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Zero Downpayment FHA Purchase Program
But FHA requires 3.5% down David? Yes - but with this program the lender will finance the 3.5% down as a 2nd mortgage under their Downpayment Assistance Program (DAP). There are some caveats and conditions and. small print of course: No debt to income ratio max No...
100% Financing For Rural Homes
Are you considering buying a rural home but not sure how to finance it? Look no further than the USDA rural financing program! This program is specifically designed to help individuals and families purchase homes in rural areas with low to moderate incomes. But before...
Buy A Home With A 1% Down Payment!
An Incredible Opportunity To Help With Home Affordability. It’s exciting when a loan product can help you can offer a Conventional 1% Down program - and we can! When income-qualified borrowers put 1% down, our lender pays an additional 2% toward the down payment, up...
What Is A Temporary Rate Buydown?
Great Question! A temporary rate buydown is a way to lower the interest rate on a mortgage for a short period of time, usually one to three years. This can make the monthly payments more affordable for the borrower, especially in the beginning of the loan term....
How Can I Get Free Copies Of My Credit Reports?
Great question! The easiest way to get a free copy of your credit reports is to visit www.annualcreditreport.com, the official website authorized by the federal government to provide free credit reports from the three major credit bureaus: Equifax, Experian and...
What Is A Government vs A Conventional Mortgage?
A conventional mortgage is a loan that is not insured or guaranteed by the federal government You can get a conventional mortgage from a bank, a credit union, or a mortgage broker A down payment as small as 5% is allowed Primary residence, rental properties, or second...
What Is Mortgage Insurance – And Is It Required?
Mortgage Insurance (often called MI or PMI) is insurance that protects the lender in case you default on your loan. It usually adds an extra cost to your monthly mortgage payment. PMI is Private Mortgage Insurance - mortgage insurance on conventional loans rather...
Why Should I Get Preapproved Before Looking For A Home?
Being preapproved means you have a clear idea of how much you can afford to spend on your first home This can save you time and stress in your home search Also, most Realtors require preapprovals before they work with you Being preapproved means your credit, income,...
What Is A HELOC??
If you're a homeowner, you may have heard of a home equity line of credit, or HELOC. But what is it and how does it work? A HELOC is a type of 2nd mortgage that lets you borrow money using the equity in your home as collateral. Equity is the difference between the...
What Is An FHA Renovation Loan?
Great question! Here's how an FHA renovation loan works: - It's a type of mortgage that lets you buy a home that needs some work and finance the renovations with the home price. - You can choose between two types of FHA renovation loans: limited and standard. The...