I have a friend who says they got a loan with FHA and it protects them if something like their heat goes out by helping them to pay for the repairs, what kind of loan is this and how do I get one? Tell me anything you can about it please!
2007-01-09 05:03:53 · 5 answers · asked by ♥♫♥ Crystal ♥♫♥ 4 in Business & Finance ➔ Renting & Real Estate
There's no "loan" that has a feature like this, FHA or otherwise.
There are warrantys that can be bought when a home is sold, that will cover you for typically just 1 year if any of the major appliances breaks. You can always ask the seller to buy one for you when you close on your home.
It's possible that there are some neighborhood grant programs that could also help in cases of dire need if something like the heater breaks in the middle of winter. But again, it's not based on what type of loan you have.
2007-01-09 05:43:08 · answer #1 · answered by Anonymous · 3⤊ 0⤋
The only loan that comes close to that through FHA is not to help if something breaks. there are loans through FHA that can help with Closing costs, 100% financing along with extra funds to help with repairs at time of purchase. Other than that your best bet is to get a home warrenty (if available) and have good insurance. Being a homeowner, repairing things is all part of the responsibility. If that is somthing you are not looking for then consider renting.
2007-01-09 06:48:27 · answer #2 · answered by Ladybug 2 · 0⤊ 0⤋
Its not in the loan, its the Home Warranty Pkg that the real estate broker put on the property at the time of sale, paid for by the seller, to entice you to purchase and sweeten the pot.
Its good for one year against most things, but you must read the policy to see what it excludes and/or includes...you can then renew the policy in one year and add or delete items of interest that you want insured.
2007-01-09 05:52:35 · answer #3 · answered by ticketoride04 5 · 2⤊ 0⤋
That would be called insurance? However, you should plan to save an emergency fund for that? A good emergency fund covers 3-6 months of living expenses in case you lose your job or have a major emergency bill. However, most people cannot reach that at first so a good starter fund will have $1000 or even $500. Start putting aside money into a good savings account that earns at least 4.5% APY.
2007-01-09 05:13:15 · answer #4 · answered by Patrick C 3 · 1⤊ 1⤋
Never heard of it. You can get a home warranty that will pay for items that fail in the home, though. When purchasing a home, ask the seller to pay for the home warranty. Or, if you're already in a home, buy one yourself - they're only around $350 - 400/year. Try Blue Ribbon Home Warranty or American Home Shield.
Good Luck!
2007-01-09 05:12:05 · answer #5 · answered by trblmkr30 4 · 2⤊ 0⤋