Most people only consider two things when they are shopping for a mortgage. First, they ask the loan officer about the available interest rate then they ask for the estimated payment based on the given rate. However, there is one more item that should be considered; the APR.
Many senior citizens are looking to the equity in their home to either supplement their income in their golden years or to take care of some other expenses. Here is a list of the most important items to keep in mind when considering a reverse mortgage.
The down payment, credit requirements and interest rate for a 203k loan are identical to the typical FHA purchase transactions. This means that anyone who can qualify for a traditional FHA loan should be able to qualify for some type of 203k loan.
Today I would like to talk about an often overlooked issue in home finance. People often don’t understand why certain lenders will make additional rules to obtain a home loan with them above and beyond the requirements set by Fannie Mae, Freddie Mac, FHA, VA, or even USDA. We call these rules overlays.