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
Down Payment
Is a 401k Considered an Asset for Mortgage Qualification?
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?
What Types of Assets Qualify as Liquid Reserves for Home Loans?
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?
Which No Money Down Mortgage Programs are Available?
Getting a mortgage with no money down sounds too good to be true, but the options do exist. Today there are two government-backed programs that do not require you to make a down payment. This means you secure 100% financing. Sure, you start your homeownership off with no equity, but as you make payments and the home appreciates, you’ll gain it.Compare Offers from Several … [Read more...] about Which No Money Down Mortgage Programs are Available?
The Top Ways to Save a Larger Down Payment
If there’s one thing that can help you get approved for a mortgage, it’s a large down payment. Showing the lender that you have a vested interest in the property lowers the risk the lender must take. Putting more money down can help you cancel out negative factors such as a lower credit score or higher debt ratio. Your willingness to put your own money on the line shows lenders … [Read more...] about The Top Ways to Save a Larger Down Payment