If there’s one obstacle many millennials state that prevents them from buying a home, it’s the down payment. Many millennials feel 20% down is crucial. While it’s definitely not the case today, 20% down definitely helps. If you are among the group that feels you can’t buy a home until you have enough to put down, learn the strategies that can help you reach that point … [Read more...] about Creative Down Payment Strategies for Millennials
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Is a Silent Second Mortgage Legal?
Scraping together money for down payment is one of the most common challenges American homebuyers have today. It can be hard to come up with a down payment for a home when, ideally, it has to be around 20 percent of the property's purchase price.Typically, a 20 percent down payment is necessary to have an attractive mortgage offer. It can significantly reduce the mortgage … [Read more...] about Is a Silent Second Mortgage Legal?
Profiling Borrowers, Characteristics of FHA Loans Made in FY 2017
The Federal Housing Administration (FHA) recently submitted its annual report to Congress for fiscal year 2017. It discussed, among other things, the financial status of the mutual mortgage insurance fund and highlights on its single-family forward mortgages or FHA loans as they are known to all.FHA loans have been around since 1934 at the time when America … [Read more...] about Profiling Borrowers, Characteristics of FHA Loans Made in FY 2017
Exploring Alternative Sources for Down Payment
You are ecstatic to finally purchase your own house. Mortgage rates are at their lows and you have found a property that's reasonably priced. You check your cash on hand to pay the down. You immediately back out. You simply do not have the money.Many have gone through a similar situation. They had to give up or postpone their homeownership plans thinking that they cannot … [Read more...] about Exploring Alternative Sources for Down Payment
4 Important Reasons Why Saving For a Down Payment Is a Smart Move
When you buy a home, there are sure to be some challenges that you're going to face. One of those challenges is saving for a down payment.True enough, a lot of American homeowners still think that saving up a lot of money to put down on their home is one of the hardest obstacles they had to face.Click to see the latest mortgage rates.But then again, there are … [Read more...] about 4 Important Reasons Why Saving For a Down Payment Is a Smart Move