When it comes to home loans and down payments, the good news is you have options. But, getting that home financing in order is still a big undertaking. You may have heard it’s best to put down 20 percent. That may be true for you…or maybe not. Like skinny jeans and binge watching, home loans aren’t one size fits all. keep reading
Category: housing finance
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
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