while that same score may be considered to be poor by a mortgage lender. FICO scores range from a low of 300 to a high of 850. It is rare to see a score under 400 or over 800.** End Summary**

About the Author:
Chris Esposito works through CM Direct to provide home renovation loans and home improvement loans for individuals who wish to rehab a property. To learn more about home improvement loans and renovation financing in general, check out www.DirectRehabLoans.com , or call (877) 876-3688.

The Home Renovation Loan Appraisal - What You Need To Know Before Your Financing Gets Denied

Sun, 17 May 2009 00:00:00 -0400

The appraisal is just as important to your home renovation loan qualification as your income, assets and credit. The appraisal for a home to be rehabbed is even more important than an appraisal for a home that already exists. For a home renovation loan, the appraiser will do what is called a "plans and specs appraisal," meaning they will examine the plans and specifications for the home to be fixed up and compare it to existing homes in the immediate area that are similar. An appraisal is an assessment by a licensed appraiser (an opinion, really) of the value of a particular home at a given time. The appraiser, who is licensed by the state, must follow certain rules regarding how an appraisal is conducted. They must locate similar homes within a close proximity to your location (usually 1-3 miles) that are on similar size land. This is called finding "comparables," or "comps." A comp is not a comp if the home has not sold on the open market within the last six months. This can be stretched up to a year, but most lenders prefer six month old comps or less.** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans through CM Direct for people wishing to rehab a property that they already own or hope to purchase. To learn more about home improvement projects and loans, go to www.DirectRehabLoans.com , or call (877) 876-3688.

The Lesser Known Uses of Your FICO Credit Scores

Fri, 15 May 2009 00:00:00 -0400

FICO is a term that is often used as the generic word for credit scores, much the way Xerox is used when referring to any photocopy machine. But, the FICO score is a specific scoring system developed by the Fair Isaac Corporation. Fair Isaac is the company that developed the credit score and is the industry leader. Their scores are used by all three of the major credit bureaus and by over 70% of all lenders and creditors in America. This is where it starts to gets a little confusing. Although the three bureaus use the FICO scoring system, each has their own way of calculating the score. Thus, when you receive a credit report from all three bureaus (a tri-merge report) you will get three different scores. It is further complicated by the fact that each of the bureaus may have different information in their files on you, thereby calculating their score based on different information. But, wait, it gets more confusing. Each bureau not only has a slightly different scoring model that they purchased from Fair Isaac, but they also have different models for each credit type.** End Summary**

About the Author:
Chris Esposito originates home renovation loans for those who wish to buy and fix up a property, or for people who want to rehab their current home. For more about home improvement projects and financing, visit CM Direct's site at www.DirectRehabLoans.com , or call (877) 876-3688.

20 Do's and Don'ts of Home Renovation Loans

Tue, 12 May 2009 00:00:00 -0400

If you are considering a home renovation loan to finance your new home improvement project, then you need to go into the process as prepared as possible. These twenty tips will prove invaluable when shopping for and navigating through your home renovation loan. 1. Home Renovation Loan Don't: Don't rush through your planning phase in an effort to get to the actual renovation as quickly as possible. Many an owner before you has made this mistake only to run out of money with a half-improved home. 2. Home Renovation Loan Do: Do understand that the planning and financing phase is just as important as the actual rehab phase. The battle can be won or lost before the first nail is ever hammered. 3. Home Renovation Loan Don't: Don't rely on a cost estimator to put together your home improvement budget. They will not be accurate enough. 4. Home Renovation Loan Do: Do take the time you need to put a solid budget together, based on actual bids and quotes from local contractors and material providers. Make sure you based these bids and quotes on your actual blueprints. 5.** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans for people who need flexible financing for their home improvement project. For more information about home rehab loans and home improvements in general, go to CM Direct's site at www.DirectRehabLoans.com , or call (877) 876-3688.

Your Credit Score - How It Works and Why It's So Important

Sun, 10 May 2009 00:00:00 -0400

One thing that everyone must know about their credit scores is that you don't have just one credit score - you have many credit scores. And, these scores change constantly. Before you can go to work preserving or repairing your credit scores, it is important to understand how the credit scoring system works, what factors are important, and why they are important. Your credit score is designed to be a snapshot of your credit profile at any given time. When new information is added and old information is removed, your scores will adjust accordingly. As such, it is important to think of your scores as a fluid number - one that is likely to be different (for better or worse) in the coming months. This fluidity can be both good and bad news. If you currently have a low score, the good news is that it can be increased over time. That time frame depends on the severity of the items on your report and how you approach the restoration process. In as little as six months, you can drastically improve your credit scores if you are motivated and dedicated to do so.** End Summary**

About the Author:
Chris Esposito provides home renovation loans through CM Direct for people who wish to finance their home improvement project. If your credit score is not where you want it to be, CM Direct can assist you. For more info, visit www.DirectRehabLoans.com , or call (877) 876-3688.

