Putting money aside in order to purchase a home is a complex issue, which takes several distinct factors into account. For one thing, it directly relates to the size of your household budget, as well as to your ability to save money for the downpayment. There’s no simple and … [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...]
USDA Home Loans: The Best 0 Down Mortgage
There are several types of 0 down mortgage loans available on the market right now, for potential homebuyers who can’t afford too much down payment – or even any of it at all. Their increased availability nowadays can be attributed to the fact that the US economy is still … [Read more...]
How Much Savings Should I Have To Buy a House
The answer to that age-old question on how to buy a house always starts with thinking about the loan this process entails. As such, it’s always immediately followed by another question: ‘how much mortgage can I afford?’ It all depends on your credit rating, of course, as … [Read more...]
What Can You Do If Appraisal Comes In Low?
Buying a new house can be a source of great anxiety about all kinds of things, and especially about the legal implications of the contract, as well as the rights and options you have as a buyer. Not many home owners can afford a whole legal team to have their backs and sort … [Read more...]
Review of Yahoo! Finance Article “Alternatives to putting down 20%”
We wanted to post a couple of comments and corrections on an article that recently appeared in the finance section of Yahoo!. Our first small issue arises when the author claims that Mortgage Insurance (MI) can be cancelled at any moment once a borrower reaches 80% … [Read more...]
First Time Home Buyer Requirements: Importance of the Down Payment
Though there are many important first time home buyer requirements, perhaps the most significant is the down payment, or the DP. The down payment is important for any purchase, not only a first time buy. A general rule of thumb to remember is that the higher your investment … [Read more...]
Home Buyer Assistance Programs
One of the most frequently asked questions by first time homebuyers is, “are home buyer assistance programs real?” Let's shed some light on that. The three key elements of any mortgage application is the down payment, income, and credit history. The reason that the down … [Read more...]
Do You Need Help Buying a Home?
Many buyers need help buying a home because they don’t have enough information about how banks evaluate the borrower’s income. Here are some little known facts that will help you with your purchase: -If you are a W2 employee, Fannie Mae criteria … [Read more...]
FHA Loans
During the boom of sub-prime lending, when anyone and their mother qualified for a mortgage, FHA lending was almost non-existent. Conversely, during the past several years anyone who does not have a 20% down payment or who has sub-par credit turns to FHA as the only … [Read more...]