The FHA offers many benefits which first-time home buyer can take advantage of. One of these benefits is the ability to purchase a new home with a very low down payment and with less than perfect credit score. Even borrowers who have a significantly lower DTI ratio can take advantage of an FHA home loan. Borrowers can also enjoy more lenient guidelines and requirements when they choose to fund their home loan with an FHA home loan. These advantages are what make the FHA home loan a popular choice over other conventional home loans. Am I Eligible? Truth be told,…
Author: Tech Admin
A majority of home buyers whether it be their first time buying a home or their 10th, down payments are usually the biggest headaches for home buyers. With the HomeReady™ Mortgage Program from Fannie Mae that headache is alleviated. The HomeReady™ Mortgage Program offers 3.0% down payment for first time home buyers. Benefits to the HomeReady™ Mortgage Program Besides the wonderful benefit of 3.0% down payment requirement, the next best thing about the HomeReady™ Mortgage Program is the flexible source of your down payment. You can use money out of pocket, you could borrow from your 401(k), you could…
Last year, the VA helped about 73,000 veterans avoid foreclosure. The VA home loan is still one of the only loans to offer no down payments. Today, VA home loans are available to more than 20 million veterans and active military members. As banks tighten lending standards the demand for VA home loans has increased tremendously and they’re easier to qualify for than conventional mortgages. Although the US Department of Veteran Affairs is not a lender, the loan is made through private lenders and are guaranteed by the VA as long as the borrower qualified and guidelines are met. The…
If you’re underwater on your current mortgage, there are options that can help you. You could be eligible to refinance your home without the worry of having to pay mortgage insurance or pay down the principal on your existing mortgage. The HARP® Loan Program could be for you, see if you qualify. What is the HARP® Loan Program? HARP started in 2009 and has been called many different names, but the official name is The Home Affordable Refinance Program®. Some other names the program is known for are; Making Home Affordable, A Better Bargain for US Homeowners, Relief Refinance, The Obama…
A VA Home Loan is a home loan program accessible specifically to qualified veterans and is guaranteed by the Veterans Administration, also known as the VA. The guaranty provided by the VA was designed to protect the lender from any loss in the event the qualified veteran were to default on their loan. As a result to this beneficial incentive, veterans can purchase their dream house and won’t have to put any money down. Conventional Loans and VA Home Loans The qualifications for a VA home loan are a little different from the conventional loan requirements. Conventional loans, unlike VA…