Financing a Home

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....

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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 ...

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What Are My Mortgage Options in California?

Tired of renting and ready to buy a home in California? Are 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 homeowner, ...

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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 ...

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FHA Loans: A Complete Guide

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 ...

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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 ...

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VA Loans: A Complete Guide

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 ...

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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 ...

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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 ...

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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 ...

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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) ...

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