4 Things You Need to Get Approved for a Mortgage

So you want to buy a home? Well, most likely you will need a mortgage in order to do that. One of the biggest myth’s in the buying a home today that it is “very difficult” to get approved for a mortgage. That’s just not true. Contrary to this common belief, getting approved for a mortgage is not the nightmare you may think.

Lenders have eased many of the tough requirements and it’s becoming a much lot easier for buyers to get approved … Continue reading

What’s the Difference Between a Conventional and FHA Mortgage?

The term ‘mortgage’ dates back to before the horse and buggy, as far back as the 1300-1400’s and literally means a dead pledge.  Funny term, right?  I’ll explain…

In more recent cultures, it means to convey title for the repayment of money.  The dead pledge comes into play this way:  If you pay the property off, the pledge is dead (meaning your pledge to the lender is now ended).

With the conveyance of title, a mortgage loan given for the … Continue reading

New Mortgage Program Opens More Doors for Homeownership

Fannie announced earlier this week its HomeReady mortgage citing it as “an innovative lending option aimed at helping creditworthy borrowers with lower and moderate incomes have access to an affordable, sustainable mortgage.”

frontdoors“HomeReady will help qualified borrowers access the benefits of homeownership with competitive pricing and sustainable monthly payments,” said Jonathan Lawless, Vice President for Underwriting and Pricing Analytics at Fannie … Continue reading

Getting a Home Loan After Foreclosure, Short-Sale, or Deed-in-Lieu

Having weathered the worst economic crisis since the Great Depression, many American’s have been on a road to recovery repairing their personal balance sheets.  Many of these American’s are now ready to purchase a home again, yet have a foreclosure, short sale, or deed-in-lieu from the recent past that was the result of the financial crisis.

Over the course of the past 6 years, households have paid down consumer debt and have been re-building savings accounts and wealth.  Household financial … Continue reading

After Foreclosure…How Soon Can You Buy a Home?

Having weathered the worst economic crisis since the Great Depression, many American’s have been on a road to recovery repairing their personal balance sheets. Many of these American’s are now ready to buy a home again, yet have a foreclosure, short sale, or deed-in-lieu from the recent past that was the result of the financial crisis.

Over the course of the past 6 years, households have paid down consumer debt and have been re-building savings accounts and wealth. Household financial … Continue reading

3% Down Payment Mortgages Return for Home Buyers

Potential home buyers who don’t have a lot of money for down payment are catching a break.  Yesterday, the Federal Housing Finance Agency (FHFA), which has oversight of housing giants Fannie Mae and Freddie Mac reported that low down payment mortgages are just a few days away.  The move is to stimulate the housing market by helping more qualified home buyers gain access to home ownership.

Low-Down-Payment Continue reading

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