Many assume that FHA loans are only for first-time homebuyers. While first-time buyers do make up the majority of borrowers that take advantage of these loans, the fact is many borrowers who already own a home or have in the past can take advantage of the benefits associated with an FHA loan. But can you …
When you buy a home, the necessary paperwork for a mortgage application and underwriting can often seem overwhelming. Having a mortgage loan closing documents checklist can help make this process easier and help ensure you have everything ready before it is needed. Here, we provide all the typical loan information necessary for your application and …
Your Complete Guide to Mortgage Loan Documents Checklist Read More »
The home buying process can be stressful for everyone and, in many cases, may seem intimidating. This is especially true for first-time homebuyers. However, as a government employee, you are eligible for many different home mortgage programs that can make the buying process so much easier and have you enjoying homeownership in no time at …
Do you think homeownership is out of reach? What if we told you that you could buy a home for half the cost of the listing price and a $100 down payment? You would likely say we’re crazy, but the fact is, buyers eligible for HUD’s Good Neighbor Next Door Program (GNND) can do just …
If you make less than a 20% down payment on a home loan, you may have to take out Private Mortgage Insurance before being approved for the loan. Private Mortgage Insurance (PMI) is conditional protection that benefits lending institutions from the risk of defaulting on the loan or foreclosure of a house. It adds an …
How to Get Around Private Mortgage Insurance (PMI)? Read More »
Buying a home is stressful, especially when you’re trying to buy a home when money is tight. When life hands you lemons, it can be hard to secure conventional home loans from banks, credit unions, or other lending institutions due to one factor or another. Thankfully, there is another option. The Federal Housing Administration (FHA) …
Buying a home is a huge accomplishment—and a huge amount of stress. But it does not have to be if you have the right loan officer that will work with you and your financial needs to get you set up with a home loan. A loan officer is a representative from a financial institution or …
The housing and financial industries are an ever-changing world and the rise in cryptocurrency has started a purchasing trend like no other. Professional athletes, like NFL tight end Sean Culkin, have converted entire salaries into bitcoin. This demonstrates the growing popularity of cryptocurrency and the new money trend of the 21st century. With the rise …
Do you owe more to your house than it’s worth? Having negative equity in your home can be disheartening. After all, you have worked so hard to have a place of your own, and then you feel like your payments aren’t even going anywhere. Oftentimes, people end up in these situations due to high-interest rates …
Every time a potential home buyer decides they are ready to purchase a new home, they must go through the process of qualifying for a loan. The qualification process can be complex and difficult to understand. To understand these complex terms, let’s discuss what automated approval is and why it’s so important. Key takeaways Automated …
When it comes time to purchase a home, finding a lender that gives you the best options is important. Having good credit simplifies the process and allows you to buy a home with a good interest rate, leading to less cost in the long term. However, having bad credit is not necessarily a hindrance to …
Is “Bad Credit Mortgage Loans Guaranteed Approval” Safe? Read More »
When you’re looking for a home loan, the options available can feel overwhelming and sometimes even confusing. Many people aren’t even aware of all of the different options available to them. The USDA is a government department that most people don’t associate with home loans, yet they are just as invested in rural development as …
When you apply for a home loan, you find yourself combing through a lot of financial documentation—tax returns, pay stubs, bank statements, and the like. But why all the scrutiny? The short answer is that mortgage lenders have strict standards for lending money because they aren’t out to lose money. They want to be sure …
Importance of Bank Statements for Mortgage Applications Read More »
A bank statement mortgage, also known by the names self-employed mortgage or alternative documentation loan, is a mortgage that enables an applicant to secure a loan from a lender without using traditional documentation such as W-2s or tax returns. Instead, the applicant submits 1-2 years’ worth of bank statements and a few other qualifying criteria that will be …
If you have a less than perfect credit score or are self-employed with alternative income, you won’t qualify for a traditional home loan. However, you don’t have to rent forever. There is another option. It is called a non-QM loan or non-qualifying mortgage. This article will go over what a QM or a qualifying mortgage …
Purchasing a home is a significant life event and the first step in building wealth for most people in the United States. Before moving forward on something this monumental, it’s essential to understand the different types of mortgage loans and which one is the right one for you. Key takeaways Fixed-rate mortgages offer a …
The home buying process can be a complicated journey as there are numerous steps to go through. You need to obtain a pre-approval through a lender, hire a realtor, find a home, make an offer to buy, go through the underwriting process, have the home inspected, close on the home, etc. The list seems endless …
There are few things in life as important as purchasing a new home. Owning property is a crucial step to building wealth and establishing a long-term place in a community. It is imperative to understand the home loan underwriting process to create the stability that makes you an acceptable risk for lenders. Few people have …
A good faith deposit in a real estate transaction is an amount of money that is offered to the home seller as an act of intent to buy. This amount is offered to the seller and set aside in escrow as a signal that the buyer is serious about purchasing the home. It is typically …
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