What You Need to Know About Building Permits Before You Begin Your Home Improvement Project

Sat, 09 May 2009 00:00:00 -0400

Almost every county, township, or municipality has a local department that is dedicated to reviewing residential house plans and issuing permits for home improvement projects. If you are hiring a home improvement contractor to renovate your home, he or she should be intimately familiar with the local building codes and procedures for permits. Even if you are hiring a contractor, remember that the house will still be yours. Stay involved with the planning and permitting process. The building departments around the country all go by slightly different names, such as The Office of Code Compliance, The County Plans Examiner Office, The Office of Building Permits, etc. The name isn't really important, but the function is. The purpose of these local building departments is to protect residents from building homes that are structurally unsound, including home renovations or home improvement projects. And, in doing so, they protect future homeowners from buying a house that was built improperly. Thus, they are protecting the value of all of the homes in the county. Consider a county in which homes have been poorly built or renovated. Think of how that will affect the value of the rest of the homes in the area.** End Summary**

About the Author:
Chris Esposito specializes in home improvement loans with CM Direct, Inc. They provide home improvement financing across the country, including the FHA 203(k) home rehab loan program. To learn more, visit www.DirectRehabLoans.com , or call (877) 876-3688.

Credit Cards - A Necessity and a Potential Evil

Wed, 29 Apr 2009 00:00:00 -0400

Credit cards are useful and often necessary for making hotel reservations, buying something online, renting a car, and even getting the best exchange rate when traveling abroad. They offer the convenience of buying something now and paying for it later, and they give you the security of being able to get a refund for damaged or defective products. While useful in many ways, credit cards can be very costly to you if you opt to carry a balance from month to month. The real damage comes when people choose to make the minimum payment each month. Consider the following example. Imagine you have a credit card with a balance of $2000. It has a typical annual interest rate of 18%, and a minimum interest of 2%. If you make the minimum payments each month, it will take over 30 years for you to pay off the balance in full. And, you will repay $4931.15 in interest. This means that a $2,000 purchase in this scenario actually costs a total of $6931.15! Whenever possible, pay your bill in full. When that isn't possible, be sure to pay more than the minimum monthly payment.** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans with CM Direct, Inc. As a nationwide lender, they provide home improvement financing across the country, including the FHA 203(k) home rehab loan program. To learn more, visit www.DirectRehabLoans.com , or call (877) 876-3688.

The Great Unknown: The FHA 203(k) Home Rehab Loan

Tue, 28 Apr 2009 00:00:00 -0400

FHA insured loans have spiraled upward in popularity with the demise of the sub-prime mortgage market. So, how is it that the FHA 203(k) program is still a hidden gem - still a great unknown? It is by far the most liquid, most flexible, most useful home rehab loan on the market. Here are the basics every potential homeowner needs to know right away. 1. Down Payment for the FHA 203(k) Home Rehab Loan Program: One of the best features of the FHA 203(k) program is that it is very liberal in its guidelines compared to conventional home improvement loans available today. Whereas most programs want 10% or 20% for a down payment, the FHA 203(k) insured loan requires only a 3.5% down payment. This small down payment may still be a little tough for first time homebuyers. So, the FHA 203(k) program has found a way to make things even easier. Borrowers can actually have family members pay the down payment for them! So, what about the closing costs?** End Summary**

About the Author:
Chris Esposito specializes in home rehab loans through his company CM Direct, Inc. If you are interested in learning more about the FHA 203(k) program, or want more info about home rehab loans in general, go to http://www.DirectRehabLoans.com, or call (877) 876-3688.

Credit Should Not Be Feared - Just Properly Managed

Fri, 24 Apr 2009 00:00:00 -0400

When used wisely, credit can enhance your life. It can allow you to purchase things like a home, a car, and even finance a college education. However, when you use credit unwisely, your financial life can become stressful and difficult. Remember, credit is a financial tool that can help you get what you want. Financial tools themselves are neither good nor bad; they are just tools. How you use the tools available to you determines whether they will have a positive or negative effect on your life. Credit comes in many forms: credit cards, charge cards, car loans, mortgage loans, home equity loans, personal loans, consolidation loans, student loans, and more. When you use credit, it becomes a debt. Anytime you use credit, you are relying on the fact that you will be able to pay back the debt in the future, regardless of what is happening in your life. When you purchase an item on credit, you are committing to pay extra for it in order to get that item now. This extra amount is called interest.** End Summary**

About the Author:
Chris Esposito specializes in home renovation loans for borrowers who want to buy and rehab a property for their residence. For more info about home rehab loans, such as the FHA 203(k) program, visit www.DirectRehabLoans.com , or call (877) 876-3688.

