The Minimum Property Standards Required for an FHA Loan
FHA Loans have become one of the most reputable mortgage options on the market because they offer several benefits to borrowers. While qualification for an FHA Loan tends to be flexible, it is important to remember that the condition of the property being purchased does factor into the loan approval process. The property the borrower wishes to buy has to fulfill certain minimum requirements in order to qualify.
The minimum property requirements for an FHA Loan are as follows:
Factors That Influence Mortgage Rates
A mortgage is the preferred financing option for homebuyers when they choose to buy a house. The mortgage rates that a borrower may receive are influenced by a variety of factors. For instance, they are subject to fluctuating government policies and economic factors which is why they are in a state of constant change.
Mortgage rates have a long-term impact on the overall cost a borrower will make. So, understanding the factors that determine mortgage interest rates can help you prepare for the process of buying a home. Below are some factors you should take note of:
Are Gift Funds an Option When Buying a Home?
So you’ve decided to buy a home and have begun the mortgage paperwork process. However, you’ve run into a snag: the down payment and closing costs are more than you anticipated. So, now you’re wondering if there is any way to continue with the mortgage process. Luckily, there is an option: You can utilize gift funds!
Tips for Homeowners Who Want to Refinance
Are you considering refinancing your home loan? Perhaps you would like to drop your interest rate, cut your monthly mortgage payment, or show that your credit has improved. If so, we have compiled a few helpful tips for homeowners who wish to refinance their mortgage.
First of all, what exactly is refinancing?
Home Loan After Bankruptcy
Declaring Chapter 7 or Chapter 13 bankruptcy limits your ability to borrow money or use a credit card. It also severely lowers your credit score, making it more challenging to get a home loan. However, take note that it is challenging; not impossible.
Of course, it will take some time to build back enough credit to take out a home loan, but you can do it! With some financial planning and patience, you can get back on track and buy a home even after you file for bankruptcy. We have provided a guide that may help you get back on your feet.
Home Renovation Ideas to Update an Older Home
Interested in getting the new home feel, but don’t want to pay the new home price? You could buy an old home and renovate it to look and feel like a new home. We have compiled a list of home renovation ideas that may help you turn an older home into your dream home without the new home price tag.
Paint & Paper
Are you eligible for a USDA Loan?
The Single Family Housing Program under the United States Department of Agriculture (USDA) provides homeownership opportunities to buyers looking for a home in rural areas who meet certain income requirements. There are several loan, grant, and loan guarantee programs that assist people in finding a home that suits their needs without making them break the bank to do so.
Reasons to Buy an Older Home
Are you ready to buy a home but aren’t sure if an existing home is for you? Let’s consider the perks of purchasing an older home. We did the heavy lifting and have compiled a list of reasons why you might want to buy an older home. Consider the following:
VA Loans: Supporting our Military
Veterans and active duty members are able to finance a home through the Veterans Affairs (VA) Loan. This particular loan tends to be the loan option of choice for many military-affiliated borrowers. It is a government-backed mortgage loan guaranteed or insured by the U.S. Department of Veterans Affairs. On average, a VA Loan is easier to qualify for since the requirements are less strict for government-backed loans.