Most loan programs today look closely at your debt ratio. They want to make sure that you aren’t over committing your finances. For example, conventional loans have debt ratios of 28% for your housing ratio and 36% for your total debt ratio. VA loans, though, don’t have such specific ratios. While they have a maximum ratio they would prefer, they don’t put a lot of emphasis on … [Read more...] about How High can Your DTI be for VA Loans?
You know you are ready to become a homeowner, but have you given it careful thought? Have you thought about not only where you want to live, but also what type of property you want to purchase? This is not a one-size-fits-all transaction. Each person will have a different reason for the type of property they buy. We recommend deciding the type of property you want to purchase … [Read more...] about House or Condo: Which Should you Buy?
The VA, like many other loan programs, offers a variety of loan options including the fixed rate and adjustable rate loans. Since you have the option, you’ll have to decide which type of loan works best for you.Looking for Current Mortgage Interest Rates? Click Here.We help you discover the questions to ask yourself below. How Long Will you be in the Home? The first … [Read more...] about Does the VA Only Allow Fixed Rate Loans?
You found the home you want to buy, but find out that the appraised value is less than you bid on the home. Are you out of luck or can you still buy the home?Compare Offers from Several Mortgage Lenders.The answer is tricky, but we help you understand how the process works below. The Appraised Value is King The lender will go off the appraised value. That is how they … [Read more...] about Can a Purchase Price be Higher Than the Appraised Value?
If you’ve decided to sell your home, you have some closing costs to consider. You don’t get to walk away with the full amount of the sales price. You’ll have fees you have to pay to the county and realtor. You may also have some tax liability, although it’s rare.Compare Offers from Several Mortgage Lenders. Do you Pay Taxes? The IRS allows an exclusion on the capital … [Read more...] about Are There Taxes When you Sell a Home?