Learn how to move from window-shopping to holding the keys
Conventional loans are accessible for many homebuyers but often have stricter down payment and credit requirements than government-backed loans.
USDA loans may be confusing to new borrowers looking to purchase a home. Read more to find out if you are eligible for a USDA loan.
Mortgage insurance, also known as MIP or Mortgage Insurance Premium, is an important part of the FHA loan process. In this article, we'll discuss what FHA loan MIP is and how it impacts your monthly mortgage payment.
*Update: FHA MIP is dropping 30 basis points (bps) starting March 20th, 2023, making homeownership more affordable for all.
When you’re ready to purchase a home, it’s easy to get stuck when it comes to deciding the right mortgage for your needs. With so many options out there, it’s hard to tell which is the best one for you.
Don’t worry if you’ve never heard of a debt-to-income ratio before. Most people don’t learn about DTI until they’re preparing to get a loan for something like a car or home.
It’s important to be aware of lender debt-to-income requirements when applying for an FHA loan to increase the chance of loan approval. In addition, it is highly recommended to calculate your DTI ratio to see where you stand.
Prequalification and preapproval are sometimes used interchangeably, but there is a slight difference between the two during the mortgage process.
For individuals navigating homeownership for the first time, conventional loans may seem out of reach due to high credit standards and stringent requirements. Fortunately, FHA loans are a great option for borrowers with lower credit scores or limited funds for a down payment.
To get approved for an FHA loan, lenders will look at a borrower’s previous and current employment for the past two years to ensure they have a steady income to repay the loan. It’s important to understand these guidelines and be prepared when applying for an FHA loan.