Mortgage News, Tips and Resources

There are multiple factors that determine how much home you can afford, including your income, debt-to-income ratio, property taxes, homeowner’s insurance, and other monthly expenses.

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.

Applicants must meet several FHA loan requirements. This includes providing documentation of a stable employment, income and credit history, and the ability to afford 3.5 percent down.

FHA 203(k) loans help cover the costs of purchasing a home in need of work and renovating it. They also aid in refinancing and renovating a borrower’s current home.

There are mortgage options with little or no down payment. These include FHA and VA loans, as well as HomeReady (Fannie Mae), HomeOne and Home Possible Mortgages (Freddie Mac). Conduct the proper research, consult with an expert, adhere to the requirements, and apply.

To choose the right mortgage company, check online reviews and ask people you know for recommendations. Be sure to contact multiple lenders and compare their loan rates, as well.

The Federal Housing Administration (FHA) insures FHA loans, but they don't actually provide them to borrowers—only certain mortgage lenders do. You can find out which lenders are FHA-approved in your area by visiting the Department of Housing and Urban Development’s official website.

5 tips to keep your home safe while you are away on vacation this summer.

The Federal Housing Administration (FHA) insures mortgages provided to home buyers by FHA-approved lenders. Such loans include, but are not limited to, conventional FHA loans, 203(k) loans, refinance loans and reverse mortgages.

Fast Fact Friday: 30% of first-time home buyers are now Millennials

Fast Fact Friday: Is there such a thing as getting Pre-Approved too early? First of a continuing series of Fast Fact Friday blog posts.

There are five main factors that influence your credit score, specifically your FICO credit score. They include your payment history, amount of money you owe from taking out other loans, length of your credit history, types of credit you utilize and number of new accounts you have.

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.

Tips for getting a mortgage loan include: determining a budget, improving your credit score, and saving as much money as possible, among others.

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.

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.

USDA loan closing costs vary depending on the size of the loan and the down payment. Other factors include lender and notary fees.