Guide to FHA Loan Limits

Guide to FHA Loan Limits for 2022

Across the United States, home prices are surging. In order to keep pace with home inflation, the Federal Housing Administration is increasing the FHA loan limits for 2022. These new FHA 2022 loan limits will give borrowers access to a wider range of homes and achieve the goal of homeownership. What are the new FHA

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Foreclosure and Credit Score

Foreclosure and Credit Score

A home foreclosure can reduce your credit score and affect your ability to qualify for new loans, including a new mortgage. How does a foreclosure affect your credit score? How long does a foreclosure stay on your credit? Are there things you can do to avoid foreclosure? What is a foreclosure? When you have a

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Are Brick Houses Better?

Are Brick Houses Better?

When you are looking for a new home, you are likely looking for a specific location, how many bedrooms and bathrooms it has, if the kitchen is perfect for entertaining, or if the backyard has plenty of room for the kids to play. But there is something else you should consider. What is the home

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Are Foreclosure Homes Cheaper

Are Foreclosure Homes Cheaper?

Years ago, buying a foreclosure home was often difficult for borrowers. Whether you were a first-time home buyer or an investor looking to make a profit, finding foreclosures and jumping through the hoops of the application process made them unappealing. However, after the mortgage crisis in the late 2000s, purchasing a foreclosure home has become

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Jumbo Reverse Mortgage: What You Need to Know

Jumbo Reverse Mortgage: What You Need to Know

You have worked your entire life to build equity in a high-value home. As you reach retirement, you likely have a bucket list of new hobbies, fun adventures, or places you would like to visit. But how exactly do you plan to fund all these amazing adventures? A jumbo reverse mortgage may be the answer

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How is Mortgage Insurance Calculated

How is Mortgage Insurance Calculated?

When considering a new home, many borrowers expect to pay for homeowners’ insurance to protect their investment should any problems arise. In much the same way, lenders turn to private mortgage insurance, or PMI, to protect them if a borrower is unable to make their mortgage payment. How does mortgage insurance work, and how is

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Home Renovation Loans for Bad Credit

Home Renovation Loans for Bad Credit

Whether you’re looking to make minor updates to your kitchen or need a complete bathroom remodeling, home renovation projects can be expensive. Unfortunately, many home improvement loans are reserved for borrowers with exceptional credit. If your credit leaves a lot to be desired, you may think your home renovation dreams are out of reach. Fortunately,

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How Does Divorce Affect Credit Score

How Does Divorce Affect Credit Score?

If you are currently going through a divorce, you are not alone. Statistics show almost 50 percent of all marriages in the United States will end in divorce or separation. While this major life change can take an emotional toll, it can also greatly affect your financial stability and credit score. How does divorce hurt

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Delayed Financing: What It Is and How It Works

Delayed Financing: What It Is and How It Works

When making an offer on a new home, cash speaks volumes. In fact, if you are facing a bidding war on a new home, offering cash will make your offer more appealing than similar offers dependent on financing. The only downside is purchasing a home with cash leaves you cash poor. This is where a

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How to Get Bank Transaction History for Your Mortgage Loan Officer

How to Get Bank Transaction History for Your Mortgage Loan Officer?

The home mortgage application process is filled with the paperwork that the mortgage loan officer requires to process your loan. The necessary information can include pay stubs, tax records, and bank information, including bank statements and bank transactions. But why do loan officers need bank statements? What is the difference between a bank statement and

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Should You Avoid Buying a House with a Sump Pump?

Should You Avoid Buying a House with a Sump Pump?

When looking for a new home, your focus tends to be on the number of bedrooms and bathrooms, whether it is in the right school district or how close it is to your place of employment. Unless they are from a flood-prone area, most homebuyers think about things like a sump pump, but the truth

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Conventional Loan for Mixed-Use Property

Conventional Loan for Mixed-Use Property

Not all properties are created the same. While most residential homes are zoned residential, you may find a home that is zoned as both residential and commercial, or what is known as mixed-use. But, how is buying mixed-use property different than buying a residential property? Can I get a residential loan on a mixed-use property?

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ITIN Mortgage Loan Program

ITIN Mortgage Loan Program

When looking to buy a home, many borrowers face numerous challenges when it comes to the application process. Will their credit meet the requirements? Do they have enough income and assets? However, for many foreign nationals without a social security number, the idea of applying for a traditional home mortgage may seem out of reach.

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What is the CalHFA Program?

What is the CalHFA Program?

California has some of the highest property prices in the United States, and this can often be intimidating for first-time home buyers. Established in 1975, the California Housing Finance Agency (CalFHA) was created to support renters and homebuyers by offering financing programs that serve low to moderate-income Californians. These programs provide financing solutions and down

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When Do Buying Mortgage Points Make Sense?

When Do Buying Mortgage Points Make Sense?

When you want to reduce the interest rate on your mortgage loan and, in turn, lower your monthly loan payments, mortgage points are an option. While taking advantage of mortgage points can benefit buyers in the long term, they are not beneficial for everyone. So how do you know if it is worth buying mortgage

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What is an AKA Letter?

What is an AKA Letter?

Your lender will undoubtedly require you to complete the forms and disclosures required to process the mortgage loan when applying for a mortgage. While many are pretty straightforward, the paperwork can be intimidating. In some cases, your lender may require an AKA letter, triggered when your credit report returns inconsistencies. But what is an AKA

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Condotel Financing: How Does It Work?

Condotel Financing: How Does It Work?

Many homeowners are struggling to finance a condotel or luxury condominium. These properties do not meet the conventional loan requirements of Freddie Mac or Fannie Mae, so there are a limited number of mortgage lenders who will finance these properties. Many specialized lenders will finance a condotel or non-warrantable condominium. What is a condotel, and

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Benefits of Interest-Only Mortgage Loan

Benefits of Interest-Only Mortgage Loan

When you are looking to purchase a home, you may consider different loan types, one of which is an interest-only mortgage. What are the benefits of interest-only mortgage loans? What are the disadvantages? When should you consider an interest-only loan? Here we take a closer look at this loan type and how it may work

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Guide to Closing Costs and Taxes

Guide to Closing Costs and Taxes

When you buy, sell, or refinance a home, closing costs are a major part of every transaction. Unfortunately, this can also be costly as many different mortgage fees and closing costs are required to transfer the home into your name. But what do closing costs include? Are taxes included in closing costs? Are any of

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FMERR Program: All You Need to Know

FMERR Program: All You Need to Know

Homeowners looking to change their mortgage terms or reduce their interest rates often turn to home refinance loans. Unfortunately, many homeowners find that their homes have dropped in value or live in an area where home values are stagnant. This often means that the homeowner has lost value in their home, and they do not

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