Post image for Down Payment Requirement is Shrinking for Jumbo Mortgages

During the real estate crash that caused home prices to drop and mortgage lenders to drastically tighten up their guidelines for offering new loans, the jumbo loan market was hit the hardest. People who wanted to buy a home and needed a loan higher than the $417,000 conventional standard were stuck with a minimum 20% down payment requirement and sometimes even higher. Furthermore, their loans were subject to more scrutiny than other types of loans. However, a few years of solid growth in the real estate market has led to a significant change in jumbo mortgages.

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Post image for Get Rid of Your Old Home and Move In To a Newer Home Thanks to Great Rates and Rising Property Values

With the overall improvement of the real estate market from the past 24+ months, many home owners are now whispering about a topic that was considered dead. The topic has actually turned in to a question; do we have enough equity to move up to a bigger, better home? In most areas, the answer is a resounding yes.

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Post image for Stress Free Guidelines for First Time Home Buyers

The act of buying that first home can cause a lot of stress. There are quite a few things that a typical buyer simply does not understand about the whole process. The legal language used in real estate contracts, the difference between the appraisal and home inspection, and the whole financing part can be a bit overwhelming. Here are a few things to keep in mind for first time home buyers.

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Post image for How Can a Home Buyer Use the FHA 203k Mortgage?

In a word, an FHA 203k is a solution. It is the solution to people who wish to buy a fixer-upper in a great area but don’t have the money to do the repairs. Homes that have been neglected or abandoned by the previous owner often need extensive repairs. FHA 203k loans allow buyers to purchase these homes and immediately make renovations.

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Post image for USDA Helps Homebuyers with No Money Down Program

A generation ago people would save money for years, sometimes as long as a decade, in order to have a down payment for a home. It was quite common for the husband to work and the wife to stay at home to raise the children and take care of the house. Many families only had one vehicle. However, times have changed. Dual income families with at least two cars are the norm. Much higher prices on everything from gasoline to homes has made it tougher to live comfortably. Thankfully, the USDA home loan program offers potential buyers a way to buy a home without a down payment.

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Post image for Basic Income Rules for a VA Mortgage Home Purchase

Since the VA mortgage program offers such a great method for buying a home, it is important for qualifying veterans to understand the basic income rules. The program has experienced a very low rate of foreclosures throughout the history of the program due to their strict enforcement of the income guidelines. Get a handle on how the rules work and you will be better prepared for acquiring a home loan.

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What Do Lenders Focus on In a USDA Mortgage Application?

August 28, 2013
Thumbnail image for What Do Lenders Focus on In a USDA Mortgage Application?

When applying for a home loan most borrowers like to have an idea of what lenders like to see in an application. Although the USDA home loan is a mortgage and is very similar to other home loans there are a few differences in expectation from the lender.

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When is it a Good Idea to Choose an ARM over Fixed Rate for Jumbo Mortgage?

July 31, 2013
Thumbnail image for When is it a Good Idea to Choose an ARM over Fixed Rate for Jumbo Mortgage?

Based on the recent news reports of the improved housing market it would seem that the best, and only, choice for a loan would be a 30 year fixed term. For the majority of home buyers, that is a good idea. However, for a few select situations it can make sense to pick an adjustable rate loan, especially if that loan is well above the $417,000 level for conforming loans.

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Fannie Mae Offers Great Program to Help People Refinance – Even if they are Underwater

June 25, 2013
Thumbnail image for Fannie Mae Offers Great Program to Help People Refinance – Even if they are Underwater

The mortgage problems of the last 6 years have left a lot of people holding a mortgage on a home with a significantly decreased value (although improving). Some people have even wondered if they should stay in the home. In order to help these homeowners recover from the down turn Fannie Mae introduced the DU Refi Plus program

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5 First Time Home Buyer Guidelines to Help You Make the Best Decision

May 28, 2013
Thumbnail image for 5 First Time Home Buyer Guidelines to Help You Make the Best Decision

If you are ready to make the choice to become a home owner, here are some guidelines to help you make the best decision for your circumstances.

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