You’ve heard the terms “jumbo” and “conforming loan limits” but there might be those who aren’t completely sure what both of those terms mean, especially so if you’re not in the mortgage industry. But they are important as it relates to loan choices, rates and fees. By far the conventional mortgage using guidelines set forth […]
It used to be that when someone applied for a conventional loan, the down payment required could be as much as 20 or even 30 percent or more. That kept many buyers away from homeownership simply because they couldn’t save up enough for a down payment. Private mortgage insurance began as a way to make […]
Most every mortgage loan issued today is a loan lenders refer to as a Qualified Mortgage Loan (or QM). When the Consumer Financial Protection Bureau, or CFPB, was created one of the first set of guidelines issued was to establish common sense, universal lending requirements mortgage companies could follow when processing and approving a mortgage […]
It’s very possible you’re not familiar with a special loan program overseen by the United States Department of Agriculture, or the USDA Home Loan. And that’s a shame because most mortgage companies don’t pay much attention to it and instead suggest other loan programs. However, when properly used, there really isn’t a better home loan […]
Some recent good news came out recently that took effect last July. Fannie Mae, the largest purchaser of residential home loans announced their new policy addressing debt-to-income ratios. Now, the new debt ratio guideline tops out at 50, up from 45. Debt-to-Income Ratios Explained To interpret those numbers, a debt-to-income ratio, or debt ratio, compares […]
Your credit score is an important factor when not only determining a loan approval but can also affect an interest rate on a particular loan. At the same time, a credit score can be a moving target and do take some explaining to understand how they’re calculated. Further, it’s also no secret that credit scores […]
Have you heard about the FHA Good Neighbor Next Door Program? If so, then you know it’s a special program operating under the auspices of the Department of Housing and Urban Development, or HUD, and is aimed at specific HUD-identified areas. Who is Eligible? This program allows law enforcement officers, pre-K through 12th-grade teachers, firefighters […]
Are you looking at a property where the seller is open to a leasehold option? Perhaps someone has mentioned this type of ownership to you in the past but you’re not quite clear on the concept? If so, you’re not alone. Buying and financing a leasehold estate property does take a bit of explanation but […]
Real estate developers know how important it is to have the right financing for the right project. Such is the case for financing fix and flips. Fix and flips are transactions where the buyer acquires a property for a relatively short period of time with the sole purpose to sell, or flip, the home once […]
Have you ever thought about harvesting your own grapes or starting your own winery? What about planting a family orchard to reap apples, pears or oranges? Buying a home in a rural or semi-rural setting with plans to use the acreage for a hobby farm is more common than you might think. When it comes […]
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