City Home News

FINANCING YOUR PURCHASE OR RENOVATION: For those interested in obtaining financing for purchase of a home or remodeling, I have recently come across two interesting funding sources.

The first is http://www.prosper.com which allows you to borrow money from other people rather than banks. When you enter your information into the web site, it gives you a credit rating and a debt-income ratio. You can post the amount you'd like to borrow and the interest rate you'd like to pay and lenders (regular people who want to lend money, not banks) can bid for your loan. these loans cxan be used for purchase or repairs or pretty much anything.

The second is a HUD loan I was not aware of that allows you to borrow small amounts for renovation. You have to live in the home you are remodeling. This is called the Streamlined 203(k) Limited Repair Program. A link is available from the resources page of http://www.dunnrealtor.com

For more links and financial programs, visit http://www.dunnrealtor.com and click on RESOURCES.

(p.s. no warranties are made or implied by Eric Miller or Dunn Real Estate Services)