FHA loans are becoming increasingly popular these days as potential homeowners may not able to qualify as easily for conventional mortgages. The FHA insures some higher-risk loans, in turn allowing borrowers with low down payments and less than perfect credit to purchase homes and bolster the housing market. However, while getting through the loan process with an FHA mortgage loan is not necessarily more difficult than with a conventional or conforming loan, there are some issues that you will … [Read more...]
Refinancing to Pay for Renovations? Consider the VA’s Energy Efficient Mortgage Program
Making renovations that are energy efficient is not just a great way to reduce energy output, but it's also an effective way of decreasing monthly utility costs. It serves as a one-time investment that will save money in the long run. However, renovations are costly and not everybody has the extra finances required to make energy efficient changes. This is where the VA's energy efficient mortgage (or EEM) program comes into play. The program is designed to allow veterans to apply for a new … [Read more...]
The FHA Mortgage Minimum Credit Score Has Been Reduced. Here’s What You Need to Know…
Credit is of considerable concern when it comes to buying a home, but if you're on the market for a new place in the next few months there may be some timely news that applies to you. If you haven't heard about the changes to the Federal Housing Administration's (FHA) credit score minimum, here's some information on the recent reduction and how it may impact your home purchase. Information On The FHA Started in 1934, the FHA is the organization responsible for insuring the loans that are … [Read more...]
How to Calculate Your True Cost of Living and Determine How Much of a Home You Can Afford
A monthly mortgage can seem like enough of a financial responsibility on its own, but there are many factors involved in home ownership that affect its fiscal feasibility. If you're in the market for a house and are wondering how your income will stack up against the rest of your expenses, here's how to determine a home cost that's reasonable for you. Determine Your Down Payment Before you start with anything else, you'll want to determine the amount of money you can put down so you can estimate … [Read more...]