Nearly all of these VA guidelines and rules will apply to a VA mortgage whether it is a purchase transaction or a refinance loan.
VA Guidelines Every Veteran Should Know
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Insane but True Facts About the USDA Mortgage
Although some of these things may sound too good to be true, or even insane, all of the following facts about the USDA mortgage program are true.
Michigan FHA Loan: Program Guidelines and Requirements
Michigan FHA Loan When you are purchasing a home in Michigan, an FHA loan may offer some advantages. Whether you are purchasing your first property, or even if you have owned many homes, a loan backed by the FHA (Federal Housing Administration) could meet your requirements. Benefits of FHA Mortgage Loans If you have had […]
Wisconsin VA Loan: Mortgage Program Requirements and Guidelines
In the great Badger State, the VA Loan benefit can be used whether a borrower needs to purchase a home or refinance an existing VA loan on a home in Wisconsin. The VA program that is authorized by the Department of Veterans Affairs provides access to a great benefit to the men and women who have […]
Illinois USDA Rural Development Loan
2024 Illinois USDA Loan Illinois residents who are looking for a way to buy a home with no down payment should take a hard look at the Rural Development Loan (USDA loan for short). This mortgage is an excellent way for first-time home buyers in Illinois to save money on the acquisition cost and get a competitive fixed interest […]
How to Document Your Assets for Your Mortgage Lender
The top responsibility for a potential home buyer is to provide documents to their lender when seeking a pre-approval for a mortgage. The lender will review your information to determine what kind of loan is best for your needs and also the amount you can possibly afford. Listed below is an explanation of the type […]
Pros and Cons of FHA 203k Loan
The FHA 203k loan is a good way to buy a home and also get the extra money that can be used for renovations, repairs or both. There are good points and bad points to the loan and all of these should be considered before making a decision to purchase a property.
FHA Loan Limits
According to a recent update from the Federal Housing Administration, also called FHA, there are higher loan limits available. All areas around the country will benefit from the FHA floor maximum loan limit of $498,257. This amount is the new maximum for a single-family home. FHA also offers financing for multi-unit homes, up to a […]
How to Get a Mortgage After Transferring Jobs to Another State
This article discusses things that lenders will approve for people moving to another state, as well as things that will get a mortgage application turned down, and why.
DSCR Loans: Debt Service Coverage Ratio Mortgage Guidelines
If you want to use rental income to help finance an investment property, a debt service coverage ratio (DSCR) mortgage could meet your requirements. The cash flow from the property can be used to qualify for the loan without needing to provide additional income documentation, such as tax returns. But is a DSCR loan right […]
