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
Mortgage insurance (MI) is a protection that guards lenders in case of applicant default. Not all home loans require mortgage insurance though. As a rule of thumb, it’s usually required for mortgages with a down payment of 20 percent or less. FHA MI is required for all FHA loan programs including purchase loans, refinance loans and streamline refinance loans. FHA sets the guidelines for it’s insurance programs, and that’s 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
As you go through the process of purchasing a home with a mortgage, you are likely to discover a number of surprising costs. Read More
When you buy a home with a mortgage, the lender is on the hook. A financial institutions lets you borrow money to make a huge purchase, fronting the money so that you don’t have to. Read More
After the housing bubble went “pop” in 2007, it became a lot tougher for the average home buyer to qualify for a mortgage. Read More
