Many Americans believe that quitting their job and going to work for themselves is a major part of the American Dream, just as much as owning their own home. The good thing is that today, it is possible to be self-employed and own your own home with attractive stated income mortgage products becoming available this… Read More »
Reduced documentation and stated income home loan programs almost disappeared after the last financial downturn. Too many people who had questionable income sources were not fully verified and vetted by mortgage loan companies, and many could not afford to pay their mortgage payments when interest rates increased almost a decade ago. After the mortgage meltdown,… Read More »
It is exciting to have a home built just for you. But most people are unfamiliar with owner builder home loans. Mortgage loans for new construction are a different animal, and if you want to build your home, it is smart to learn about this unique mortgage process. Find Lenders that Specialize in Owner-Builder Home… Read More »
There are more than 14 million self-employed mortgage borrowers in the US, and fortunately for them, it is getting easier to get a no-tax return home loan. Generally, guidelines in the last few years are getting easier for getting a home loan for the self-employed. For instance, you may only need a single year of… Read More »
Some commercial real estate investors have several properties and understand that juggling several mortgages with various interest rates and terms can be challenging. That is where a blanket loan can be a possible solution. A blanket loan allows you to make a single payment to a single bank with one set of loan terms. This… Read More »
There are some situations where getting a private money loan or hard money financing can make sense for some borrowers. A private money mortgage is typically funded by a single private investor or a group of private investors. A private money borrower usually secures the loan through the value of the property and not their… Read More »
The housing crash of a decade ago is fading from our collective memories, and home prices are rising nicely at a 6-7% clip per year. But what does this mean for investing in real estate and financing for that matter? Interest rates are slowly on the rise but are still under 5% for a 30-year… Read More »
You can get an apartment loan or multi-family financing that is either short term or permanent to fund the purchase or renovation of the building, with rates that typically range from 5% to 12%. Investors usually use the financing of apartment buildings to buy properties with more than five units to produce cash flow and… Read More »
Buying a piece of land allows you to build your dream home or to simply maintain a piece of nature. But land can be pricey in higher demand areas, so you cold need to find a vacant land loan to fund your purchase. You might think that a land loan will be easy and low… Read More »
If you are like millions of Americans after the last financial downturn, you may have had to file for bankruptcy. Whether you could not keep up with your mortgage or had financial problems with your business, having a bankruptcy on your credit report can complicate getting a mortgage loan. But it is not impossible by… Read More »
After the mortgage crash of 10 years ago, stated income loans disappeared. These were loans where the lender did not verify income; they simply took borrowers at their word that they had the income that they stated. To some degree, the old stated-income mortgages were part of the reason for millions of foreclosures that threatened… Read More »
Why No PMI Loans Are Stealing FHA’s Market Share for First Time Home Buyers Loans Getting a home loan with less than a 20% down payment is not difficult. It is a myth that you need to have that large of a down payment in most cases to buy a home. You may have seen… Read More »
Subprime loans were the bane of the last financial downturn. The Subprime mortgage product, which are home loans to people with poor credit, low down payments and little verifiable income, were partially responsible for the mass of mortgage defaults that left the US and world economy reeling in 2008. After the housing crash, subprime mortgage… Read More »
Home buyers love 100% financing because it allows them to become a homeowner on a mortgage with no down-payment. Most first time house buyers relish the ability preserve their capital because there are many unseen costs when moving into a new home. As the US economy is improving, home prices and interest rates are climbing.… Read More »
Self-employed borrowers sometimes face more challenges when getting a home loan by stating their income. If you have an income that is more difficult to document, this can make it more difficult for the underwriter to approve your mortgage application and this is where the bank statement loan comes in. The reason is that mortgage… Read More »
After the last financial slow down, getting a mortgage with poor credit was difficult. The federal government cracked down on lending and lenders got scared too extend credit on home loans to any but the best borrowers. While too much lax lending practices went on during the last real estate boom, the over-correction probably went… Read More »
Potential home buyers who want to get a manufactured home often wonder how easy it will be to get financing for these properties. While home loans for manufactured houses are not as plentiful as regular homes, there are still some options available, including from government backed home loan programs such as FHA. Most people are… Read More »
One of the causes of the mortgage meltdown of a decade ago was the overuse of non-traditional mortgages, which are referred to as non-QM loans. Essentially, a non-QM loan is one that does not meet standards set by the federal government after regulatory reforms that were passed in 2009 and 2010. Below is more information… Read More »
It is not unusual for retirees wanting to move after they stop working and buy a home. They think that once they actually stop working they will be unable to get a mortgage. This is not always true. If you meet the home loan requirements, you can get a mortgage when you retire. There are… Read More »
People who are shopping for a more expensive home, especially in a higher cost of living area, may consider a jumbo mortgage program. A jumbo loan is a type of mortgage where the amount is more than the conforming loan limits established by the FHA. So, unlike a conventional, conforming loan, it may not be… Read More »
Did you know there are USDA mortgage programs available for people home buying in rural areas in the United States? Maybe you feel more comfortable surrounded by open country more than pavement and neighbors. If that is the cases, then you may want to buy a home in the country and it may be time to… Read More »
Are you thinking about getting a loan for land? Below is a complete guide to vacant land loans. With the Federal Reserve pledging to keep rates low in 2018 and mortgage lenders expanding their guidelines on land loans, you can expect many investment and construction opportunities to arise as a result. Keep this article as… Read More »
Starting a business to fix and flip home for a profit can be an excellent way to grow wealth in real estate. One of the biggest challenges for people starting in this business is to qualify for a fix and flip loan to get you started. It is easiest to get funding for fixing and… Read More »
Renters who want to buy a piece of the American Dream and get a home of their own in 2019 may want to consider a USDA loan. Did you know that USDA home loans are available with 100% financing, low mortgage rates, affordable payments, and plenty of underwriting flexibility? If you are weary of paying… Read More »
How to Get a Mortgage Loan without Tax Returns and Traditional Income Documentation Many Americans today decide to go the self-employment route rather than working for a company sitting in a cubicle for the next 30 years. Being self-employed can be highly rewarding because you control your own destiny and control how much money you… Read More »
People who want to buy an expensive home, such as in many areas of California, will probably need a jumbo mortgage loan and rates remain near record lows. These jumbo loans also are referred to as non-conforming loans. If you are considering a jumbo loan, you will need to have a complete understanding of these… Read More »
If you are planning to build your own home this year, you will probably need a new home construction loan. This article will highlight the critical parts of construction loans so that you can make an informed decision on how to finance new home construction loans. Talk to Experienced Construction Mortgage Lenders in Your Area.… Read More »
The era of subprime loans appears to be have solidified in 2018. Typically when the trend of interest rates points upward brokers and lenders start rolling out more subprime loan programs in an effort to help meet the growing financing demands of homeowners who rest “outside of the box” of mainstream guidelines. Last year we… Read More »
Traditionally finding a mortgage company that provided a no equity refinance loan at a competitive interest rate was difficult. If you have little to no equity in your home, you still may be able to refinance your home, even if you have damaged credit. This can help you to get a lower payment on your… Read More »
Americans who have poor credit have long felt shut out of the house buying market, but new bad credit home loan programs may offer opportunities that were previously unavailable. After the financial crash of 2008 and 2009, many subprime mortgage programs have disappeared. With 2018 already passing us by, we can see that housing and… Read More »
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