The Federal National Mortgage Association, commonly referred to as FNMA or Fannie Mae, offers the HomeStyle® Renovation Mortgage. This loan is specifically designed to help home buyers purchase and remodel a property, or in some cases, refinance and update their current home.
A mortgage escrow is an arrangement between the buyer and seller of a property. The process involves an escrow agent taking control of the property until both parties meet the purchase agreement terms and are ready to close.
VA loan benefits include: no down payment or private mortgage insurance requirements, minimal closing costs, more flexible DTI ratio requirements, bankruptcy forgiveness, and financial counseling services.
Tips for getting a mortgage loan include: determining a budget, improving your credit score, and saving as much money as possible, among others.
203(k) loan requirements include: providing proof of income, living in the property full-time, and making certain renovations that cost at least $5,000.
Four types of mortgage loans to consider: traditional mortgage loans, FHA loans, USDA loans, and reverse mortgage loans.
Mortgage dos and don'ts include ensuring all your financial documents are in order, and refraining from making expensive purchases, respectively.
USDA loan income requirements are dependent upon the area in which an applicant wishes to purchase a home, as well as the number of people present in the household.
A jumbo loan limit varies, depending on location. In areas where the cost of living is higher, the limit also tends to be a higher amount.
Assumable loans let home buyers assume the remaining debt of a property's previous owner. In most cases, VA loans are assumable.
USDA loan closing costs vary depending on the size of the loan and the down payment. Other factors include lender and notary fees.
While conventional mortgage loans are not insured by the federal government, FHA loans are. Therefore, they are less of a risk for lenders.
You can get a home renovation loan through FHA-approved lenders that offer 203(k) loans, which could finance certain changes you want to make.
Over the past decade, jumbo mortgage rates have become more affordable for home buyers. However, these rates can change on a daily basis.
A duplex can be a good investment, as it as several advantages. But be sure to also consider the disadvantages before making a decision.
There are both pros and cons to buying a house in the summer. Typically, there are a high number of listings, but at higher prices.
Steps to buying a house include deciding on a budget, researching your mortgage options, finding the right realtor, and closing the sale.
There are both pros and cons to refinancing your house. For example, you may get a lower interest rate, but you first need to qualify.
You may be able to recoup some of your closing costs at tax time, as your property taxes, mortgage interests and points are tax deductible.
What documents do I need to apply for a mortgage? Your mortgage loan originator will ask you for bank statements, W2s and more.
