Financing a Home

8 Incredible Fannie Mae HomePath Alternatives

8 Incredible Fannie Mae HomePath Alternatives

What is Fannie Mae HomePath? The banking crisis and ensuing real estate market collapse of 2008 made it very difficult for many borrowers to continue making their mortgage payments. A big increase in real estate owned (REO) properties followed....

Read More
What Credit Score is Needed to Buy a Home?

What Credit Score is Needed to Buy a Home?

Have you ever asked yourself, “What credit score is needed to buy a house?” The short answer is: Lenders typically want to see a minimum FICO score of 620. The long answer is: It depends. Lenders weigh more than just your credit score ...

Read More
First Time Home Buyer Mortgage Guide

First Time Home Buyer Mortgage Guide

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 ...

Read More
What are Mortgage Loan Limits?

What are Mortgage Loan Limits?

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 ...

Read More
VA Loan Programs: Pros & Cons

VA Loan Programs: Pros & Cons

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 ...

Read More
Home Possible Loan Guide

Home Possible Loan Guide

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 ...

Read More
Documents Needed for Mortgage Pre-Approval

Documents Needed for Mortgage Pre-Approval

Key Takeaways: Mortgage pre-approvals ensure a smoother home buying experience The pre-approval process begins when your lender creates a loan file with your loan application and credit report You'll add a few mortgage pre-approval ...

Read More
Debt-to-Income Ratio Explained

Debt-to-Income Ratio Explained

Debt-to-Income Ratio (DTI) Definition Lenders want to make sure they are funding mortgages that people can afford. One tool they use, to evaluate a borrower’s ability to pay back a home loan, is a calculation called a debt-to-income (DTI) ...

Read More
Pre-Approval Letter Sample + Do’s and Don’ts

Pre-Approval Letter Sample + Do’s and Don’ts

What is a Pre-Approval Letter? A pre-approval letter is a document that states the loan amount a lender is willing to make to a borrower. It is not a guarantee to lend, but it carries significant weight, especially to other parties in a real estate ...

Read More
Conventional 97 Loan Guide

Conventional 97 Loan Guide

What is the Conventional 97 Loan Program? Conventional 97 loans are a type of low down payment mortgage for first time home buyers. Borrowers only need to come up with a 3% down payment, which then creates a mortgage balance of 97% loan to value ...

Read More