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 2018 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 »
Buying a home with no money down allows a home buyer with little to or no deposit by using zero down home loans that requires no down-payment. These 100% financing home loans are much rarer today than a decade ago, but there are several no down payment loans you may be able to qualify for… Read More »
The housing market was hot in the early and mid-2000’s, as most of us remember. That was when no documentation home loans became popular. In 2018 it seems that no doc mortgage loans may be making a comeback of sorts. Banks, credit unions and lenders are introducing new more aggressive home buying programs with limited… Read More »
For people thinking of buying a home but lack a 20% down payment, you will likely have to pay for private mortgage insurance. This is an additional payment you make on top of your mortgage each month that covers the lender if you default on your home loan and that’s why lender paid mortgage insurance… Read More »
Many people struggle with debt. There often is a feeling of just wishing one could wave a magic wand like debt consolidation loans and make it disappear without ruining your credit. While it is never that easy to deal with the problem of excessive debt, there are options out there that may be able to… Read More »
Many banks and lenders are easing credit standards on bad credit mortgage programs making loans more available for home buyers and homeowners in 2018. There are still millions of renters looking to buy at an affordable rate and existing homeowners seeking to refinance with the goal of reducing their housing expenses before interest rates rise. The… Read More »
Before the market crash of eight years ago, rent to own loans or owner finance buyers were relatively rare; it was fairly easy for most people to qualify for a conventional or FHA home loan. The market crash changed all that. Credit standards tightened, people’s credit took a nose dive, and savings accounts were depleted… Read More »
In the old days, you usually had to buy the panels with cash, or lease the solar panels. The lease let you rent the panels and to send any unused energy from the panels back to the utility company. Then you could get a credit on your energy bill which would lower your energy costs.… Read More »
What is a No PMI Mortgage? PMI stands for “private mortgage insurance” and thus a “no PMI mortgage” is a home loan without being required to pay mortgage insurance monthly. Did you know there are alternatives to paying mortgage insurances on a home loan? That’s right there are a handful of lenders that offer no… Read More »
One of the casualties of the mortgage meltdown of the last decade was that most no income verification loans no longer were offered. While getting a no income verification mortgage and home loan for the self-employed today is still challenging, there are more options available than a few years ago. Rumors around the lending circles… Read More »
What are the challenges finding a mortgage refinance for a manufacture and modular home loan? If you want to live in a home of your own, one of the most affordable ways to do it is to buy a modular or manufactured home. These homes are less expensive than a site-built home, and some of… Read More »
If you bought a home in the housing boom years in the mid-2000’s, you may have heard about “stated income loans”. These types of alternative mortgages were often given to people who were in cash-only businesses, including many self-employed people and contractors. It’s hardly a secret that stated income loan programs are very important to… Read More »
If you have poor credit and you still want to get a home loan, either for your own home or an investment property, you still could have some hard money loan options available. Regular bank loans for homes depend upon the borrower’s credit score and income to qualify for a loan. But there are other… Read More »
by Tom Murphy NMLS # 662141 Home Services Lending Carlsbad, CA If you are thinking about getting a reverse mortgage loan to tap into your home’s built in equity, there are some tips and secrets that you should know. Let’s take a look at the most important ones so you know if getting a reverse… Read More »
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