Daily Archives: April 13, 2017
Many people can become quite down when they lose a tooth or several, and are faced with either having gaps in their mouths or with wearing removable artificial teeth for the rest of their lives. This is especially true when the person is young, perhaps having lost a tooth in an accident or due to a sports injury. Dental implants could be the perfect solution to avoid decades of wearing false teeth.
Dental implants are the 21st century successor to removable false teeth, and are being offered by more and more dentists, such as at Centre for Aesthetic Periodontics and Implantology Limited in Kent. It is important that patients go to a good dentist to find out if dental implants will work for them.
A strong jawbone is the main requirement for receiving dental implants, which are inserted directly into the jawbone. Many dentists use x-rays to check if the jaw is in good enough condition for implants. This may not be the case if you have been without natural teeth for some time. When the jawbone is missing its tooth roots, it can start to weaken and reduce in size. There are some things that dentists can do to overcome this and make the jawbone strong again. These include procedures such as sinus lifts in the upper jaw and bone grafting.
The implant procedure
If you a suitable candidate, then the dental implant procedure is often a relatively simple one. Holes are drilled into the jawbone to create space for the implants, which are tiny posts made of titanium. Generally speaking this procedure is less painful than having teeth drilled and a local anaesthetic will always be used. Over several weeks, the gums and bones heal, and the implants fuse with new bone tissue, becoming well-anchored into the jaw.
You can then return to have your custom-made porcelain teeth fitted on top. They will blend in seamlessly with your own natural teeth or if you are replacing all your teeth, they can be made to resemble the ones your used to have.
Implants aren’t cheap, but most dentists offer payment plans and they can work out cheaper than removable false teeth, which have to be replaced every few years.
The FHA 203(k) mortgage offers you the chance to purchase and repair a home, without having to deplete your life savings. With this, you could buy a home and include all related costs for updates and repair work, or a full renovation, into a single loan that’s fixed for 30 years. That is if you qualify for it.
How Do You Qualify for an FHA 203(k) Loan?
To be eligible for the 203(k), you have to satisfy specific requirements:
- Be the occupant-owner of the home you’re planning on renovating.
- A maximum DTI or debt to income ratio of between 41% and 45%.
- A credit score about 620 at the least, subject to lender approval.
- A loan amount, which includes both your purchase and remodeling expenses, that’s lower than the maximum limit for loans in your area.
- A down payment (home deposit) or home equity (if you’re planning to refinance) of about 3.5% or higher.
All prospective FHA 203k loan borrowers also need to pay mortgage insurance upfront, regardless of the amount of equity in your home or your down payment amount, which could increase your monthly mortgage payment amount. You’d also need yearly mortgage insurance if your loan to value or LTV ratio is 78% or higher or if your down payment is lower than 20%. This insurance would cover your lender in case you default. You’d also need to pay extra fees such as a supplemental fee of 1.5% of your repair costs, plus other charges for a title policy update and additional appraisal following the completion of your project.
The main difference in qualifying for a standard FHA loan instead of an FHA 203k loan is that you should qualify according to your renovation costs, plus your purchase price. For instance, if you need to buy or refinance a property with a value of $150,000 and fund $25,000 in renovation costs, you have to qualify for a home loan worth $175,000 and make a down payment or have home equity of 3.5%.
Whether you are purchasing a home that needs extensive repairs or are just looking to update a bathroom or kitchen before moving into your new home, the FHA 203(k) loan program might just be what you need to fund whatever you need to do. With this in mind, consult with an experienced FHA approved lender to determine if you’re qualified for the 203(k) mortgage.