When you start searching for a home loan, you’ll see that most lenders are searching for “triple threat” applicants. No, I’m not talking about people who can act, sing, and dance well. I’m talking about a borrower’s triple threat—someone who has an excellent credit rating, a large down payment, and a steady job that gives …
Finding a Mortgage with Low or No Down Payment
When many home buyers start looking into home loans, their primary concern isn’t making monthly mortgage payments. After all, if you choose a modest home, your mortgage payments might be equal to (or even less than!) what you’d been paying in rent each month. No, often the biggest concern for home buyers is the down …
FHA Back to Work Program: Details and Effects
Just a week ago, the Federal Housing Administration (FHA) announced that it would waive 3-year foreclosure and 2-year bankruptcy waiting periods for homebuyers whose credit histories were damaged by the recession. Although this is great news for many families, the Back to Work – Extenuating Circumstances program does require that applicants follow specific instructions. Not everyone …
Change in FHA Foreclosure Waiting Period
Listen up, homebuyers! As of August 15, the Federal Housing Administration (FHA) has waived its 3-year foreclosure and 2-year bankruptcy waiting periods. This is great news for hopeful homebuyers who were previously prevented from buying a new home by the FHA foreclosure waiting period. Before this week, a variety of problems could have prevented you from …
Should I Rent or Buy a Home?
To rent or to buy: that is the question. The answer, unfortunately, isn’t so short or simple. When you’re trying to decide when to make the leap from renting to buying, there are many different factors to take into consideration. Are you ready for the responsibility? Can you afford mortgage payments? Can you commit to …
