You got your loan preapproval and you can’t believe how much you can borrow! You are already dreaming of the perfect house that you are going to buy – you have it all pictured now. Before you do, you may want to consider buying less home than you can afford. We know that sounds like we are crushing your dreams, but there are some valid reasons you should use this … [Read more...] about The Top Reasons You Should Buy Less Home Than you Qualify For
You lost your home in foreclosure so you assume that you won’t qualify for a conventional loan anytime soon, right?We have good news for you - it is still possible to get a conventional loan and you may not have to wait as long as you thought. Today, Fannie Mae guidelines allow you to get a conventional loan as soon as 2 years after foreclosure.Looking for Current Mortgage … [Read more...] about Is it Possible to Get a Conventional Loan After Foreclosure?
When homeowners default on their Fannie Mae loans, Fannie Mae takes possession of the homes. Fannie Mae doesn’t want to keep these homes on their books, though. The idea is to sell the homes and make back as much of the money as they can on it.Looking for Current Mortgage Interest Rates? Click Here.The program to sell these homes is the Fannie Mae HomePath program. Fannie … [Read more...] about Fannie Mae HomePath: Are Investors Eligible?
If you need to get your hands on some cash and you have home equity, you may consider a cash-out refinance. While you may enjoy the funds, when tax time rolls around, you may find yourself wondering if you have to include the proceeds from your cash-out refinance on your tax return. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to find out what the IRS … [Read more...] about Do You Pay Taxes on Proceeds From a Cash-Out Refinance?
If you don’t have very good credit, or even if you have poor credit, you may still have options for home financing. Many people mistakenly believe that you have to have ‘perfect credit’ in order to get a home loan. Today that is not the case – you just have to do a little legwork to find a lender with a loan for you. While it won’t be as easy as calling up your local bank and … [Read more...] about What Options do you Have for Alternative Home Financing if You Have Poor Credit?