FHA loans are a great way to purchase a new condo with a small down payment, or refinance a condo will a small amount of equity. FHA approved condos contain a few key characteristics that make FHA condo loans unique from other mortgage programs. Read More
The mortgage down payment is a barrier faced by first-time home buyers for generations. Even if you have steady employment and good credit scores, a large down payment can be much harder to achieve. Read More
The Debt-to-Income Ratio, also known as “DTI Ratio”, are simply a couple of percentage representing applicant debt compared to their total income. Lenders use mortgage debt-to-income ratio percentages to evaluate a borrowers ability to repay them as agreed. Maximum debt-to-income ratios may vary based upon the mortgage program and the lender. Read More
FHA loans are a terrific option for home buyers with lower incomes, imperfect credit ratings or limited cash available for a down payment. In fact, FHA loan requirements feature a certain flexibility which makes them the only option available for millions of American mortgage applicants with “average” qualifications. That’s why FHA loans jumped in popularity after the 2008 financial crisis when subprime mortgage options were eliminated. Read More
FHA mortgage insurance rates have just been reduced in an unexpected move that offers the housing market a much needed boost. This .5% across the board MIP reduction will help more home shoppers become homeowners in 2015 and also reduce costs for thousands of borrowers looking to refinance. Read More
