How Long is a Pre-Approval Good For?
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: 2022 Guide
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 …
Pros and Cons of USDA Loans
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 …
How to Apply for a USDA Loan
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 Home Loan?
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 …
Does Getting Pre-Approved Hurt Your Credit?
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 …
Mortgage Underwriting: What You Need to Know
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 …
What is Manual Underwriting?
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: If you’ve had past credit issues you may need to consider using manual underwriting in order to give yourself the best chance of …
Renovation Loans: Finance Your Home Improvement Dreams
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 …
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What Is AUS? – Automated Underwriting System
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 …
What Mortgage Documents are Needed to Buy a Home?
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 …
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What is a Secured Credit Card?
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 …
How to Fix Your Credit to Buy a Home
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 …
Can You Buy A House With Bad Credit?
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 …
Why Do I Have To Provide Bank Statements to Get a Mortgage?
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 …
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