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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Private Mortgage Insurance PMI allows you to finance a home with less than 20% down payment. For an extra monthly cost to you, PMI provides default insurance to the lender. Thinking of saving more to avoid PMI? Accumulating tens or even hundreds of thousands of dollars for a down payment is challenging for the most…
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Did you know that Fannie Mae and Freddie Mac both offer competitive low money down products as well? FHA is not your only option to get into a new home with less than 5% down. Down payment as low as 3%, even for first-time buyers Typically faster, easier and with a lower monthly payment than…
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Getting pre-approved before speaking to a real estate agent can save you time, money and frustration. You’ll know what you can afford. Getting pre-approved before you shop is imperative, as it allows you to shop within your price range. It gives you negotiating power. Having a pre-approval always puts you ahead of a buyer…
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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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The Single Family Housing Guaranteed Loan Program is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own use in rural areas. Loans are limited to applicants with incomes that do not exceed state and local Rural Development (RD) median income limits and property that…
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Not all home buyers are alike. If you’ve had difficulty qualifying for a traditional mortgage, we have a smart option: a nonqualified mortgage. A nonqualified mortgage can be a great choice if you don’t meet traditional lending guidelines, opening up more options for you. You could qualify if you: • Are self-employed • Have fluctuating…
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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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Protect yourself with a home inspection. When it comes to buying a home, the more you know about it, the more confident you can be in making the right decision. That’s why home inspections are a must for every buyer. Home inspections give you detailed information on the physical condition of the house and can…
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Get your income information sorted. • Gather at least two paystubs and two years of your W-2s and federal tax returns, including all schedules. It is ideal to be at your current employer for at least two years. • Ask your loan advisor about additional documentation requirements if you are self-employed. • Contact your loan…
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