Hesitating to start that journey to homeownership without knowing the basics in the home buying process? In this video, we’re going to give a quick overview of each step to the whole home buying process, and we’ll break down each of them in more detail for this module in the next videos. Pre-Approval Choosing A […]
Step By Step Guide For First Time Home Buyers Read More »
When you make a payment to a credit account, the information on your credit report is unlikely to change for at least a few weeks. In general, creditors and lenders report account changes, such as payments, on a monthly basis. Unfortunately, when you are applying for a mortgage, and the approval and terms of your
What is a Credit Supplement? Read More »
If you are a real estate investor looking to secure a home mortgage, providing employment information, tax returns, and other common loan documentation can be time-consuming. Designed for real estate investors, a DSCR loan focuses on cash flow generated by investment properties. Here we take a closer look at the DSCR loan, a DSCR ratio,
What is a DSCR Loan? Read More »
As a borrower, your credit score can make a huge difference when it comes to applying for larger loans, such as a home mortgage. Even the slightest increase in your score can save you thousands of dollars. While most people wait for regular credit score updates, the fact is you can update your credit score
How to Update Credit Report Quickly Read More »
If you lost a previous home to foreclosure, you might assume that getting a mortgage is impossible. Your credit report took a hefty hit, and what lenders are going to want to take that risk? The good news, however, is that getting an FHA loan for a new home is possible even after foreclosure. Still,
FHA Foreclosure Waiting Period Guide Read More »
FHA loans are designed to help those without a large down payment and less than optimal credit score achieve home ownership. While these loans do apply to traditional “stick-built” homes, borrowers looking for lower-cost alternatives often turn to manufactured or modular homes in order to meet the mortgage requirements and get the keys to a
FHA Manufactured Home Guidelines Read More »
A home inspection is an essential part of buying a home. The home inspection aims to protect potential borrowers from potentially hidden issues that could cost thousands. While some buyers are looking for a fixer-upper and are willing to take on anything the inspection reveals, other buyers don’t want the headache of having to repair
When to Walk Away After a Home Inspection Read More »
Buying a home can be exciting and stressful all at the same time. The process requires meeting many different requirements and submitting all the essential paperwork in order to receive mortgage approval. So when a lender calls to say you are “clear to close,” chances are you will feel as though everything is complete. However,
Clear to Close Mortgage: What Happens Next? Read More »
When you are purchasing a home, especially if it is your first home, it is very easy to become swept up in the buying process. However, it is important that you understand the different aspects of the loan process and what they may mean for you as a homebuyer. One key component to understand is
What Is Yield Spread Premium? Read More »
When you apply for a home loan, the mortgage lender collects a wide variety of different paperwork to establish proof of income, employment history, credit scores, and much more. Once the paperwork is collected, your information goes into underwriting, where the mortgage company evaluates the information and determines whether or not you qualify for the
How to Write a Letter of Explanation for a Mortgage Read More »
Depending on the type of home loan or refinance option you are looking at, your lender may require private mortgage insurance (PMI). But what exactly is private mortgage insurance, and how much additional cost will it add to your monthly mortgage payments? Are there things you can do to avoid paying PMI? Here we take
How is PMI Calculated: Guide to Private Mortgage Insurance Read More »
When applying for a new home mortgage, lenders look at a variety of different factors in order to determine whether or not a home buyer has the ability to repay the loan and how high a risk they may be to them. These factors can include your credit score, debt-to-income (DTI) ratio, and employment history.
Can You Apply for a Mortgage Without 2 Years of Working History? Read More »
When looking to purchase a home, most borrowers are familiar with the debt-to-income ratio, or DTI, as it is an important factor when it comes to mortgage approval. However, if you are considering a VA loan, another factor, known as residual income, holds much more weight. In fact, exceeding the minimum residual income requirement for
VA Residual Income Guide Read More »
If you are searching for your dream home, chances are you are looking at how many bedrooms and bathrooms the house has and not focusing on the wiring within the house. Unfortunately, if you are looking at homes built in the mid-1960s to mid-70s, the use of aluminum wiring throughout the home can be more
Is it Safe to Buy a House with Aluminum Wiring? Read More »
When purchasing a home, the most favorable terms and interest rates are often limited to owner-occupied homes because lenders see a lower risk when the home is the borrower’s place of residence. But what if you are looking to purchase a home for elderly parents or an adult child? If you are not the primary
Family Opportunity Mortgage Guide Read More »
You are limited in the amount of a mortgage loan you may qualify for as a borrower based on factors such as your income, debt-to-income ratio, and credit score. But did you know that the Federal Housing Finance Agency (FHFA) also sets a lending limit for conventional loans? Home loans that conform to these limits
Conforming Loan Limit Guide for 2023 Read More »
When you consider a home mortgage, the first thoughts are often about credit scores, interest rates, down payments, and proof of income. But what happens when you don’t have a job? Can you still qualify for a mortgage without employment? The fact is, many self-employed and retired individuals qualify for a home-buying mortgage every day,
Can You Get a Mortgage Without a Job? Read More »
Are you looking to buy a home with a home loan but face challenges when it comes to providing proof of income? Are you self-employed and not receiving traditional pay stubs and W-2s? If this is the case, you may feel as though buying a home is out of reach. However, there is good news.
Basic Guide to No Income Verification Mortgage 2023 Read More »
After going through bankruptcy, it may feel like you will never get yourself back on track, and purchasing a home is definitely out of the question. However, the fact is that it is possible to bounce back from bankruptcy and even qualify for a home mortgage if you follow the necessary steps. Here we will
Getting a Mortgage After Bankruptcy Read More »
When homeowners look to reduce their monthly mortgage payment or plan to pay off a mortgage early, many turn to refinancing. While refinancing a mortgage does allow homeowners to take advantage of lower interest rates, not all borrowers are able to qualify for a mortgage refinance loan. If this is the case, a lesser-known option
Guide to Refinancing or Reamortizing a Loan Read More »
©2025 The Hero Homebuyer Programs™ | All Rights Reserved | Disclaimer | Privacy Policy | Terms & Conditions | Sitemap | NMLS Consumer Access