What is a credit score A credit score comes from an algorithm that analyzes the information in your credit report. This report tracks how you handle credit over time. It looks at your payment history, how much debt you owe, the length of your credit history, the types of credit you use, and how often […]
Before you pursue financing on a new house, it’s vital to check your credit report for any mistakes or missteps, because this will greatly impact your future loan and interest rate. Fortunately, federal law states you have a right to a free credit report every year from a reporting agency. This allows you to fix,
One of the reasons why a loan from an FHA (Federal Housing Administration) lender is the reasonable requirements. As of 2017, those wanting to apply for an FHA loan must have a minimum FICO credit score of 500 to be considered for financing. A score of at least 580 qualifies you for a 3.5% minimum
Federal Housing Administration loans, often called FHA loans, offer strong advantages for new and first-time homebuyers. Many buyers choose FHA financing because it lowers the barriers to homeownership and makes budgeting more predictable. One of the first and most important questions buyers ask is how much money they need to save for a down payment.
When you buy a home, you expect the process to move smoothly. In reality, buying often comes with surprises. You go through preapproval, financing, inspections, and escrow, and issues can appear at any stage. A home inspection might uncover repairs that cost more than expected, or closing costs may end up higher than planned. Seller
What is an FHA loan Many families believe that low to moderate income or a less-than-perfect credit score blocks them from buying a home. The Federal Housing Administration, known as the FHA, exists to keep those buyers in the housing market. The FHA runs a government-backed loan program that helps more people qualify for homeownership.
Many families fail to follow through on buying a home because they’re anticipating the expected 20% down at closing. But many don’t realize they have hundreds or thousands of dollars available to them! Getting the down payment you need is now easier due to different assistance programs across the country. Homebuyer programs in the U.S.
When shopping for your first home, there are certain challenges that go beyond location, renovation, and making sure you have the right credit score. It’s tempting to take on the first mortgage provider that comes along, just to keep the process moving forward. But don’t miss out on special programs that offer you great savings!
Buying a home is the great American dream! Houses all across the country are seeing a steady drop in prices in recent years, and now it’s more affordable than ever to own a home. Of course there are certain benefits to renting, especially if you don’t plan on staying in one area on a permanent
What is an Adjustable Rate Mortgage An Adjustable Rate Mortgage, often called an ARM, is a home loan that starts with a lower interest rate for a fixed introductory period. This period usually lasts two, three, five, seven, or even ten years. During this time, you lock in a rate that is often lower than
