Mortgage News, Tips and Resources

Found out why many long islanders want to live in Commack. Here are ten awesome things to do in Commack!

It’s best to have all documentation, financials, commitment letters, and mortgage options prior to making an offer on a property in the current, record-breaking spring home-buying season led by bidding wars, pent-up demand, and decreased inventory.

Government-backed mortgages provide many financial benefits for first-time and repeat homebuyers, such as lower down payments, lenient credit score requirements, improvement project grants, and more.

Whether you’re a first-time or repeat home buyer, government-backed loans offer lower down payments, lenient credit scores, and many other financial benefits.

Insured by various U.S. federal agencies, government-backed mortgages can help borrowers achieve home ownership through lower down payments and closing fees, flexible credit scores, and other advantages.

Government-backed loans offered through the Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), and Veterans Affairs (VA) can assist qualified borrowers with home purchases, and improvement and rehab projects.

It’s best to have all documentation, financials, commitment letters, and mortgage options prior to making an offer on a property in the current, record-breaking spring home-buying season led by bidding wars, pent-up demand, and decreased inventory.

With low inventory and interest rates, and home sales occurring at a record pace, it’s even more important for potential buyers to understand the home financing process, such as mortgage options, qualifications, down payment percentages, and other elements.

FHA flipping rules regulate the buying and selling of homes for profit, and include transfer and resale timelines and documentation.

Several first-time home buyer myths include the misconceptions that you should find a home to buy before applying for a loan, there is only one loan you can apply for, and you need 20 percent down, among others.

USDA and FHA loans are both federal programs assisting low-income families and home-buyers obtain mortgages, with two important distinctions: USDA loans specifically cater to those within rural and suburban areas, while FHA loans are open to all applicants, regardless of finances or geography.

Several popular home loans for low-income families include HomeReady, Home Possible, Conventional 97, piggyback mortgages, FHA, and USDA loans.