If you're like most Americans, your home will likely be the biggest single purchase you'll make.Saving for a down payment can take anywhere from a few months to several years, with most homeowners taking 30 years to pay back their full mortgage loan.
Buying a new home is exciting, but applying for a mortgage can feel daunting. This is especially true for new buyers who are experiencing the home loan process for the first time.
For many years, first-time homebuyers and other borrowers have turned to Federal Housing Administration (FHA) loans to finance their home purchases. There are many reasons why these government-backed loans are so popular. It's often easier to qualify for an FHA loan than a conventional loan, and the down payment requirements are typically significantly lower.
If you’re thinking about buying a home, you’ll quickly find that there are several ways for you to finance your purchase. While weighing your options, you’ll need to consider whether you’ll take out a government-backed loan - like those offered by the Federal Housing Administration (FHA) and Veteran’s Affairs (VA) - or if you’ll stick with a conventional loan.
Finding the right property is only half the battle when you're buying a home. Unless you can pay cash for your home purchase, you also have to choose the right home loan product.
Learn the ins and outs of conventional home loans, and how they differ from government-backed mortgages.
If you're in the market for a new home, you're probably also in need of a mortgage. There are so many types of home loans, it can be hard to know where to start. Fixed-rate or variable rate? Conventional or not? What on earth is a jumbo loan?
FHA loans are a great option for both first-time and repeat homebuyers, but they do come with some restraints. FHA loan limits are important to be aware of, as they can limit your purchase power.