3 Innocent Mistakes that Could Destroy Your Home Improvement Project

Wed, 22 Apr 2009 00:00:00 -0400

Home improvement projects are providing the solution to the housing market slump across the nation, as savvy investors and homeowners are fixing up their properties to rebuild their equity. However, these three simple, innocent mistakes could cause your home improvement project to backfire disastrously on you. Innocent Home Improvement Mistake #1: Ignoring the comparable properties in your neighborhood. Many homeowners, especially first time homebuyers who are looking to buy and renovate a house, fail to recognize the importance of the other properties in the neighborhood. This is truly an innocent mistake, but it's crucial to the success, or failure, of a home improvement or home renovation project. The real mistake comes when the homeowner attempts to renovate the house above and beyond the quality or size of the other houses on the block. In the world of home improvements, you definitely do not want to be the biggest house on your street. Similarly, you will waste money on renovations that install luxury items well beyond the quality of the other homes' finishings.** End Summary**

About the Author:
Chris Esposito works at CM Direct, Inc., the nation's number one source for home renovation loans , including FHA 203(k) financing. For more information about the FHA 203(k) program or home improvement loans in general, visit www.DirectRehabLoans.com , or call (877) 876-3688.

The Secret to Making a Low Down Payment for Home Renovation Loans

Sun, 19 Apr 2009 00:00:00 -0400

With an over-saturation of foreclosures on the market, the country is turning to home renovation loans as the primary means of buying and fixing up these under-valued properties. In fact, these home rehab loans have been a great tool for first time homebuyers to begin building their nest egg. However, for many people new to real estate, the key is minimizing the down payment requirement. Home renovation loans are a great solution for first time homebuyers, because they provide an opportunity to buy a home at a bargain price and wrap the repairs and renovations into the financing. However, for most first time homebuyers, the hardest part of the financing is coming up with the down payment. Fortunately, home renovation and rehab loans have a few options that will limit, or even eliminate the requirement for a down payment. Whether you own your current home and want to fix it up with a home improvement project, or you are looking to buy and renovate a property, you should be aware of the following tricks of the trade available for home renovation loans to minimize your out-of-pocket costs.** End Summary**

About the Author:
Chris Esposito works at CM Direct, Inc., specializing in home renovation loans nationwide. For more information about the FHA 203(k) program or home rehab loans in general, go to www.DirectRehabLoans.com or call (877) 876-3688.

The 6 People Intimately Involved in Your Home Renovation Loan

Fri, 17 Apr 2009 00:00:00 -0400

Home improvement projects are on the rise, as more and more people realize that there are amazing values to be found on the real estate market today, especially those homes that need a little rehab work. However, if you don't plan on paying cash to buy and fix up a home, then you need to know these 6 people who will be intimately involved in your home renovation loan. 1. Home Improvement Loan Officer. If you need financing for your home renovation project, then you will need a loan officer who specializes in rehab projects. Look for a lender who can handle all ranges of home improvement scenarios, from minor renovations to full, major tear downs. This way, you know that your loan officer is well versed in a project of your scope. What you don't want to do is settle for a loan officer who doesn't work daily on home renovation loans. There are plenty of lenders out there who can do simple purchases or simple refinance loans. In fact, you may have a loan officer whom you have worked with in the past.** End Summary**

About the Author:
Chris Esposito is a loan officer with CM Direct, Inc., providing home renovation loans for home improvement projects around the country. For more information about home rehab loans, visit www.DirectRehabLoans.com , or call (877) 876-3688.

Credit Scores - A Moving Target for Home Renovation Loans?

Wed, 15 Apr 2009 00:00:00 -0400

Not long ago, almost anyone could get a home renovation loan or home improvement loan, regardless of credit score. Then, with the housing and mortgage industry crisis, the best home renovation loans required at least a 580 credit score. The, it shifted to 600. Now, it basically sits at 620. Is this the last change, or will the target keep moving for credit scores and home rehab financing? For potential borrowers, all of these rapid changes within the mortgage industry have created a lot of frustration. You work under one set of rules to qualify yourself for a much-needed home renovation loan only to find out that the rules have changed on you. Banks have been circling the wagons, attempting to fight back the pains of the housing market crisis. In doing so, they have grown much more conservative in their lending guidelines. One of the big shifts in the guidelines is the requirement for minimum credit scores. Right after the housing collapse a couple of years ago, you could still secure a home rehab loan (a.k.a., a home renovation loan) with a 580 credit score through the FHA 203k program.** End Summary**

About the Author:
Chris Esposito specializes in home renovation and rehab loans , working as a direct lender nationwide. For more information about home renovations in general, or specifics about home rehab loans, go to www.DirectRehabLoans.com , or call (877) 876-3688.