Buying a Fixer Upper? Here’s What You Should Know

Mortgages

Buying a Fixer Upper? Here’s What You Should Know

Buying a Fixer Upper? Here’s What You Should Know

So you’re pre-approved for a mortgage, and suddenly a home matching your criteria appears on the market. Then it hits you — the house needs tons of work. Here are some things to consider when the property you’re trying to buy needs some tender-loving care. Resale homes may need work on everything, from a new... Read More

How Your Credit Card Can Keep You From Buying a Home

Mortgages

How Your Credit Card Can Keep You From Buying a Home

How Your Credit Card Can Keep You From Buying a Home

New changes coming to Fannie Mae’s automated underwriting system next month could have prospective homebuyers rethinking how they pay their credit card bills. Here’s why. Lenders generally use Fannie Mae’s automated underwriting system for every single mortgage loan sold in the secondary mortgage market. This system has always reviewed the mortgage applicant’s credit history, credit... Read More

How to Get a Mortgage After a Loan Modification

Mortgages

How to Get a Mortgage After a Loan Modification

How to Get a Mortgage After a Loan Modification

One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications were often a short-term solution banks offered for homeowners facing delinquency, income changes or loss of home equity. If you have a loan modification but want to move and buy a new home, here’s what you need to know about... Read More

The No-Down-Payment Loan Everyone Wants, But Few Get

Mortgages

The No-Down-Payment Loan Everyone Wants, But Few Get

The No-Down-Payment Loan Everyone Wants, But Few Get

One mortgage loan program that’s become popular in recent years is the U.S. Department of Agriculture loan. The program allows you to buy a home with no money down and low monthly mortgage insurance. Here’s what you need to know if you’re interested in this type of financing. What the Program Entails The USDA offers... Read More

3 Things to Never Do With Your Down Payment

Mortgages

3 Things to Never Do With Your Down Payment

3 Things to Never Do With Your Down Payment

Buying a home generally requires a down payment. While there are programs which require no money down, most have more restrictive income requirements. For the purposes of the broader appeal, most homebuyers need at least a 3.5% down payment (plus closing costs) to get their foot in the door. In some markets, such as Sonoma... Read More

How to Buy a House When You Have Too Much Debt

Mortgages

How to Buy a House When You Have Too Much Debt

How to Buy a House When You Have Too Much Debt

When you fill out a mortgage application, lenders look for income to offset debt. If your monthly debt payments consume too much of your income, you may have a tough time qualifying for a home loan. Underwriting, which is the decision-making of whether or not to grant credit, determines what your income is with supporting documentation... Read More

4 Credit Tips for Buying a Home

Mortgages

4 Credit Tips for Buying a Home

4 Credit Tips for Buying a Home

This may come as a surprise, but you don’t need a perfect credit score to buy a home or get a mortgage. In some cases, your credit just needs to be sufficient. Good, bad, ugly or indifferent, as long as your credit score matches the criteria of the mortgage size and property type you are... Read More

Show Me More by Scott Sheldon

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