The two most common loans available in the marketplace are Conventional loans and FHA Loans. FHA Loans are insured by the Federal Housing Administration and Conventional mortgages are backed by Fannie Mae and Freddie Mac. When you use an FHA loan to purchase or refinance a house there is an upfront mortgage insurance premium calculated…
When you’re buying or refinancing a house it goes without saying you want to get a competitive interest rate with favorable terms associated with the money you are borrowing. Two programs that support your ability to do this are Fannie Mae Home Ready and Freddie Mac Home Possible. These two programs typically have about 1/4…
Buying a house can always be a daunting consuming feat. Caring consumer obligations such as car loans can further complicate a picture of that otherwise could be more financially lucrative. When you carry on a car debt whether it’s at lease payment or whether it’s a financed payment you’re handcuffing a portion of your future…
Fannie Mae and Freddie Mac have a very conservative calculation when it comes to using rental income to qualify. Here’s what you need to know if you’re getting an FHA mortgage and you have mortgaged rental property… Fannie Mae and Freddie Mac’s mortgage calculation of use net income is super conservative and will make your…
5 quirky refinance scenarios that work In the last few years mortgage lending guidelines have begun to loosen as the broader economy is stronger now that the recession has past. Following refinance scenarios are eligible for financing… Cash-out refinancing followed by cash-out refinancing just six months after. You heard that right you can do a…
The Federal Housing Finance Agency on November 28th raised the conforming and high balance loan limits for a Fannie Mae and Freddie Mac loans. Here’s what these changes will mean… Each year the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac reviews and evaluates changes on whether to keep the loan amounts…
6 people whose mortgage and housing advice ought to be taken with a grain of salt Buying a home or refinancing a mortgage is incredibly important financial decision that requires careful planning and good timing. Fact of the matter is everyone has their opinion about what you you should and should not do. Here is…
Co-signing is a way to help a family member or a friend get approved for credit. When you co-sign on someone else’s mortgage you are effectively lending a portion of your credit and income to help someone else qualify. Here’s what co-signing means when it comes time to getting a mortgage… If you have a…