HomeReady™ Loans have really made the mortgage industry much more accessible for those borrowers that have low income, but would otherwise be a good risk for a lender. This loan program enables borrowers to use other income in the household to qualify, rather than strictly the income from the borrower and co-borrower. The catch to the program, however, is that the home you … [Read more...] about What are the Down Payment Requirements for HomeReady™ Loans?
The mortgage industry has been buzzing with news about the HomeReady™ Mortgage, which was just implemented this fall. The program provides flexible financing for low income families that have a high debt ratio but have all of the other necessary qualifications for a loan. It is a great loan for those that have family members living with them that contribute to the monthly … [Read more...] about What are the Down Payment and Insurance Requirements for HomeReady™ Mortgage?
The amount of a down payment you’ll need will depend on what kind of mortgage financing you choose, but most of the times you’ll need at least a minimum of 3% to 5% of the purchase price plus some additional cash to cover closing costs. If you’re in active military duty, a veteran, or in the reserves, you may not need a down payment at all. Minimum Down Payments The most … [Read more...] about How to Save Up for Mortgage Down Payment
Coming up with the down payment for a home is often the hardest part. Whether you are inpatient and want to buy a house now, before you have the money, or you have just been struggling to find a way to come up with enough cash, we have the answers for you. Here are a few simple ways to have enough money to get the home of your dreams sooner than you thought possible. Get a … [Read more...] about Saving up for your Down Payment
If you have elderly parents, it is common to worry about their living situation as they get older. You want them near you so that you can visit as well as to keep you close should an emergency arise. Nursing homes or assisted living can be very expensive and not where your parents want to be, yet purchasing a home is out of the question for their current financial situation. … [Read more...] about How to Make Purchasing a Home for your Parents Cheaper