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...]
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...]
Purchasing a Condo with VA Home Loan Benefits
The unique benefits offered to eligible veterans related to homeownership can be extended towards the purchase of a condo. You can avail all the VA loan benefits you are entitled to, even when buying a condo, provided it is a VA approved condo. Condos offer a range of facilities that are generally not available in other types of residential properties. Most new and existing condominiums have a … [Read more...]
What Kind of Home Ownership is Right for Married Couples?
Married couples who buy a home together often go into the housing search with a common set of expectations: that they’ll own the home together. But the reality is that owning a home together may not be the best choice for all couples. There are questions of inheritance and tax implications that you should consider when you’re deciding how to own a home as a married couple. Questions of … [Read more...]
How to find your dream home?
The Internet is a valuable home-buying tool. It’s a great source of information, and one of the most powerful tools that new home buyers can utilize. You can use the Internet for preliminary shopping on the Web, before you ever talk to a real estate agent. Get an idea of what’s available in your area One of the biggest benefits of using the Web for preliminary home shopping is to get an idea of … [Read more...]
What’s the Loan Process for USDA Loans?
The loan process for USDA loans is slightly different than any other loan type. The money you receive for the loan comes from the lender you choose, but the USDA does have quite a say in whether or not your loan gets approved; in fact, they have final approval. This is because this loan product works a little differently – the loan is meant for people that are in lower than average income … [Read more...]
What’s your FHA Payment and Debt Ratio?
Something that many borrowers get confused about is how the lender comes up with their FHA payment and/or debt ratio. Even if you think you have everything all figured out, chances are the lender is going to come up with different numbers. This could be for a number of reasons that include: How you receive your income (full-time, part-time, seasonal, commission, salary, etc.) How your … [Read more...]
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