What is a secured credit card? A secured credit card requires you to make a deposit of your own money before the card will be issued to you. By placing a deposit of your own money it reduces the risk of the creditor when giving you a credit card. The deposit you make is usually …
Want to learn how to fix your credit to buy a home? Buying a home can be a huge accomplishment and one that provides a secure financial future. However, if you have bad credit, it can feel overwhelming or impossible to think you could ever purchase a home. While there a plenty of loan programs …
It can feel like an impossible task to buy a home with bad credit, but it might not be as bad as you think. Many lenders may add additional requirements to prevent homebuyers with bad credit from buying a home but that isn’t the case for everyone. While buying a home with bad credit is …
The process of getting a mortgage can feel personal and frustrating. This frustration is usually at its peak when the loan officer begins to request documents from you. Why do you have to provide bank statements when getting a mortgage? Let’s find out! Why Your Loan Officer is Requesting Your Bank Statements Your loan officer …
Why Do I Have To Provide Bank Statements to Get a Mortgage? Read More »
FHA vs. Conventional Loan, which loan is right for you? We’ll dive in and show you how each of these loan programs works and by the end you’ll know which loan program will best meet your needs. What is an FHA Loan? An FHA Loan is a loan that is insured by the Federal Housing …
FHA vs. Conventional Loan: Which One Is Right For You? Read More »
What Is a Loan Officer? A loan officer is someone who takes loan applications and provides rates, fees, and terms regarding the loan that you are applying for. A mortgage loan officer is someone who takes mortgage loan applications, and discusses rates and terms with potential borrowers. Most MLO’s or mortgage loan officers are licensed …
Filing for bankruptcy is a big deal, that can be life-changing in many ways. However if you’ve filed bankruptcy know that about 1.5 million people file for bankruptcy each year in the United States, so you’re not alone. Getting an FHA Loan after filing bankruptcy isn’t as difficult as you might think. There are a …
1 out of every 8 people have student loan debt in the United States. There is 1.748 TRILLION dollars of student loan debt in our country. That’s insane, but it’s the situation we’re in. It’s one of the reasons why the recent FHA student loan guideline updates are big deal. Before the update, FHA was …
I’m still amazed at how many people I speak with who believe that you need 20% down to purchase a home. Maybe you’re reading this and you have also believed that was true. The great thing about all of the home buying programs available now, is that you don’t actually need a large down payment …
What is an FHA Streamline Refinance? An FHA streamline is a refinance loan for those who already have an FHA loan. It’s a refinance that allows you to refinance from one FHA loan to a new one, usually with a lower rate. Streamline refinances are quicker than standard refinances because there is reduced documentation and …
FHA Streamline Refinance: Benefits and Requirements Read More »
Did you find your dream home only to find out that it doesn’t pass the appraisal? Homebuyers find a home but it’s in less than perfect condition. With mortgage financing, the home must pass the appraisal or there’s no loan. Enter the FHA 203k loan. These flexible loans provide the funds to buy and renovate …
What Are The FHA Loan Down Payment Requirements? One of the best things about FHA loan is the low down payment requirements. The minimum down payment for an FHA loan is 3.5% if you have a credit score of at least 580. If your scores are lower than 580, FHA has options for you as …
If you’re a first-time homebuyer, an FHA loan can be one of the best options available. Let’s see what makes FHA loans so great for first-time homebuyers. FHA Loans are Perfect for First-Time Homebuyers AS a first-time homebuyer you’ll love FHA loans because they help to remove many of the roadblocks buyers often face. …
What is Debt-to-Income Ratio? Debt-to-Income ratio is a percentage that tells lenders how much of your money you are spending each month versus the amount you have coming in. Your DTI is calculated using your total monthly obligations and dividing them into your total monthly gross income. This number will be a percentage known as …
Step 1: Determine How Much You Can Afford To Spend This first step in the home buying process is critical in having success when purchasing a home. You need to determine what you are comfortable spending each month on your housing payment. This won’t include figures like utility bills and maintenance although you should definitely …
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