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.
Fannie Mae's HomeReady mortgage is designed to help people with low-to-moderate income and good credit buy a home. With low financing and mortgage insurance costs, a HomeReady loan can be a great alternative to conventional loans.
A USDA loan is one of the best options for refinancing your home purchase. This zero-down mortgage is backed by the USDA and provides affordable financing to families in rural areas. The process for a USDA loan is fairly simple and comparable to other loan types.
If you are a first-time homebuyer or have a lower income, you may wonder what programs are available to help you achieve homeownership. Fortunately, agencies like Freddie Mac and Fannie Mae have developed programs specifically for this purpose.
USDA loans are appealing to homebuyers who don't have the money saved for a down payment. There are many other reasons why this loan type is so popular. It's often easier to qualify for a USDA loan because of flexible credit requirements and lower interest rates can save you tons of money in the long-run. However, USDA loans are not right for every homebuyer.
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.