Low down-payment loans have been around much longer than most people realize. 2008 was the re-emergence of the FHA, only requiring 3.5% down. Today loans backed by the government requiring even less down are becoming popular. Here’s what you need to know if you’re working with a low down-payment loan to purchase a home… Low…
Dodd Frank is the financial overhaul that took place a couple of years ago in the aftermath of the financial crisis. The House of Representatives on Thursday, June 18, are advancing a bill known as the Financial Choice Act putting into motion a series of events that may lead to the demise of Dodd Frank.…
If it has been a few years since you took out a mortgage loan, be prepared for questions, and to thoroughly document everything. A critical characteristic of good character is payment history. Payment history is indicator of good financial merit, however it does not hold any weight in the larger financial picture. You must have…
Purchasing a home can be tricky if you have a home to sell first. For many, the opportunity to purchase a new home can only come from the sale of the home they currently own. Here are some tips to help navigate hurdles of buying a home when going in “contingent”. You want to purchase…
Qualifying for a mortgage involves: an acceptable credit score, sufficient assets and stable income. These are to show you can support a mortgage payment, plus other liabilities. You must have a balance of all three to successfully qualify for financing. The following is what you must know when trying to qualify with “paper losses” on…
There is too much information circling around the internet, about how to remove mortgage insurance from your monthly mortgage payment. Unfortunately, it is not as simple as having 20% home equity either. Here is what you need to know about removing this dreaded housing cost. Is the loan insured by FHA or is the loan…
Contrary to what you may hear or read, your credit does not have to be stellar to get a mortgage. Most banks and lenders require at least a 640 credit score. However, not all lenders are created equally. Here is what you need to know if you are trying to get a mortgage with bad…
FHA loans have gotten a bad rap in the last few years. Here is the Granddaddy Truth about FHA loans, you should really consider if you are looking for mortgage options! FHA loans are another option you can take as a borrower, to help you accomplish your financial goal. The Federal Housing Administration ensures the…