Tag: mortgage info
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Who can qualify for a VA loan?
Read more: Who can qualify for a VA loan?Zero money down.* Limited closing costs. No monthly mortgage insurance premiums. Borrower’s choice of a fixed-rate or adjustable-rate mortgage. Sounds nice, right? They’re all potential perks of financing your home with a VA loan, but you have to belong to a very particular subset of homebuyers in order to qualify for one. To assess your…
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Deciding on a Conventional vs. FHA Home Loan
Read more: Deciding on a Conventional vs. FHA Home LoanFederal Housing Administration (FHA) and conventional (or conforming) home loans have long been the most common mortgage options on the market. But which one is right for you? First, it’s important to clear up a major misconception that an FHA home loan is only for first-time homebuyers. While that’s a myth, it is true is…
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When to Refinance a Home Loan
Read more: When to Refinance a Home LoanWith interest rates at attractive lows, it might seem like a great time to refinance your mortgage loan—a process that involves paying off your current home loan with a new loan, resulting in new principal and interest payments (the P and the I in PITI) that could save you money, among other things. But how…
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5 FAQs on Home in Five
Read more: 5 FAQs on Home in FiveSaving up for a down payment on a new home in Maricopa County? This homebuyer assistance program, now available through HomeAmerican Mortgage Corporation, may give you the boost you need to move up your moving day! What’s Home in Five? It’s a grant from the Phoenix and Maricopa industrial development authorities (IDA) that may be…
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What is an FHA Loan?
Read more: What is an FHA Loan?If you’re buying your first home, you’ve probably already heard that an FHA loan is THE loan for you. While it’s true that FHA-insured mortgages are an attractive option for many new buyers, it’s not the only option—and FHA loans are not just for first-time homebuyers! Check out our FHA FAQ below, then be sure…
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What is a Conventional Loan?
Read more: What is a Conventional Loan?A conventional mortgage loan is one of a class of generic loans that can be originated by any lender, as opposed to loans guaranteed or issued by a government agency—like FHA, USDA or VA loans. Because more entities originate conventional loans, they can come in a variety of packages. Types of conventional mortgages Conforming May…
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Frequently Asked Questions: Using Gift Funds to Buy a Home
Read more: Frequently Asked Questions: Using Gift Funds to Buy a HomeWhether you’re buying your first home or your tenth, you may find you need a little help coming up with a down payment or closing costs. If you’re fortunate enough to have someone who’d like to contribute to your homeownership goals, this FAQ is for you! What kinds of loans allow you to use gift…
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What is a USDA Loan?
Read more: What is a USDA Loan?The USDA (short for United States Department of Agriculture) doesn’t just certify that your favorite cut of beef is fit for the grill; among many other things, it also guarantees or directly provides loans to qualified homebuyers in rural communities. If you’re a low- to moderate-income applicant in an eligible rural area, USDA financing might…
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Making the Most of a Mortgage Calculator
Read more: Making the Most of a Mortgage CalculatorA mortgage calculator can be very helpful when you’re deciding how to approach the financial side of buying a home. It can give you a ballpark figure of what your monthly mortgage payment may be so you can estimate expenses. It can also help you decide if you might prefer a fixed-rate or an adjustable-rate…
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Still Time to Enjoy 2013 FHA Limits
Read more: Still Time to Enjoy 2013 FHA LimitsDid you know that many FHA loan limits are lowering in 2014? The reduced limits will exclude a growing number of borrowers from FHA financing, depending on the county and the price point of the home. FHA Benefits You May Miss Out On If You Don’t Act Soon… Lower FHA down payment • Lower credit…
