Are there any loans that don’t require a down payment? USDA and VA loans do not require a down payment. Read Full Article Share FacebookTwitterLinkedIn
What is a USDA loan? A United States Department of Agriculture (USDA) loan refers to a government loan for home buyers to purchase homes in rural or low-population areas. Read Full Article Share FacebookTwitterLinkedIn
What is an FHA loan? A Federal Housing Administration (FHA) loan is a low down payment option that’s ideal for borrowers who may not otherwise qualify for a mortgage or borrowers with less-than-perfect credit. Features of the loan include a fixed or adjustable rate, limited… Read Full Article Share FacebookTwitterLinkedIn
If I’ve never rented property to someone before as a landlord, and I’m considering buying a home and using some or all of it as a rental property, am I able to use the expected rental income on the home I want to buy? If no, how many years of “landlord experience” do I need in order to apply rental income toward my mortgage? The answer to this question can be complicated and ultimately depends on the mortgage product. See below: Fannie Mae (Conventional): You do NOT need prior landlord experience to use 75% of lease. Freddie Mac (Conventional): You need 2-years prior landlord… Read Full Article Share FacebookTwitterLinkedIn
Can we roll closing costs into the loan on a purchase? This is one of the most common misconceptions in the mortgage industry. You may have heard a friend or family member mention they were able to roll their closing costs into their mortgage loan; however this is not entirely true…. Read Full Article Share FacebookTwitterLinkedIn
Do I have to provide cancelled rent checks if I’m a first time home buyer? This question comes up quite often — and surprisingly is a make-or-break factor for a borrower when looking to get approved for a mortgage loan. When it comes to first time home buyers borrowers applying for conventional loans, the answer… Read Full Article Share FacebookTwitterLinkedIn
