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.
If you plan to put less than 20% down when you buy a home, the lender will probably require private mortgage insurance, or PMI. But what does it do and how much does it cost?
How much down payment do you need to buy a house? Learn tips to save smarter, explore low and zero-down options, and take steps toward homeownership today!
Finding the perfect home can be challenging. Sometimes, the best way to get into your...
