The world is flat. The sun revolves around the earth. Banks aren’t lending. What do these statements have in common? Well, you can probably see where we are going with this…but those statements are all false. So, what mortgage myths are out there that need to be de-bunked? Myth #1 – Banks aren’t lending. We …
Tag Archive: closing costs
What Are VA Loans?
VA mortgage loans are designed to help our nation’s veterans purchase a home or refinance their existing mortgage. Veterans with qualifying credit and income can purchase a home with no money down, no private mortgage insurance, and competitive interest rates. To qualify for a VA loan, a veteran must have served 181 days during peacetime, …
Down Payment Grant That Is Never Repaid By The Homeowner
There are national non-profit organizations dedicated to assisting homebuyers with their down payment and closing costs. Buyers can receive a free gift under these programs. Gift amounts vary with each program but are generally available in amounts of 3% with some programs, all the way up to $22,500 with others. Buyers never have to repay …
FHA Single Family Mortgage Insurance Program
FHA’s mortgage insurance programs help low and moderate income families become homeowners by lowering some of the costs of their mortgage loans. FHA mortgage insurance also encourages mortgage companies to make loans to otherwise creditworthy borrowers and projects that might not be able to meet conventional underwriting requirements, by protecting the mortgage company against loan …
Qualifying for a Low Down Payment Loan
To be considered for a low down payment loan, you generally need to have: Sufficient income to support the monthly mortgage payment Enough cash to cover the down payment Sufficient cash to cover normal closing costs and related expenses (explained below) A good credit background that indicates your payment history or “willingness to pay” Sufficient appraisal value, which …
Streamline Refinancing for FHA Mortgages
FHA has permitted streamline refinances on insured mortgages since the early 1980′s. The word streamline refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are: The …
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