Mortgage News, Tips and Resources

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.

There are several USDA loan. You must buy a property in a rural area, which will be used as your primary residence. There are also income and credit requirements.

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.

A pre-qualification proves a borrower has contacted a mortgage loan officer, but it doesn’t hold much weight. A pre-approval involves a lender reviewing a borrower’s financials, including paystubs. A commitment letter is the most valuable, as it details the loan the borrower is set to receive.

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.