FHA Loans Just Got More Affordable

If you’re a first-time homebuyer, you’ve likely heard of an FHA loan. Why do so many first-timers flock to FHA?

These loans, insured by the Federal Housing Administration, can be a great fit for new buyers because they allow low down payments (3.5%), good long-term interest rates and flexible qualifications. However, these affordable loans also include premiums (loan fees) and mortgage insurance for your lender to manage the risk on the loan. It protects your lender in case you default on your loan. keep reading

Think You know the Latest on Mortgages? It May Be Worth Another Look.

You know the drill…underwriting, credit standards, down payments, interest rate and all the other factors that go into determining the true cost of your home loan. Maybe you already shopped around for a home loan 6 months ago and gave up. If so, it may be time for another look.

There are now more programs and loan types available for creditworthy buyers today. That’s great news if you already have a solid credit score and are looking for affordable terms, such as low down payments and reduced premiums. keep reading

Highest Offer Not Always the Best

Are you postponing buying a home because you think you have to have a huge down payment in order to compete in your market? We have some good news: perception is not necessarily reality.

More than half of the real estate agents surveyed by Redfin said the typical down payment for successful buyers in their market was less than 20 percent. And, one in four said a down payment between 3 and 5 percent was typical among successful buyers. keep reading