First-time home buyers are often at a larger disadvantage than subsequent homebuyers. They may have lower credit; a shorter credit history; or little money to put down on a home. Luckily, none of these factors prevents consumers from buying their first home. The government offers a variety of guaranteed programs that help people, including first-time buyers get a home. These … [Read more...] about What Federal Government Programs Are Available to First Time Home Buyers
Imagine living in a quiet neighborhood and away from the hustle-bustle of the city. Isn't that quite appealing? Surprisingly, a lot of potential homebuyers crave this kind of living. For homebuyers who are thinking of living in rural areas, a beneficial mortgage program always comes to mind: USDA loans. If you're want to qualify for this program, here's everything you need … [Read more...] about Do You Want to Buy a Home in Rural Areas? Consider USDA Loans!
Closing costs don’t come cheap. They average $4,876 on a $271,363 home per ClosingCorp. Still, you don’t have to pay some or all of these closing costs. Enter seller concessions. A legitimate arrangement between a seller and a buyer, seller concessions work with mortgages. Not only do buyers get help in their upfront homeownership costs, sellers too get to close the … [Read more...] about How Do Seller Concessions Work, Help You With Your Closing Costs?
Many homeowners don’t know what mortgage really is, let alone the right type they need to get for their first home financing. So for the purpose of education, we lay out this simple and concise guide to help you navigate through the complex albeit navigable arena of home purchase. Mortgage Defined A mortgage is a type of loan lent to a borrower for the sole purpose of … [Read more...] about Choosing the Right Mortgage: A Simple Guide for the First Time Home Buyer
Part of what makes the USDA loan program possible is the funding fee that each borrower pays when they take on a new USDA mortgage. The program makes it possible for low and middle-income families to afford a home in a rural area. This rural area might not be what you assume rural should look like – oftentimes it is areas that you would want to live anyway and soon you will be … [Read more...] about The Upcoming Funding Fee and Annual Fee Decrease for USDA Loans