RubyHome Blog

What is Fannie Mae HomeReady? Fannie Mae HomeReady is a low down payment mortgage for creditworthy, low to moderate-income borrowers. Down payments can be as low as 3%. Both first-time or repeat home buyers are eligible. In late ...

First Time Homebuyer Programs in California The California Housing Finance Agency (CalHFA) was established in 1975 to help low and moderate income Californians get safe and affordable housing. CalHFA's programs are particularly helpful to home ...

Tired of renting and ready to buy a home in California? Perhaps you relocating to California? Or, maybe you already live here and have decided it’s time to move up to a bigger home? Whether you’re first time buyer or a seasoned ...

First Time Homebuyer Programs There are five major first time homebuyer program categories. The first three are backed (insured) by federal government agencies. They include FHA, VA and USDA programs. Each is broadly available to borrowers in any ...

What are FHA Loans? FHA loans are mortgages backed by the U.S. government, specifically the Federal Housing Administration (FHA) which is a subsidiary of the United States Department of Housing and Urban Development (HUD). “Backed” is ...

What is a Loan Limit? A mortgage loan limit is a monetary cap; the maximum amount loaned to consumers from lenders to purchase or refinance a home. Loan limits, along with several other factors like borrower credit and the type of property ...

California Loan Limits California Conventional Loan Limits California conventional loans limits cap the size of mortgages so that they meet Fannie Mae and Freddie Mac guidelines. Those two government-sponsored entities (GSEs) buy mortgages and ...

What Are VA Loans? VA loans are mortgages guaranteed by the US Department of Veterans Affairs (VA). VA Purchase Loans are one of the few mortgage products in existence where borrowers can buy a home with no down payment, a pretty good ...

VA home loans are guaranteed (but not made) by the US Department of Veteran’s Affairs (VA). The actual loans are underwritten and funded by private institutions (mortgage companies, credit unions and other lenders). The VA’s ...

Active Under Contract The status of real property (single family home, condo, townhome, etc.) that has been put up for sale wherein a seller has accepted an offer from a buyer, but the deal has not yet closed. Adjustable-Rate Mortgage ...

What is a Conventional Loan? Conventional loans are mortgages made by private lenders that meet the underwriting requirements of Fannie Mae or Freddie Mac, two of the largest acquirers of mortgages on the secondary market. In fact, nearly 70% of ...

What is a Home Inspection? A home inspection is an examination of a home for any structural or mechanical defects. They are carried out by professionally-certified inspectors, typically after an offer is made on a house that has been put up for ...

A property description is the written portion of a real estate listing that describes the details of a home for sale or lease. Descriptions account for roughly one-third of a listing and are accompanied by property information (i.e. the number of ...

Have you ever wondered why some houses sell faster than others? Odds are, it's because the owners had a selling strategy! With the right action plan, you can tilt the odds in your favor to beat out the competition (the other sellers and inventory ...

Many Homes on the Market Have Pets One big goal, when selling your home, is to make it appealing to the widest possible audience. Sellers routinely spruce up their homes and sometimes go as far as professional staging. Whatever you decide, selling ...

There’s no bigger emotional turning point in the home buying process than the moment a buyer makes an offer on a home. The transition from merely shopping to formally putting some skin in the game introduces higher levels of anticipation for ...

What Are Home Possible Mortgages? Home Possible and Home Possible Advantage are two conventional loan programs created by Freddie Mac. They are affordable given their smaller 3% to 5% down payment requirement. The one that’s right for ...

What is a Mortgage Origination Fee? Loan origination fees cover the lender's costs of making a loan and compensate them for helping consumers get a mortgage. The fee is based on a percentage of the principal amount of the mortgage and is paid ...

Anyone with experience buying or refinancing a home can tell you the kind of relief that washes over them when they find out their mortgage application is approved. There's so much build-up to that moment, with all the document gathering, credit ...