Are you ready for HomeReady? Mortgage giant Fannie Mae hopes you are with the introduction of this new program announced in early 2017 . This loan program has relaxed lending guidelines and allows more people to qualify for a home loan. While the loan program is designed to help first-time home buyers overcome initial obstacles […]
Have you heard of the CalHFA loan program? Unless you’re an approved mortgage lender you probably haven’t. The CalHFA loan program was developed by the California Housing Finance Agency which oversees this special program designed to assist lower to middle-income buyers buy and finance their very own home. While many of CalHFA borrowers are first-time […]
If you’re looking to buy your first home, but still paying off student debt get ready for some good news. It’s expensive to go to college. Ask any parent with a kid in school or college student and you’ll find out just how expensive it can be, even for a public college. That means student […]
The Interest-Only loan grew popular between 2004 to 2008, when a host of brand new loan programs were introduced to the marketplace. These new loans were not considered conventional and they weren’t government-backed but designed primarily for those who could not otherwise qualify for a traditional mortgage for any variety of reasons. Such loans were […]
Have you heard of an asset utilization loan? Not many have. Most mortgages issued today fall into two distinct categories, conventional and government-backed. Conventional loans include those approved using guidelines set forth by Fannie Mae and Freddie Mac while government-backed loans include VA, FHA and USDA programs. What is an Asset Utilization Loan? An asset […]
Government-backed mortgage programs such as FHA, VA, HERO and PACE offer some great home loan options! In today’s mortgage market they all play a vital role addressing specific borrowers as well as communities. How it Started The Federal Housing Administration (FHA) was created in 1934 as a way to help jump-start the economy by providing […]
Cross collateralization is the act of a lender securing more than one property in order to place a new loan. So what exactly does that mean? Cross Collateralization in Practice When mortgage lenders make loans they evaluate both the borrower as well as the property being financed. The borrower should have shown the willingness and […]
Do you want a really, really good deal on your next home purchase? The FHA Good Neighbor Next Door program could save you up to 50% off the sale price of your new home! If you find a house you’re interested in and it’s listed at $250,000 and your real estate agent negotiates the price […]
The Department of Housing and Urban Development’s FHA loan programs are one of three government-backed residential loan programs, and the FHA 203(k) loan is one of their specialty programs. For first time home buyers, the FHA loan is a popular choice due to the low down payment and easier qualifying. But the FHA 203(k) is […]
You’ve probably heard the term “bridge loan” in the past and maybe you’re one of those who have taken advantage of one. But if you’re not familiar with a bridge loan, what they are and what they’re used for, it’s really a very handy financial tool buyers use to help finance a property they have […]
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