Lender credits can help pay closing costs, but the help isn’t free. The buyer still pays closing costs in the form of a higher monthly payment throughout the life of the loan.
Homeowners should decide, based on their unique situation, whether now is the right time to refinance. The best refinances save thousands of dollars, but a new loan can help in other ways, too.
Homeowners may need to wait up to 12 months before refinancing a government-backed mortgage or cash-out refinance. Some refinances are available right away for homeowners who can benefit from its terms.
Technically, FHA Jumbo Loans don’t exist, but some buyers can still finance high-value homes with FHA loans. For buyers living in cities where home prices have skyrocketed, FHA high-balance loans can serve the purpose of an FHA Jumbo loan.
It's possible to receive gift funds that would cover your entire FHA down payment, but you must follow guidelines, especially ones about acceptable donors.
Fannie Mae’s HomePath program offers bargain hunters the opportunity to purchase foreclosed homes at discounted prices, but only during the "First Look" period.
Gift money can come from relatives and even friends in some cases. It can cover your down payment and/or closing costs, reducing or eliminating the cash you need to close the home purchase.
Homes in the United States have historically appreciated over time. This appreciation can help new homeowners build equity faster.
