Since tax deductions are an often touted benefit of home purchases for first time buyers, it’s just as reasonable to wonder about closing costs tax deductible perks as it to ask oneself ‘are property taxes deductible?’ The answer is affirmative on both counts, though … [Read more...]
Archives for June 2015
Minimum Down Payment for Conventional Loan versus FHA-Insured Loan
The MDPFCL (or ‘minimum down payment for conventional loan’, in full) is a major issue for potential home owners interested in applying for a loan. This especially applies to first-time home buyers, who are often still burdened by student debt, as well as to any household in … [Read more...]
Finding the Lowest Down Payment Mortgage for Jumbo Loans
A jumbo loan is a large mortgage – too much of a risk for Fannie Mae and Freddie Mac to insure. The jumbo loan limit is $417,000 in most areas of the United States and $625,000 for more expensive markets like San Francisco and New York. And even if taking out a bigger home … [Read more...]
Everything You Need to Know about the Jumbo Mortgage
What is a jumbo loan? As its name suggests, a jumbo mortgage is a mortgage that’s larger than the typical home loan, more often referred to as a conventional conforming loan. What does this mean, specifically? It entails that, even though jumbo loan credit quality … [Read more...]
Home Purchase Assistance for First Time Buyers via HUD HOME
In the wake of the housing bubble and the recession that followed it, home purchase assistance programs became an important point on the authorities’ agendas, from federal to state and local level. HUD loans can work very well as first time home buyer grants, even though … [Read more...]
New 3 Percent Down Mortgage Loans for 2015
As anyone who’s ever been remotely interested in purchasing a home knows, a down payment is a form of securing a loan with money you’ve previously saved. The 3 percent down mortgage is typically the lowest down payment on the US market, with FHA loans requiring a 3.5 percent … [Read more...]