A USDA guaranteed loan is one with reasonable qualifying guidelines, even if you have bad credit. The federal government guarantees 90% of the mortgage amount for qualified applicants. To qualify for the loan, you will need to meet certain requirements and you will need to prove that you can repay it. This can be difficult for low income homebuyers. Read More
If you are looking to buy a home in a lower income area, you may consider applying for a USDA loan. These loans are designed to help eligible borrowers make homeownership a reality, and offer low rates and no down payment. Read More
Mortgage rates are a factor that affects the amount of money you will be able to borrow. There are many different factors that can influence mortgage rates, including your down payment, your credit score, and more. Read More
Debt to income ratio (DTI) is a financial tool that helps lenders assess your ability to make payments on a new loan. It helps them determine whether you’re a risky borrower who might not be able to make timely payments. The higher your DTI, the more likely you are to face a higher interest rate, or to be declined for a loan. When you know your DTI, you can make sure you’re prepared to handle any challenges that may arise. You’ll also have a good idea of whether it’s a good idea to take on new debt or to refinance an existing loan. Read More
If you’re thinking of buying a home, getting a pre approval letter is a good idea. It puts you ahead of the game and shows sellers that you’re serious about the process. While the preapproval letter isn’t the only thing that can put you on the fast track to closing on a house, it’s a great way to impress a seller. Read More
