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Prioritize: Splurge on key items you use daily (like a mattress and sofa) and save on accent pieces.
Buy Over Time: You don’t need to furnish every room at once.
Shop Secondhand: Look for quality solid wood furniture at estate sales, auctions, and online marketplaces.
Wait for Sales: Major holidays are the best times to buy big-ticket items.
APR calculations generally include:
The note interest rate
Origination fees or points
Underwriting and processing fees
Mortgage insurance premiums (if applicable)
Other lender-specific fees
To ensure the best possible outcome:
Provide the appraiser with a list of recent improvements and their costs.
Ensure the home is clean, tidy, and well-maintained.
Make sure all areas of the home, including attics and crawl spaces, are accessible.
Have a list of comparable sales you believe support your value (your real estate agent can help with this).
The FHA 203(k) program has two versions:
Limited 203(k): For smaller, non-structural repairs and updates with a maximum repair cost of $35,000. The process is more streamlined.
Standard 203(k): For major structural repairs and rehabilitation, with no set maximum on repair costs (subject to FHA lending limits). It requires a HUD Consultant to oversee the project.