Many misconceptions exist about the process of acquiring a jumbo mortgage loan. Thanks to the improving luxury housing market, jumbo loans have made a rebound. This article discusses the top 5 jumbo mortgage myths and why they are wrong.
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Refinance Mortgage
Homeowners often get a ton of information from various sources about refinancing. Because there are many types of refinances it can be a bit confusing when trying to compare the different loans. This article will serve as a basic guide to explain a refinance mortgage and why a person would consider this financial move. Basics […]
What are Mortgage Overlays? Lender Guidelines Explained!
Mortgage overlays are specific rules a lender follows ABOVE the published guidelines set by Fannie Mae, Freddie Mac, FHA, VA and USDA.
How Much Money Do I Need for a Down Payment on a House?
Armed with this down payment information you can then make a plan to save up the funds needed and budget for your home purchase.
Family Opportunity Mortgage Guidelines
Family Opportunity Mortgage Loan Program The lowest mortgage interest rates and the most favorable terms are typically reserved for owner-occupied homes. As the phrase implies, the owner of the property lives in the house as their main residence. When analyzing risks for lending money, mortgage lenders feel that the owner of the place is more likely […]
2024 FHA Loan Limit in Illinois by County
Saving for a down payment can hold you back from purchasing a home. But with the Illinois FHA program, you can purchase a home with as little as 3.5 percent down, making saving for the down payment a little easier. You might have money saved in your checking or savings accounts, but family members can also […]
Minnesota Rural Development Loan
The United States Department of Agriculture agency provides an excellent way to purchase a home known as the Rural Housing Loan or USDA loan for short. For Minnesota residents in the right income bracket, this mortgage program is a way to buy a home without making a down payment. Basics of the USDA Mortgage USDA […]
Non-Occupying Co-Borrower Guidelines: FHA and Freddie Mac Edition
The option of using a non-occupying co-borrower on FHA, Fannie Mae or Freddie Mac mortgage loan opens up homeownership to more borrowers. These are often first-time home buyers who wouldn’t otherwise be able to qualify so soon.
10 Benefits of USDA Loans For Home Buyers
For people that want to not only buy a home but get a great deal on their mortgage, the USDA home loan is one of the better programs available for those who qualify.
Time Needed to Close a Mortgage
Learn who is involved in the process of closing a loan and why it can take some time to seal the deal to your new home.