Most military members and retired military know about the VA home financing programs for getting a home loan guarantee with 100% financing, low interest rate and no mortgage insurance. The VA mortgage loan can be a great deal for many veterans and active military. But did you know there are other special home loan programs… Read More »
Many people who want to get a home loan apply for a conventional loan. A conventional or conforming loan is one that is not backed by a government entity such as USDA, VA or FHA. It is a loan that follows the guidelines set by Fannie Mac and Freddie Mae, the two agencies that standardize… Read More »
If you are considering the purchase of a condominium, you may wonder how much of a down payment you need to get a mortgage. Depending upon the lender and other factors, you will probably need somewhere between 3% and 20% down to buy a condo, with 10% being the most common for people with condo… Read More »
Do you want to buy a second home? You probably have many questions about how to finance a 2nd-home. Whether you want to buy a second home for vacations or as an investment property, getting financing for this type of property comes with some challenges that you should be aware of. This article will explain… Read More »
One of the biggest barriers to buying a home for many Americans is the down payment. But many first-time home buyers have misconceptions about the down payment that is required, as well as what credit scores are needed. According to the National Association of Realtors, 85% of first time buyers think they need 10% down… 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 »
Most home buyers will choose either a conventional loan or an FHA insured mortgage in 2018. If you have decent credit in the mid-600’s or higher, you may be considering either an FHA or conventional loan. Both programs have loans available with 3% to 3.5% down payments, so which is the best option? It depends… Read More »
First time home buyers who are looking for a tax credit could be thinking of the federal program enacted under President Obama. Unfortunately, that program ended several years ago and the 2018 first time home buyer tax credit does not exist. It was enacted in the aftermath of the last financial crisis to help first… 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 »
Most of us like to invest our money in ways that make us more money. But most people tend to invest only in the stock market. There is nothing wrong with that, but 2018 looks like it could be a good year to buy an investment property to generate rental income. With rental income, you… Read More »
The Department of Housing and Urban Development is making big efforts to reward the good neighbors of our nation with its Good Neighbor Next Door loan program. If you are a teacher, police officer, or firefighter, you may be eligible for buying a HUD home for 50% off the list price. And if you are… Read More »
People who want to buy their own home have a variety of mortgage options available through Freddie Mac loan programs. Below is more information about the best Freddie Mac mortgage programs available for buyers and those who want to refinance. Freddie Mac mortgage rates continue to be competitively priced with housing affordability always being a… Read More »
Interest rates are very low and house prices are going up, so many people are deciding to buy a home in 2018. But how many of us are worried about funding that down payment? The process of buying a home can be emotionally and financially stressful, so getting help with down-payment assistance can be a… Read More »
Fannie Mae works closely with mortgage loan companies and other stakeholders in the real estate and finance industries to help home owners who have Fannie Mae loans to avoid a foreclosure. However, there are some situations where a foreclosure is unavoidable. When a foreclosure does occur, the goal of Fannie Mae is to sell the… Read More »
There are many potential home buyers in the US who may have difficulty getting a home loan in 2018 on their own. Experts recommend that they add a co-borrower to the mortgage application. With the co-borrower’s income, it may be more likely that you can get approved for a home loan. If you are considering… Read More »
How much do you know about government home loans? First, when we say that, what we really mean is that the loan is backed by the full faith and credit of the federal government. If you default on the government home loan, the US government reimburses the lender for most of the loan balance. The… Read More »
You may have heard that the current FHA mortgage rates continue to be offered near record low levels this year. Consumers residing in the United States are blessed with easy credit rules and low down-payment requirements under the FHA mortgage program. The underwriting system has been significantly automated and more and more people are getting… Read More »
For over eighty-three years, American consumers have been buying a home with FHA loan financing. People who have less than stellar credit may be under the impression that they have to wait until they have 740 credit to buy a home. This is not true. Of course, there is no charge to complete an FHA… 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 »
Shopping around for a new home is a lot of fun, but people who are really serious about buying a home should seek a pre-approved mortgage from lender people trust. As a potential home buyer, you will have a lot of credibility and knowledge on your side if you get a pre-approval mortgage letter from… Read More »
Are you active or retired military? You may be able to qualify for a Veteran’s Administration financing, also known as the VA home loan. For borrowers who are or were in the US military, VA home loans are one of the best options for people serving in the U.S. Armed Forces to buy a house.… 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 »
One of the most common questions we hear all the time is: What are the FHA credit score requirements? What credit score for FHA mortgage programs is required to be approved this year?People want to know what credit score is needed to qualify for a FHA loan in 2018. I am frequently emailed questions like,… 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 »
After the market crash of 2008, it became briefly much more difficult to secure a home loan. High credit scores and down payments were the norm, along with plenty of income. Many lower income Americans were left out of the American Dream. Today, the mortgage market has mostly recovered. In 2018, there are many ways… Read More »
Becoming a homeowner is quintessential part of the ‘American dream’, so obtaining the right mortgage is a critical step in the first time home buyer process. It’s no secret that the U.S. housing market has been surging, so it is natural that mortgage companies are comfortable expanding credit and home loan financing for first time… 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 »
When you do a mortgage refinance on your home, you will usually need to get a new appraisal so that the lender knows that they can sell the home for the amount they are lending if you were to ever default on the loan. The appraisal is a vital part of the typical mortgage loan… Read More »
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