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We all have those days where we are short funds to close. One of the options we forget to think of is do you have something of value you can borrow from? Today is for conventional loans. You can borrow funds to close that is secured by an asset. Some of the assets you can…

A USDA loan is a mortgage program offered by the United States Department of Agriculture (USDA) to help individuals and families in rural and suburban areas become homeowners. The program is officially known as the USDA Rural Development Guaranteed Housing Loan Program. Here are some key features of USDA loans: Location Eligibility: USDA loans are…

On October 4th Fannie Mae released a bulletin making changes and clarifying rules around SELF-EMPLOYED. They are required to be implemented by Jan 1, 2024, but encourage lenders to implement immediately. Fannie Mae is now following Freddie Mac’s lead on businesses that have been in existence for 5 or more years. Fannie now allows providing…

One of the biggest questions someone asks themselves when thinking about buying a house is do I qualify? Why not take the mystery out of one piece of the concern. FICO is. (Fair Isaac Corporation) is just one of the credit agencies but in truth it is what drives the five major international credit agencies…

Regarding financing your dreams, the city of Jacksonville, Florida, offers many options to explore. From securing loans in Jacksonville, FL, for your new home to seeking a home loan in Jacksonville, FL, you’ll find various opportunities to make your financial aspirations a reality. Exploring Loan Options In the sprawling city of Jacksonville, Florida, residents and…

What is the Difference Between a Manufactured Home,Modular Home, and a Mobile Home? Mobile Home and Manufactured Home are the same thing. Manufactured home is just the new terminology to refer to the properties. No matter how the property is referred to, the key characteristics of a Manufactured Home are: a central beam running the…

In December 2016, the Federal Housing Finance Agency (FHFA)issued the Duty to Serve Underserved Markets rule, as required bythe Housing and Economic Recovery Act (HERA) of 2008. The Duty toServe rule directs Fannie Mae to improve access to mortgagefinancing for those of modest means in three housing marketsposing persistent challenges—and significant opportunities. Manufactured housing (MH)…

Both Fannie Mae and Freddie Mac have made changes to a portion of the rental income qualifications. These new RENTAL INCOME CHANGES guidelines are required to take effect as of January 1, 2024 but lenders are encouraged to implement them as soon after October 4th, 2023 as they are willing. FANNIE MAE LANDLORD HISTORY (INVESTMENT…

Interest on federal student loans has been zero since the start of the pandemic, but as of Sept. 1, interest has started accruing again with payments, once again, becoming due. With rates typically between 3% and 7%, student loan payments can result in a significant increase in borrower’s monthly expenses as payments begin in October.Fannie…

Divorcing? Should I sell or refinance? Deciding whether to sell or refinance a property during a divorce can be a complex and emotionally charged decision. Several factors should be considered, including financial stability, emotional attachment to the property, and the goals of both parties involved. Here are some considerations for each option: 1. Selling the…