The loan varies depending on the property itself. The amount of your home loan, the interest rate and the terms depend on how reliable the lender thinks you are. Factors that may be able to help you get an approved for your loan are your credit reports and your financial resources. First step in purchasing a home is to find out how much home you can actually afford according how large a down payment you have to pay, the monthly payment plus the interest rates.
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan. Taking a 401k loan is generally not a great idea, but in certain circumstances it might be your best bet. They are low interest, which is a great perk, but there are multiple circumstances where you can end up losing a lot of your savings.
There are other loan programs besides FHA mortgage loans and conventional home loans that have different guidelines when considering a bankruptcy. The terms of the loan often varies on the cost of the home itself. Often time, the lender limits the amount to 80% to 90% of the market value property. It's hard to get a loan without proper documented assets. Most lenders stopped offering loans even to a well-qualified borrowers who didn't give valid information about their financial sources.
Also, your loan officer will determine if any other credentials is required, such as financial statements, etc and if your application will be approved, then they will present you with a term sheet. A fixed rate mortgage loan means that the rate is the same for the entire term of the mortgage loan. An adjustable rate mortgage means that the rate could change over the life of the loan, causing the payment to change. A home loan can be the single biggest financial decision you'll make in your life. So you need to be prepared and think things through before you even apply for a home loan.
