Conventional Loan Down Payment

Conventional Loan Down Payment Requirements

Conventional loans are the most popular type of loan to purchase a home. If you have a good credit score and a solid down payment, a conventional loan may work for you. But how much money will you need to meet the minimum down payment for conventional loan programs? Read More

FHA Loan Closing Costs and Fees

FHA Loans Closing Costs and Fees

When you hear the term “closing costs”, it generally refers to a group of fees that must be paid during the settlement process. It’s true that you can get a lower down payment on an FHA loan, but you will still have to pay closing fees. Closing costs for Federal Housing Administration loans will apply, including some that conventional loans don’t often require. FHA loan closing costs can include such things as lender origination fees, attorney fees, appraisal and inspection fees and more. Read More

FHA Loans

FHA Loans

What is an FHA Loan?

An FHA loan is a mortgage program thats’s perfect for today’s first-time home buyers.  During the last decade, tightened housing regulations and poor wage growth have left many people feeling like owning a home is beyond their reach. More than ten million Americans can still hold on to their homeownership dreams thanks to flexible FHA loan requirements, which have helped over 40 million people achieve homeownership since 1934. Read More

Conventional Loan Requirements

Conventional Loan Requirements

What is a Conventional Loan?

A conventional loan by definition is any mortgage not guaranteed or insured by the federal government. Conventional loans can be either “conforming” or “non-conforming”, although conventional loan requirements generally refer to mortgage guidelines that ‘conform’ to government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. Therefore, when you’re searching for more information on ‘conventional loans’, ‘conforming loans’ or ‘conventional conforming loans’, you’re likely referring to the same thing. Read More

FHA Loan Requirements

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 (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

USDA Refinance Program

USDA Refinance

The USDA Refinance Pilot Program was originally introduced in 2012 to give rural home owners a chance to take advantage of record low interest rates. This pilot program was a success, therefore the program has permanently matured into the USDA Streamline Refinance. Read More

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