Enjoy the ease and convenience of one loan and one low payment.
No monthly Mortgage Insurance (MI) premium
Potential for qualifying for a larger loan
Potential for greater tax benefits
Potential savings over the life of the loan
What is Lender Paid Mortgage Insurance (LPMI)?
With the LPMI option, the lender pays your mortgage insurance through a higher interest rate, allowing you to avoid mortgage insurance with less than a 20% down payment. Even with the higher interest rate, your total payment is usually less than if you had a lower interest rate with mortgage insurance. You can now enjoy a low payment without having to take out a second mortgage or home equity line of credit. This maximizes your tax-deductible interest and minimizes closing costs.
If your situation doesn’t fit the standard expected by lenders, you could find it more difficult to qualify for the home loan you want. But there could be other options that will make financing your home purchase easier.
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 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.
Rather than provide their kids or grandkids with a check as a down payment on a home, some people choose to offer a gift of equity on an existing home.
The following will compare an FHA loan vs Conventional mortgage, not to show that one is better than the other, but to highlight the strengths of each mortgage.
Learn how to purchase a fixer-upper and totally remodel it! With a little insight and some negotiation skills, it is possible to find that diamond in the rough.
Many people reach a place in their life where they are ready to improve on their quality of living. This could mean investing in real estate as a way of improving their monthly cash flow or it could simply mean buying a nice vacation home at the lake, in the mountains, or on the beach. For people who wish to convert their primary home to a rental property there are a few rules and guidelines to follow.
Changes made in conventional lending rules a few years ago now make it possible for real estate investors to finance more than 4 investment properties. Follow these guidelines for help with financing properties 5 through 10.
Backed by over 25 years of combined experience my team and I have a wealth of knowledge when it comes to originating hom...Read More →
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