There are three government-backed loan programs available today, the USDA, VA and FHA programs. They’re referred to as government-backed because the lender is guaranteed to be compensated should the loan every go into default. Each of these three have their own special niche that is filled. USDA loans are used to finance a property in […]
Looking to Finance a Property in a Rural Area? Here’s Your Answer
Many mortgage programs like to have a loan application that checks off all the boxes. This means approving both the property as well as the borrower. The property is approved primarily by reviewing the property appraisal. The appraisal contains a wealth of information about the property including the general condition of the home, a legal […]
7 Reasons You Should Use a Mortgage Broker
A mortgage broker is an individual or a business that discovers and arranges financing for their clients. I’m a mortgage broker and my fiduciary responsibility is to you. There are multiple places to obtain a home loan from your local bank to an online lender but a mortgage broker has distinct advantages that other lending […]
Is the Fed Changing Its Tune?
It appears that, while not backtracking, the Federal Reserve has indeed changed its tune regarding interest rate policy. The Federal Open Market Committee, or FOMC, wrapped up its most recent two-day meetings this past January 30. The FOMC meets about every six weeks to review the current state of the economy, review recent past and […]
Comparing the Three Government-Backed Mortgage Loans
Financing a primary residence means having the most financing options available in today’s marketplace. For those wanting to buy and finance investment real estate there are fewer albeit very competitive choices. But with a primary residence, there are plenty and are divided into two basic categories- conventional and government-backed. A conventional loan is one where […]
Bank Statement Loans Explained
Have you heard of a Bank Statement Mortgage? Most all mortgage loans require bank statements to verify sufficient funds to close on a transaction. A complete bank statement provides third party verification that the applicant has enough funds for a down payment, related closing costs and cash reserves all belonging to the applicant. But a […]
How to Calculate a Jumbo VA Loan Amount
If you’re eligible for a VA loan and want to come to the closing table with as little money as possible, a VA loan is going to be hard to beat and for several reasons. The most popular is probably not requiring a down payment. That is at least up to the maximum VA loan […]
Down Payment Assistance is Here
Saving up enough money for a down payment and closing costs is typically the single biggest challenge when buying real estate, especially so for those buying their very first home. There are low down payment programs which can ask for as little as 3.5 percent down, such as the FHA program, as well as zero […]
What Exactly Is a VA “No-No?”
A VA No-No is kind of a funny name and it’s possible you’ve heard the term but unless you’re in the mortgage business or in real estate, but most likely you haven’t. The term has been used for decades and applies to a certain type of purchase transaction when someone is using their VA eligibility […]
Mortgages and Divorce: What You Need to Know
Couples don’t enter into a marriage expecting it to soon end. Quite the opposite in fact, when they get married they do so “until death do us part” and are so much in love they couldn’t imagine being separated much less getting a divorce. Unfortunately however divorce is a real thing and too often marriages […]
