Buying a house in 2022 may be closer than you think. If you’ve been wanting to buy a house but you have no money for a down payment, there are options for you. One of the most dangerous myths about buying a house is that you need to have 20% or more saved for a …
What Credit Score is Needed to Buy a House? You should have a credit score of at least 580 if you want to buy a house. While there are programs to help you buy a house if your credit score is as low as 500, you’ll find it much easier to qualify with a credit …
How much does it cost to buy a house? It could be less than you think! You could spend $0 buying a house or more than $20,000. How much it costs to buy a house is going to depend on your personal location and situation What is the median home price in the United States? …
How long a pre-approval is good for can vary, but generally they will last for at least 90 days before they need to be refreshed.
What Is an FHA Loan? An FHA loan is a mortgage product that is backed by the Federal Housing Administration. The FHA is part of HUD or Housing and Urban Development. FHA Loans were established by the National Housing Act on June 27th, 1934 to facilitate home financing, improve housing standards, and increase employment in the home-construction …
The USDA Rural Development Loan is a loan program that was created to help low to moderate-income homebuyers purchase a home in rural areas. However, the USDA’s definition of rural may not be the same as yours. Most areas that have a population of less than 35,000 will qualify. But is the USDA loan right …
Buying a house is one of the biggest investments you are ever going to make and it can also be one of the most exciting! A home is more than a house, it’s a place to feel safe, to raise a family, and to build financial security. The USDA Rural Development loan allows more Americans …
What Is a USDA Rural Development Loan? USDA Rural Development loans are no down payment mortgages that offer low-cost financing for home buyers. They are for homebuyers who don’t mind living in suburban or rural areas. Over 97% of the United States is eligible for a Rural Development Loan. Any place with a population of …
Will Getting Pre-Approved Hurt Your Credit? If you’re thinking about buying a home, you probably know that your credit plays an important role in getting approved for a mortgage. The better your credit score, the better your terms usually are, so making sure you have the best score possible is important. However, you’ve likely also …
What Is Underwriting? Buying a home is a huge commitment’s for you and the lender. With the amount of money involved the lender has to make sure that you are able to repay the loan on time. Underwriting is the process the lender uses to determine if you can repay the loan. The mortgage underwriting process …
Underwriting is the process lenders use to determine if you can be approved for the home loan you’ve requested. When it comes to how underwriting is done, you have two different options: Automated Underwriting Manual Underwriting If you’ve had past credit issues you may need to consider using manual underwriting in order to give yourself …
Home renovation loans provide you with funds to buy and fix up a home in Louisiana. Despite the renovation portion of the loan, it’s still a mortgage. You apply for one loan and have the money to buy the home and complete agreed-upon renovations. The type of loan you choose determines what you need to …
Renovation Loans: Finance Your Home Improvement Dreams Read More »
If you are currently going through the mortgage process you may have heard of aus. AUS stands for Automated Underwriting System. The aus in mortgage is needed in order to determine if you are able to be approved for a home loan. AUS stands for Automated Underwriting System, and it’s a program used by mortgage …
I’ve seen many people become overwhelmed with the vast amount of mortgage documents that are often required in order to purchase a home. Since first-time homebuyers make up about 30% of all home buyers, it’s no surprise that this can be a shock. About 70% of the people we help at Bayou Mortgage are first-time …
What Mortgage Documents are Needed to Buy a Home? Read More »
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 …
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