Post image for Rules that Buyers of Their First Home Need to Understand

Although there are some home owners currently frustrated by their home’s value compared to their current loan balance, they are not the majority. Make no mistake; this is likely the best time for anyone to purchase a home. The real estate market does go through cycles. The current down swing that is on the verge of a climb makes it so attractive. Understand these rules when buying that first home.

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Post image for Understanding How the USDA Loan is Different from a Conventional Loan

Owning a car does not make the owner a mechanic. Using a computer does not make a person an electrical engineer or a software engineer. And buying a home does not make someone a lending expert. That is why it is so important for people to get solid information about the different types of loans available before they make their final decision on a home purchase. The USDA mortgage is simple to understand once the facts are laid out.

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Post image for Effective TODAY: FHA Mortgage Insurance Changes

Cory Kessenich here today to talk to you about major changes to the FHA loan program.

If you’ve seen some of our past FHA posts, then you know that the FHA program is a loan product that is insured by the government and has expanded guidelines to help ALL types of borrowers. This is a government program that funds itself partially by charging borrowers a monthly premium that works much like private mortgage insurance. We refer to this fee as the Monthly Insurance Premium or MIP.

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Post image for FHA Is Crucial to the American Dream

When the sub-prime mortgage loans crashed it was the FHA loans that saved the day. Millions of buyers that would have continued to rent or live with relatives were able to buy a home thanks to the Federal Housing Administration’s insured loans. Gary Thomas, the president of NAR (National Association of Realtors) explained this point in a recent testimony in front of the Senate Banking Committee. He went on to explain that the down turn in the real estate market would have been much worse if not for FHA.

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Post image for Understanding the Basics of a Conventional Mortgage

There are multiple parts to getting approved for a home loan, but the first step is always the most important; getting an approved application from a lender. The lender will investigate three areas to determine a person’s worthiness to get a loan.

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Post image for VA Mortgage Program Surpasses 20 Million Loans

People are fixated on big numbers. Couples celebrating their 50th wedding anniversary usually receive a great party. A person that retires from a company after 30+ years of service is typically treated to a great reception from co-workers and friends. Recently, the Veterans Administration made a big splash when they announced their 20 millionth VA home loan recipient.

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Jumbo Mortgage: Location is Key to Necessity of Loan Type

December 27, 2012
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People in the real estate industry use a couple of expressions with a lot of emphasis; “location, location, and location” and the other one “everything is local.” Basically, these two expressions carry a similar meaning. A home’s location plays as much a part in the value of a home as the actual size and quality of the home.

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Mixed Economic Data Keeps Mortgage Rates Low for Refinancing

November 28, 2012
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As the general economy improves most analysts expect mortgage rates to increase slightly. This means that the time for refinancing is now. Taking advantage of the great rates across all types of loans makes it possible for many homeowners to save money not just in the monthly payments but also in the long term interest they would have paid on their mortgage.

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USDA Rural Housing: Property Eligibility and Income Limit Guidelines

October 26, 2012
Thumbnail image for USDA Rural Housing: Property Eligibility and Income Limit Guidelines

The USDA home loan program allows for qualifying borrowers to purchase a home in a rural area with no down payment. This is an amazing program, especially here in the upper Midwest. The rates are very low and the program is relatively easy to qualify for.

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The FHA $100 Down Program on HUD Owned Properties

October 7, 2012
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I’d like to spend some time today introducing the FHA $100 Sales Incentive. Just like every bank out there, HUD has also seen a rash of foreclosures over the last few years. When someone defaults on a FHA mortgage, HUD may end up owning that property since they insured the borrower against default.

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