The Federal Housing Administration (FHA) loan program has empowered countless first-time homebuyers to achieve their dreams of homeownership. While the program offers more lenient requirements compared to Conventional loans, all properties financed through an FHA loan must meet specific Minimum Property Standards (MPS). Being aware of potential FHA appraisal concerns can help you anticipate challenges…
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For prospective homebuyers exploring the realm of condominium living, FHA-approved condos present a promising avenue towards homeownership. These properties, endorsed by the Federal Housing Administration (FHA), offer a blend of affordability, accessibility, and regulatory assurance that can make the home buying process smoother and more manageable. Understanding what FHA-approved condos entail and how to identify…
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Have a primary residence or non-primary home that you would like to finance for a family member? We offer solutions that work for you. What are the advantages to having a Non-Occupant Co-Borrowers on a Mortgage? Occupying Borrower is not required to have a minimum contribution to the monthly income Occupying and non-occupying Borrowers’ incomes…
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The distinction – between PMI, MIP, & Homeowner’s Insurance- is one that many homebuyers- particularly first-time borrowers- have a lot of questions about. Hopefully, this article answers those basic questions, and if you have more in-depth questions, please contact us to help assist you further. This overview should help with the generalities. By Yvonne…
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These programs are specifically designed for those who wish to repair, improve, or upgrade an owner-occupied home they own or would like to buy. The FHA 203(k) allows homeowners to finance rehab costs within a single mortgage — rather than having to obtain a separate loan to finance the cost of repairs or walking away…
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Buying a home is one of the most exciting—and complex— transactions of your life. You may have questions, and it’s important to choose a mortgage provider you can trust to communicate the important facts. We’re dedicated to explaining each step of the process in detail to every single one of our borrowers. And, we offer…
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Since April of 2016 FHA has required lenders to use the greater of 1% payment based on the balance of any outstanding student loan debt or the actual payment as reported on the borrowers credit report. With the cost of education only going up perspective homebuyers with $100K or more in student loan debt have…
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Loan-to-Value An acronym often encountered in the home buying or refinancing process, LTV describes loan amount as a percentage of the purchase price or value of property. For example, an $80,000 loan on a $100,000 property equals an 80% LTV. You can also think of LTV as the inverse of your down payment. If you…
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Are you currently renting a home because you can’t afford a down payment? You might be eligible to receive government assistance in the form of a grant equal to 2% or 3.5% of the purchase price of your new home to cover your down payment. Down Payment Assistance may be combined with up to 6%…
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SELLER CONCESSIONS WHAT ARE THEY AND SHOULD YOU ASK FOR THEM WHEN PURCHASING A HOME? The whole mortgage process can have many components. I’m going to address the closing costs area first. Closing costs are fees associated with your home purchase that are paid at the transfer of the property from seller to buyer. Some…
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