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.
RHS loans allow low-to-moderate-income borrowers to purchase rural properties with zero money down, lower mortgage insurance costs, and interest rates that are more favorable than with many other types of financing.
Conventional construction loans are a widely accessible option for building a new home. You can use these mortgages to fund construction on land you already own or include the cost of purchasing property.
We analyzed 100 housing markets to determine where homebuyers with dual incomes have the best chance at homeownership.
Get your printable home inspection checklist PDF and learn why a home inspection is so vital to the buying process.
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.
A Mortgage Credit Certificate (MCC) is a federal tax credit program that allows eligible first-time homebuyers to claim a portion of their annual mortgage interest as a dollar-for-dollar reduction on their federal taxes. Issued by state or local governments, MCCs help make homeownership more affordable but are not loans or direct payments.
Fannie Mae’s HomePath program offers bargain hunters the opportunity to purchase foreclosed homes at discounted prices, but only during the "First Look" period.
While experts recommend spending no more than 36% of your income on housing and debt payments, it can be an unrealistic number in many markets. Lenders allow up to 50% or higher in some cases.
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.
A home equity loan is a type of second mortgage, which is a loan that's secured by the underlying property.
A mortgage escrow is an account set up by your lender to collect certain required homeownership expenses, such as property taxes and insurance premiums, to make sure they get paid and to simplify payment for the homeowner.
Homes in the United States have historically appreciated over time. This appreciation can help new homeowners build equity faster.
Conventional loans come in all shapes and sizes and offer the flexibility to finance just about any real estate transaction, from purchasing your dream home to refinancing and renovating a multifamily investment property.
A second mortgage is a type of loan that allows you to borrow against the...
While conventional loans are the most common type of mortgage, VA loans can offer great...
While it’s a generous loan option, FHA loans come with several key requirements prospective borrowers will need to meet or exceed, including minimum credit score, minimum down payment, and maximum debt-to-income ratio.
