If you currently have a VA loan and wish to lower the interest rate, the VA Streamline can get you that lower payment with little to no verification required. Veterans that were eligible for a VA loan in the first place typically qualify for the refinance, giving them the opportunity to lower their interest rate and save money every month. Applying for the VA Streamline Applying for the VA … [Read more...]
Can you Use a Mortgage Assumption after a Divorce?
One of the largest aspects of dealing with a divorce is figuring out the housing situation. If you owned a home together with your spouse, chances are that one of you wants out of the residence. Just getting divorced is not enough for the lender that holds your mortgage to release your obligation to the mortgage, though. Typically, you need to refinance the loan into the other person’s name in … [Read more...]
What are the Major USDA Streamline Guidelines?
Streamline financing can be a great way to lower your interest rate while staying in the same mortgage program. Each of the government-backed programs offers a streamlined program, but the USDA’s program is the newest. The USDA Streamline guidelines are fairly simple to follow and make it very easy to obtain a lower mortgage payment. USDA Streamline Guidelines about Housing History The most … [Read more...]
How is the USDA Monthly Guarantee Fee Calculated?
The USDA loan charges two fees: the upfront guarantee fee and the USDA monthly guarantee fee. Both fees help keep the USDA funded so they can continue to guarantee loans for low to moderate income buyers. The good news is that the monthly fee is being reduced from 0.5% to 0.35% as of October 1st of this year. Regardless of the amount of the fee, let’s look at how it is calculated. The USDA … [Read more...]
How to Purchase USDA Foreclosed Homes?
If you are in the market to purchase a rural home, you have two options: a home that is for sale by owner/realtor or a home that the government owns. USDA foreclosed homes are the homes that the government owns. They are the loans that previous homeowners defaulted on their USDA loans and the government took possession of them. They are also the homes that the government is trying to get rid of so … [Read more...]
Financial Benefits of Owning Rental Properties
Investment property cash flow is the oil that keeps the financial engine of rental property running. It should be a top priority whenever you invest your hard earned money in rental property. Cash flow will ultimately determine the level of success you achieve with owning and operating a rental property. So, let’s take a look at why cash flow is "king of the hill" with rental … [Read more...]
What are the disadvantages of a Reverse Mortgage?
While the advantages of Reverse Mortgage are well known, prospective borrowers are often unaware of its disadvantages. The following article should help you get a clear view of this unconventional home loan: Reverse Mortgages are Home Equity Loans and they will reduce the amount of equity you have in your home. If you are in the market for a Reverse Mortgage, you probably are not trying to … [Read more...]
Finance Your Property Investments with Hard Money Loans
If you’ve talked with several banks and credit unions and still can’t find a lender, you may be almost ready to give up on the idea of financing you real estate investment. These days, mortgage loans can be hard to find, and they tend to go to the borrowers with the best credit ratings. Before you relinquish your real estate dreams, you may want to consider another type of financing. Hard … [Read more...]
What Documents are Required for a Construction to Permanent Mortgage?
A construction-to-permanent mortgage is a loan that enables you to obtain a mortgage before your home is built. It gives you the funds you need to have the home built and then continue to finance the finished structure. It differs from a standard FHA loan or even conventional loan because the home does not exist, so it will not pass an appraisal or inspection. During the initial construction … [Read more...]
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