Low Down Payment Mortgage Programs

Low Down Payment Mortgage

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

Mortgage Debt-to-Income Ratio – Conventional, FHA, VA, USDA Loan DTI

DTI Ratio

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 Loan Requirements Review | 2017

FHA Loan Requirements

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

FHA Mortgage Insurance

Mortgage insurance is a protecton that guards lenders in case of applicant default.  Mortgage insurance is usually required on mortgages with a down payment that’s 20 percent or less.

Plainly stated, FHA MI is required for all FHA loan programs including FHA purchase loans, FHA refinance loans and FHA Streamline refinance loans. FHA guidelines for it’s insurance programs are what lenders use to determine if applicants are eligible for a loan.  These requirements are usually less demanding than other, non-insured mortgage programs. Read More

Ups and Downs: 6 Years of FHA Mortgage Insurance Volatility

History of FHA Mortgage Insurance

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

FHA eases wait period after Bankruptcy and Foreclosure

FHA Loan Back to Work Program

The Federal Housing Administration recently announced that it will soon be easier for borrowers with bankruptcy, foreclosure or a short sale in their past to qualify for an FHA loan. On August 15th, HUD released a mortgagee letter outlining new requirements for applicants who have experienced an “economic event” in their past that they have since recovered from. Read More

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