Getting pre-approved before you shop for a home is the best thing you can do to boost your chances of winning the bid. Would a conditional approval be better, though? They sound the same, but are they? Compare Offers from Several Mortgage Lenders. Realistically, a conditional approval and a pre-approval are different. They have the same basis, but the conditional approval is … [Read more...] about How is Conditional Approval Different From Pre-approval?
Mortgage News/Insight
What’s the Lowest Credit Score Allowed on an FHA Loan?
The FHA loan makes it easy for borrowers to secure funding even if they don’t have perfect credit. Unlike the conventional loan program, which requires at least a credit score of 680, you can get an FHA loan with a much lower credit score. Just how low can your credit score get for you to qualify? Looking for Current Mortgage Interest Rates? Click Here. The Minimum FHA Credit … [Read more...] about What’s the Lowest Credit Score Allowed on an FHA Loan?
What are the Alternatives to the FHA 203K Loan?
If you want to buy a house that is run down and won’t pass an appraisal, you probably think of the FHA 203K loan as an option. This loan program gives you the funds to purchase and renovate a home so that it will pass the FHA appraisal. You can even make cosmetic changes to the home if there’s room in the loan. What if you don’t want the FHA 203K loan, though? Are there other … [Read more...] about What are the Alternatives to the FHA 203K Loan?
The Top Reasons You Should Buy Less Home Than you Qualify For
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
Is it Possible to Get a Conventional Loan After Foreclosure?
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?