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 …
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 …
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 …
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 …
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, …
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 …
When it comes to purchasing a home and getting a mortgage approved, your credit score provides lenders with an idea of how likely you are to repay your loan. But what is a good credit score to buy a house? This actually depends on a number of factors, including the type of loan you are …
If you are looking to buy your first home, chances are you have heard terms like “prequalification” and “preapproval,” but what do these terms really mean? What is the difference between prequalified and preapproved and what does it mean when you are shopping for your new home? Here we take a closer look at each …
Prequalified or Preapproved Mortgage: Which Is Better? Read More »
As you begin looking for your dream home, chances are you will have a real estate agent ask if you are prequalified for a mortgage. While you may not think about financing before even looking for a home, a mortgage prequalification can be a powerful tool to arm yourself with before you even take that …
What’s the Primary Benefit of Being Prequalified for a Mortgage? Read More »
When purchasing a new home, there are so many different things to consider. Not only are you looking for a home that fits all your needs, but you are making decisions on which loan features, such as fixed-rate or adjustable-rate, will work best for your needs. When making this decision, you must understand the differences …
When you purchase a home through a conventional mortgage, you make payments every month based on the principal amount of the loan and your loan terms. However, what happens if you make extra monthly payments or even a large lump sum payment during your loan period? When you make these extra payments, it drops the …
As a physician, dentist, or other licensed healthcare professional, buying a home can be a challenge despite being a high-income prospect. A high debt-to-income ratio due to school loans often becomes a roadblock when it comes to obtaining a home mortgage. For this reason, many lenders offer physician mortgage loans that often have fewer qualification …
8 Things You Should Know About Physician Mortgage and Its Rates Read More »
If you are considering buying your first home, chances are you have been wondering how much money you will need as a down payment and how you will be able to save that money. For many first-time home buyers, this down payment often creates an obstacle to home ownership. But what if there was a …
First-Time Home Buyer Loans with Zero Down Payment Read More »
For veterans, VA loans offer an often zero-down mortgage option that helps create a path to home ownership. But before you start looking for your dream home, there are some things to consider in order to best determine how much house you can afford with a VA loan. How much mortgage can I afford with …
If your home is in need of repairs to make it more livable, such as improvements for energy efficiency or a new, more modern bathroom or kitchen, an FHA Title 1 loan is one option to help finance those repairs. While many borrowers opt for a home equity loan, an FHA Title 1 loan offers …
How Do I Qualify for an FHA Home Improvement Loan? Read More »
Whether you have an existing home that needs a new kitchen, or you have an eye on a new home with a low asking price but a lot of necessary home renovations before it is really livable, a home renovation loan can allow you to make the necessary home improvements without the cash upfront. These …
How to Get a Home Loan That Includes Renovation Costs? Read More »
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 …
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 …
©2023 Hero Home Programs™ | All Rights Reserved | Disclaimer | Privacy | Terms | Sitemap | NMLS Consumer Access