Loans higher than the conforming loan amount of $484,350 are considered jumbo loans. These loans typically sit on a lender’s own books and lenders have their own guidelines for them. Among those guidelines are high down payment requirements. Today, however, many lenders allow down payments as low as 5% even on a jumbo loan. Get Matched with a Lender, Click Here. The … [Read more...] about Is it Possible to Get a Jumbo Mortgage With a 5% Down Payment
After the housing crisis, the Obama Administration offered a first-time homebuyer credit, which helped first-time homebuyers afford a home. Unfortunately, the credit stopped in 2010, but there are other mortgage assistance programs that help make homeownership more affordable. Get Matched with a Lender, Click Here. What Was the First Time Homebuyer Credit? The first-time … [Read more...] about What is the First-Time Homebuyer Credit?
Each year, the government-backed mortgages have different loan limits. Understanding these limits can help you determine how much you may be eligible to borrow whether to purchase or refinance your home. Looking for Current Mortgage Interest Rates? Click Here. This year, loan limits jumped just short of 7%, similar to last year’s increase. This is due to the increasing … [Read more...] about The Loan Limits for Government-Backed Mortgages in 2019
Some mortgage programs require you to have assets in order to qualify for a mortgage. In general, they mean liquid assets, such as checking, savings, or stock investments. They want to know that you could easily liquidate your assets and turn them into cash, should you need the money to pay your mortgage. Compare Offers from Several Mortgage Lenders. Is a 401K considered … [Read more...] about Is a 401k Considered an Asset for Mortgage Qualification?
When you apply for a mortgage, lenders ask you a lot of questions not only about your credit and income, but your assets too. Basically, they want to know that any money you use for the loan is your money. Typically, this means money from income you made. But in some cases, it can also mean gift money. Get Matched with a Lender, Click Here. Whatever the case may be for … [Read more...] about What Types of Assets Qualify as Liquid Reserves for Home Loans?