Top Mortgage Resources

USDA has some detailed rules for the homes that get approved for the USDA home loan. All homes will be inspected by an appraiser and must meet the rules before the loan can be closed.

The rules cover the general condition of the home, both outside and inside. The rules also deal with the function of the basic systems like plumbing and electrical.

By enforcing these guidelines and only approving homes that meet certain criteria protects the lender from loaning money on a bad property and also gives the buyer peace of mind that they are getting a decent property.

Take a look at this post by Kevin Vitali to learn everything you need to know about debt to income ratios!

The VA Second-Tier Entitlement is a lesser-known aspect of the VA mortgage. Although it is normally only used in a couple of specific situations, it can be a real boost to the people that need them.

Finding a mortgage for a second home can be expensive. The down payment requirement is high, the interest rate is not as great as a loan for a primary home and there are other restrictions. However, if you find yourself in need of buying a home for an elderly parent or an adult child with disabilities, Fannie Mae has you covered with the Family Opportunity Mortgage.

Take a look at this article by Kevin Vitali to learn the ins and outs of shopping for your first mortgage! A comprehensive guide that will for sure get you on the right track.

In the most basic of terms, VA Second-Tier Entitlement gives a qualified military person the ability to buy a home after a default or they can possibly have two VA loans at the same time.

The overall strong real estate market has seen major booms in the last few years. The increase in average prices have led to a change in the conventional loan limit, yet again.

For the year 2020, the maximum loan amount allowed by either Freddie Mac or Fannie Mae for a conventional loan will be $510,400.

For perspective, the maximum conventional loan limits in the year 2018 was and then increased in 2019 to $510,400. The new increase is 12.6% over the 2018 loan limit.

Most areas around the country will benefit from the new maximum loan limits of $331,760. This amount is the new maximum for a single unit loan.

FHA also offers financing for multi-unit homes, up to a maximum of 4 units.

These loans are perfect for rehabbing an existing home or for buying a home in need of some attention and then renovating the home to suit your tastes.

Take a look at this guest post we put together on Bill Gassett's site to learn what mortgage renovation programs are available and how they work!

Following this simple advice will help the loan approval process and save you some unnecessary heartache.

Take a look at this detailed post by Petra Norris about which documents are needed when applying for a mortgage!

Other than stocks and bonds, investing in real estate has long been a way for people to accumulate wealth. However, the changes made in mortgage lending from 2007 to 2012 made it difficult for people with a current home loan to invest in a 2nd property. Fannie Mae has changed that.

There are some requirements regarding credit scores, income, and available funds. However, the overall strict rules have been loosened to allow people a way to turn their existing home into a rental property and buy a 2nd home at the same time.

Listed below is an explanation of the type of asset documents needed and what they mean to the lender.

Top 10 benefits of USDA loans and how they can help you on your journey to becoming a homeowner!

Take a look at this guest post at Wellington FL Real Estate to learn everything you need to know about a home equity loan and a second mortgage.

The VA mortgage has some wonderful benefits along with a few obstacles that borrowers need to understand. Learn the pros and cons of the VA loan and make a good, educated decision about your home purchase.

The VA mortgage has several advantages that are not available to other types of home loans. These advantages can help the homeowner save money in multiple ways and get approved with ease.

The FHA 203k is a good way to buy a home & also get the extra money that can be used for renovations, repairs or both. Learn the pros and cons of FHA 203k loan

The HARP loan is being replaced with a new high LTV program from Fannie Mae and Freddie Mac that can still be beneficial to numerous homeowners.

The streamline refinance is yet another example of how FHA is committed to helping borrowers improve their financial standing while helping achieve the goals of homeownership.

The purpose of the VA streamline refinance (VA IRRRL) is to lower your interest rate, thereby saving you money over the length of the loan.

Take a look at this page for guidelines and basic information about the Wisconsin FHA loan and how it helps potential home buyers.

This article hopes to explain the pros and cons of a reverse mortgage and help people make a wise decision for their needs.

Understanding how private mortgage insurance works and how it impacts the monthly payment can help you make a more informed choice when you are ready to purchase a home.

Inside you will learn what repairs FHA and VA require in order to buy a home using either of these programs.

This type of transaction saves the buyer thousands of dollars in PMI payment over the years and keeps a particular home within the family. It also allows people to help their relatives without the need for writing them a large check.

Take a look at this article by Eric Jeanette to learn everything you need to know about FHA closing costs.

Getting preapproved before going out to look at homes should be a home buyer's number one priority.

FHA loans have been around for a long time, enabling many Americans to purchase a home with affordable financing.

As you interview Mortgage Loan Officers from different lenders/brokers, it's important to ask the right questions to ensure that you work with the best of the best.

Take a look at this article by Joe Boylan to learn about appraisals when refinancing your home. Joe goes into the details of what an appraisal is, what they are looking for and how you can prepare for it, among other details.

The following will compare an FHA loan vs Conventional mortgage, not to show that one is better than the other, but to highlight the strengths of each mortgage.

Take a look at this article via Glenn Shelhamer to learn the different down payment requirements from various mortgage programs.

The VA minimum property requirements deal with important items such as adequate heat, clean running water, access to the home and yard and a dependable roof, along with other things. All of these guidelines are in place to provide a safe place that the veteran can call home.

From your popular mortgage programs, FHA, VA, and USDA to your grants and programs from your local entities, this one has it all!

If you are considering using gift funds for a down payment to buy a house, take a look at this article by Kevin Vitali to get the details!

As with anything involving money too many con artists are willing to put in effort to separate you from your hard earned money

Take a look at this mega-guide on mortgage interest rates by Petra Norris to learn the affects of rising rates, how rates impact the real estate market and so much more!

If you're getting a mortgage to buy a house, take a look at this article by Jeff Nelson to learn what questions you should be asking.

If you're a home buyer looking to get a mortgage, take a look at this post by Kevin Vitali to learn the most important mortgage terms for home buyers!

Take a look at Bill Gassett's latest post to learn what you should look for in a mortgage lender and how to compare lender to lender.

When getting a mortgage, whether using a bank or a lender can be the difference from being approved or denied

The FHA mortgage is a great way for people to buy a home. Whether it is their first home or 6th home, getting an Illinois FHA loan makes it possible to achieve home ownership with several advantages.

Within the Illinois FHA Mortgage program page, we dive into the following:

🏠 Lenient Credit Requirements
🏠 Income Documentation
🏠 Residency Requirements
🏠 Down payment Requirements including gift funds documentation
🏠 Illinois FHA Loan Limits

If you're looking for information on an FHA loan in Illinois, this guide is for you!

Before flying out the door to go look at houses, it's important that you get your financing in order.

VA mortgage facts that Veterans should know!

Check out this article for the most common mortgage programs available to home buyers!

In this extensive guide, you will learn how to make sure you're prepared to get a mortgage.

Take a look at this post by Jeff Nelson to learn what mortgage options are available to home buyers. Jeff does a great job covering conventional, jumbo, FHA, VA, USDA, fixed and adjustable rate mortgages!

Navigating the home buying process can be daunting, especially if you haven't done your research. If you're thinking about buying your first home, take a look at this article by Anita Clark!