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 Federal Government Programs for First Time Home Buyers
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?
Closing costs are required in any mortgage transaction, whether for a purchase or a refinance. Recent data from San Diego-based ClosingCorp revealed how much consumers pay at closing on an average, which costs would vary depending on where they live. Mortgage closing costs can cost between 2 and 5% of the total loan amount. Being paid upfront and hefty, one can’t help but … [Read more...] about Find Out Which States Have the Highest, Lowest Mortgage Closing Costs
It’s never been easier to own a home, thanks to borrower-friendly mortgages that continue to adjust their qualifications and risk assessment to cater to more Americans in need of homes. Nowadays, you can find mortgage programs that do not require the traditional 20 percent down payment as in FHAloans, or even no credit evaluation in the case of VA loans. Many lenders are … [Read more...] about Can I Get a Mortgage With a Part-Time Job
It does not happen often, but occasionally a home buyer will take on the existing loan on the property they are purchasing. This is called assuming the loan and is only possible with VA and FHA loans. While most of these loans have an assumable clause, they are not typically exercised. In today’s day and age, however, if the rate and terms are better on the existing mortgage, … [Read more...] about Why Would a Buyer Assume a Loan?