Before you consider buying a condo, it is important to find out if the condo has been approved by Fannie Mae or Freddie Mac, if you are going to use a conventional loan. If you are using a government-insured loan from the FHA, VA, or USDA, the condo project has to be approved by their requirements.
The Mortgage Credit Certificate (MCC) is a tax credit that has been around for a number of years to help Wisconsin homeowners improve their ability to pay for their mortgage. Here are the basic guidelines of how the program works.
Over the past few years, the basic guidelines for lending money on investment properties have changed greatly. At one time, during the late 1990s and into the early 2000s, multiple mortgage lenders offered various loans designed specifically for buying a rental property. However, with the real estate crash, all of that has changed. Listed below […]
Interest only loans may be the solution for you if you are looking for a way to afford more home for less money. The Advantage of An Interest-Only Mortgage: An Interest-Only mortgage is an excellent mortgage option for borrowers who want the lowest payment possible. An Interest-Only loan means exactly what it says, the borrower […]
Back in 2010 FHA changed its rules for offering loans on condo units. The rules became so strict that a large number of condos across the country would not qualify for an FHA loan. Thankfully, changes are here. As of October 15, 2019, FHA will allow financing on a single-unit approved condominium project purchase. The […]
In Hennepin County is a town known as Edina, Minnesota. This former milling and farming area has developed into a suburb in the southwest area of Minneapolis. Population and Number of Homes The 2010 census shows that the total population for Edina is just over 49,000 people. With 22,000+ housing units, the population density is […]
Here are some major questions any potential home buyer should ask their mortgage lender before signing up for a loan.
USDA Rural Development Mortgage When you are choosing which loan program is right for you, you might not consider the USDA. As this program is designed for homes in rural areas, you might not think it is suitable for your situation. However, the majority of Michigan should be covered and this type of loan offers […]
Lake Winnebago, where Fox River joins on the west side, is home to the city of Oshkosh, Wisconsin. The city is within the limits of Winnebago County and boasts of 95,000 residents as of the most current census. Population and Number of Homes Based on the information reported by the federal census from the year […]
Along the shore of Lake Michigan, and north of Chicago, lies the town of Northbrook. The town receives its name from the Chicago River’s Northern branch that cuts through the town. Northbrook is a part of the wealthier suburbs of Chicago that are collectively called North Shore. Population and Number of Homes The most recent […]
