When applying for a mortgage lenders look at all aspects of your loan application to determine the amount of risk a borrower represents. If you have a low credit score then lenders will want to see things like a large down payment or a low debt-to-income ratio to help offset …
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The loan term is the length of time it will take to repay the loan in full by making the minimum payments. It is also referred to as a term loan. Loan terms typically range between three years, for personal loans and auto loans, to 15 to 30-year loan terms …
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The effects of COVID have been wide-reaching in the mortgage business, some positive, some negative. While some lenders have changed their own rules, often referred to as overlays, the one thing that has not changed is the regulations set forth by FHA. FHA is still providing financing for borrowers with …
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Although still not out of the woods in terms of the global crisis and pandemic, there are positive signs of economic growth as life starts to return to normal. New loan commitments rose by 8.9% for housing loans as July 2020 data released by the Australian Bureau of Statistic demonstrates. …
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Coming up with the down payment is the biggest obstacle homebuyers face when getting a mortgage. Luckily, there are some home loans that offer low down payments. One of those loan programs is Freddie Mac’s Home Possible loan that requires just 3% down. In this article, we will take a …
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Fannie Mae, along with Freddie Mac, are the two largest buyers on home loans in the country. In order to compete with FHA loans, which requires just a 3.5% down payment, Fannie Mae created the HomeReady™ loan program requiring just a 3% down payment. In this article, we’ll explore the …
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When you think of a traditional mortgage, a conventional loan is probably what comes to mind. Conventional loans are the most popular type of mortgage loan used to purchase a home. In this article, we will cover conventional loan requirements, loan limits, rates, and see how they compare to government …
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Veterans Affairs loans, aka VA Loans, help veterans and active duty service members buy a home while taking advantage of some pretty significant benefits. A VA Loan is a government-based mortgage product guaranteed by the US Veterans Administration. President Franklin D. Roosevelt signed the loan into law back in 1944 …
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It’s settled. You’ve got some money saved up for a downpayment and you’re ready to start your home buying journey. You’ve done your online research and have pretty much narrowed down the neighborhoods you’re interested in. You can’t wait to go house hunting. But wait. Do you find a reputable …
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