Home Purchase Loan

Are you looking for a mortgage that features a low down payment but can’t find a suitable conventional loan because of various restrictions?The Federal Housing Administration (FHA) offers loan products with down payments of just 3.5% for borrowers with FICO credit scores as low as 580 – an attractive combination for potential homebuyers with lesser
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Small Changes, Big Impact Sometimes a seemingly small difference can have a large effect, like the straw that broke the proverbial camel’s back. According to a recent study by the credit bureau Experian, that same principle applies to millennials and their borrowing behaviors. With a small change in financial habits, more millennials could significantly shift
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Waiting to Buy According to a new study by the Urban Institute, millennials are waiting longer than previous generations to enter the housing market. Approximately 8% fewer millennials of ages 25-34 own homes as compared to baby boomers and generation Xers at the same point in their lives. Why are millennials late to homeownership? The
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Have you been denied a mortgage loan recently? Rejections usually don’t come down to a single reason, because lenders look at your overall financial status. However, some factors increase your risk of rejection. According to NerdWallet’s 2018 Home Buyer Report, three issues stand out as primary reasons for mortgage denials based on the most recent
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You probably comparison-shop for most of your purchases, especially the high-dollar ones. If you’re going to spend money on a new appliance or an automobile, you want to review options to make sure you’re getting the best deal. According to the Consumer Financial Protection Bureau (CFPB), there’s a big exception to this rule – mortgages.
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You want to know exactly what you are getting when you make any large purchase, especially when you are buying a home – the largest purchase that many Americans will ever make in their life. That’s why a real estate disclosure statement is a fundamental part of any real estate transaction. By law, home sellers
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Living the Dream Homeownership is one of the classic measures of “the American Dream.” According to a recent Bank of the West Millennial Study, over half of respondents (58%) say they’ve either attained the American Dream or that the American Dream is still attainable. A similar percentage (59%) says that owning a home is a
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Homeownership remains a goal for most Americans. According to NerdWallet’s 2018 Home Buyer Report, 91% of respondents want to own at least one home during their lifetime. However, that same report shows eight concerns renters have regarding that goal. If you haven’t bought a home yet, see if they match your concerns. 1. Purchase Cost
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How badly do you want to own a home? What would you be willing to give up to achieve the American dream? Discover what sacrifices recent homebuyers made to purchase their homes, and whether they see the acquisition as a worthwhile investment. Your credit history is an important factor in getting your mortgage approved.
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Affordable Housing? What Affordable Housing? Affordable housing is increasingly hard to find in today’s market. According to data from Trulia, America’s inventory of starter homes has decreased by almost half compared to six years ago while prices rose by almost 58%. As consumers recovered from the housing crisis and Great Recession, more people became financially
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Buying a home will probably be the most expensive item you ever purchase… until you buy the next one! MoneyTips is happy to help you get free mortgage and refinance quotes from top lenders. Finding the right home at the right price is always a challenge. Discover how other American homebuyers searched for – and
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Welcome to the 2018 home-buying market. Rising demand and an extremely tight supply of homes, especially in the critical starter-home market, make it difficult to realize your goal of home ownership. In this buyer’s market, you’ll need two important things to land your dream home – more money and a higher credit score. Data from
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We know the stereotype of the unmotivated millennial, living at home with their parents without any long-term plan or concern about their situation. Is that a fair representation? Do millennials disproportionately live with their parents? If so, is this from necessity, lack of motivation, or part of a grander strategy? It’s logical that younger generations
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Home ownership is a fulfilling but difficult goal. The challenges of being single can make it even more difficult to find an affordable home to buy – especially for single women. According to data provided by Zillow, the typical single American requires almost eleven years to save up a suitable down payment for a home
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Subprime Loans are Back Since the housing crisis began over a decade ago, subprime mortgage loans basically disappeared – thanks to regulatory actions from government and self-preservation for both lenders and borrowers. The effects of borrowing more than you could safely afford to repay became obvious to all parties. Subprime mortgage loans have been making
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If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for mortgage relief services. Distressed homeowners don’t have to resort to third-party mortgage services. Free counseling is available at the Department of Housing and Urban Development (HUD). HUD programs such as the
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Help the Renters, Too For years, cities have struggled to help lower-income Americans find affordable housing. Many housing assistance programs approach this problem through making home mortgages more affordable. However, a new test program in Montana addresses an underserved area of the housing market – affordable rental homes – by making loans to help people
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In the wake of the housing crisis, it became significantly harder to get a jumbo mortgage due to the risk factors involved. Jumbo mortgages have been making a comeback since then, but they now face a different style of threat – disincentives for high-end homeownership created by the recently enacted Tax Cuts and Jobs Act.
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Are you preparing to enter the housing market in 2018? Whether you’re a buyer or a seller, 2018 is likely to be a year of both challenges and opportunities. Our crystal ball is just as cloudy as everyone else’s these days, but based on recent trends and events, we can make a few predictions for
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Going over the fine print of a mortgage offer is about as enjoyable as a poke in the eye – or maybe both eyes. Even so, it’s important to ensure that any contractual offer that you make on a home has just the right terms you need before proceeding through the home-buying process. Consider these
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There’s no shortage of data on America’s housing market. Analysts constantly review new and existing home sales, building permits, available housing units, and other metrics to gauge the health of the market and to assess its likely direction. ATTOM Data Solutions, a national property data warehouse with information on 150 million U.S. properties, adds another
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For the unprepared, the mortgage process can be a whirlwind of unfamiliar terms and procedures followed by stacks of confusing paperwork. Were you truly ready for the process when you bought your first home – or, if you are a prospective first-time homebuyer, are you ready now? A recent survey by FREEandCLEAR suggests that while
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What is the best day of the month to close on your mortgage? Not everyone will have the same answer to that question, as it depends on your specific mortgage situation. Many homebuyers consider the end of the month to be the best time to close. Data released by the National Association of Realtors (NAR)
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