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.
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 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
As a teacher, your years are often filled with many nights of sacrifice while you grade papers, as well as financial sacrifices as you purchase classroom supplies necessary for you to provide the best education possible to your children. These sacrifices can often leave you with credit that leaves a lot to be desired, making
As a physician or healthcare worker, chances are you are familiar with one, if not both of these symbols. The caduceus and the Rod of Asclepius have both become known as symbols of medicine but what is the origin of these medical symbols and where did these medical symbols come from? Is one symbol a
As a government employee, you work to provide for your community, whether local or national. While working as a federal employee can be a rewarding career, it can also bring financial challenges when it comes to buying a home. Income limitations and frequent moves can make homeownership seem out of reach. The good news is
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
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
When it comes to buying a first home, many people only think about traditional single-family homes. However, mobile or manufactured homes offer an alternative that, in some cases, actually provides more space and amenities for the listing price. But how do you buy a mobile home? Do you need to have land? Will you be
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
When buying a home, the average home buyer takes out a mortgage that typically requires good credit, a low debt-to-income ratio, and a down payment of around 20%. Unfortunately, as new physicians and despite high wages, many doctors are unable to meet the mortgage requirements due to high debt-to-income ratios. Because of this, many lenders
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
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
Jumbo mortgages are a great solution when you are purchasing a high-value home where the necessary financing exceeds the loan limits of conforming mortgages. In contrast to conforming mortgages that are often purchased by government agencies like Freddie Mac and Fannie Mae, jumbo loans are typically maintained directly by the lender and create a greater
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