Deciding between a VA vs. a conventional loan can feel like navigating through a maze. A lot of homebuyers are puzzled by the same question. The choice is crucial as it determines your financial commitment for years to come. The struggle with choosing between a VA and a conventional loan is real. Lots of stories from …
VA vs. Conventional Loan: A Guide to Home Buying Read More »
Understanding the difference between FHA loans and VA loans can be challenging for many homebuyers. By equipping you with the knowledge to make informed decisions, this breakdown of FHA vs. VA loans will enable both military personnel and those seeking affordable homeownership to navigate their mortgage options confidently. Key takeaways Understanding FHA and VA loans …
FHA vs. VA Loan: A Detailed Guide for Home Buyers Read More »
FHA loans are well-known for low down payments and low credit score requirements, making them an ideal option for homebuyers that may not qualify for more traditional mortgage options. As a real estate investor, you may be wondering if you can also take advantage of these benefits when it comes to purchasing investment properties. While …
For many home buyers, FHA loans have provided an alternative option to conventional loans because they offer more flexible qualifications and requirements. However, for borrowers with student loans, FHA loans were almost impossible to qualify for. Previous FHA student loan guidelines increased the amount of a borrower’s monthly payments, making their debt-to-income ratio much higher …
A major benefit for service members and their families is the ability to apply for a VA loan. Guaranteed by the government, a VA loan enables service members and veterans to qualify for a low-cost mortgage option, even with less-than-perfect credit. This allows veterans to purchase or refinance a home with more favorable terms. In …
FHA loans are government-backed mortgage loans for homebuyers that may not qualify for other lending options, such as conventional loans. FHA loans offer more flexibility when it comes to eligibility and loan requirements, making it much more accessible to those looking to purchase a home, including first-time homebuyers. Here we will take a deeper look …
FHA Loans: Eligibility, Requirements, Limits & Rates Read More »
When buying a home, homebuyers and sellers expect to sign a number of documents, such as sales agreements, mortgage loan documents, and many others. If you are a homebuyer looking to buy a home with an FHA (Federal Housing Administration) mortgage or a seller selling to someone with an FHA loan, you will have at …
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 …
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