If the idea of buying a property with only 3.5 percent for a down payment is appealing, an FHA loan could be for you. But before you buy your Minnesota property using an FHA home loan, there are a few things you need to know as a homebuyer. You can take advantage of a 3.5% […]
Mortgage overlays are specific rules a lender follows ABOVE the published guidelines set by Fannie Mae, Freddie Mac, FHA, VA and USDA.
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 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 […]
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 […]
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 […]
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.
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.
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.
The VA mortgage has some wonderful benefits along with a few obstacles that borrowers need to understand. Learn the pros and cons of the VA loan and make a good, educated decision about your home purchase.
