Even brand-new homes can hide serious flaws, which is why many experts recommend a professional inspection before closing—even if the property appears perfect. While an inspection may add costs and delay your timeline, it can help uncover critical issues early, give you leverage with the builder, and provide peace of mind.
An expiring appraisal can put a damper on your home purchase or refinance. Here's how long they last before you need a new one.
Paying off debt at closing can help you qualify for a loan even if your current DTI is too high. You just have to commit to paying down at least enough debt to move your DTI into the approval zone.
An attorney opinion letter can save a homebuyer $1,000 in closing costs according to Fannie Mae. But what are the risks?
Having student loans won’t prevent you from qualifying for a USDA mortgage, but they will count toward your debt-to-income ratio, which can affect how large of a loan you are eligible for.
If you’re looking for an affordable option beyond a traditional site-built home, an FHA loan on a manufactured home could be the key to achieving your homeownership dreams.
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.
USDA direct loans are more challenging to qualify for but offer lower monthly costs. USDA guaranteed loans are more widely available but have slightly higher, although still competitive, interest rates and payments.
FHA recently announced a change to its boarder rental income guidelines, and it could mean expanded affordability for struggling first-time buyers.
The USDA funding fee comes in two forms: an upfront funding fee of 1% of the total amount borrowed and an annual funding fee of 0.35% of your remaining loan balance.
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.
USDA loans offer the opportunity to buy a manufactured home with zero down. But it must be a new, never-lived-in manufactured home to be eligible.
The USDA Streamlined Refinance and Streamline-Assist programs require minimal documentation and no home appraisal. The streamlined-assist option doesn’t require a credit check but USDA borrowers must reduce their monthly payments by at least $50.
This guide compares conventional, unconventional, and nontraditional loans, explaining their key differences, eligibility requirements, and pros and cons. By understanding these mortgage options, homebuyers can determine which loan type best suits their financial situation and homeownership goals.
We ran the numbers and found that a car payment can reduce homebuying power significantly. How much can you afford if you make a big car purchase?
We dug into the numbers to find out what someone needs to make to potentially qualify to buy a $300,000 home.
USDA loan pre-approval provides an accurate idea of the loan size you may qualify for and gives you a competitive advantage when making offers on homes.
Seller concessions can be used to cover your out-of-pocket closing costs, with the USDA setting the maximum contribution limit at 6% of the home’s purchase price.
