Buying you first home is a significant milestone. Here are some key steps and considerations that might help you navigate the process: Assess your finances: Understand your budget, including how much you can afford for a down payment, monthly mortgage payments, and other costs like property taxes and insurance. Get pre-approved for a mortgage: This…

Down payment assistance (DPA) programs are initiatives aimed at helping individuals overcome the hurdle of affording the upfront costs associated with purchasing a home. These programs provide financial aid to cover part or all of the down payment and sometimes closing costs, making homeownership more accessible, particularly for first-time buyers or those with limited financial…

The Florida Housing Finance Corporation (FHFC) administers the Florida Housing Bond Program, which is designed to assist low and moderate-income individuals and families in obtaining affordable housing. The program utilizes tax-exempt bonds issued by the state to provide financing for affordable rental and homeownership opportunities. Key features of the Florida Housing Bond Program may include:…

The VA funding fee is a one-time fee paid to the Department of Veterans Affairs (VA) when taking out a VA-backed home loan. This fee helps to offset the cost of administering the VA home loan program. It’s typically a percentage of the total loan amount and varies depending on several factors, including the type…

CONVENTIONAL *MUST RECEIVE AN AUS APPROVE/ACCEPT/ELIGIBLE, INCLUDING THOSE WITH EXTENUATING CIRCUMSTANCESPrevious Loan ModificationRefinance:• Fannie Mae/Freddie Mac: Permitted with previous modification (restructured mortgage to adjust the principal balance) provided the credit worthiness of the borrower and LTV are acceptable. Purchase:• Fannie Mae/Freddie Mac: Acceptable with both agencies, qualification based on payment history and remaining underwriting considerations.…

We now offer an exclusive 0% Down Purchase program. Simply put, qualified borrowers / buyers receive a 3% down payment assistance loan, up to $15,000. This allows you to get into a home right now with no down payment. Here’s how it works: First lien mortgage meets LTV requirements We provide a second lien mortgage…

One of the areas that the Fannie Mae and Freddie Mac have really been cracking down on is the quality of appraisals as well as fair lending in appraisals. The new FHA Mortgagee Letter 2024-7 gives options for a reconsideration of value for FHA as well as Fannie and Freddie. The key to success in…

Regular sources of income that may be non-taxable include: Child Support Income Social Security Benefits Worker’s Compensation Benefits Certain types of Public Assistance Food Stamps Federal and State Government Employee Retirement Income Military Allowances Fannie Mae: Gross-Up Factor: 25% Must be verified as non-taxable income; supporting documentation can include award letters, policy agreements, account statements,…

Home price appreciation across the country has returned to more sustainable levels as interest rate increases have helped to cool the post-pandemic surge in buyer demand. There’s ample evidence, however, that property values are rising at rates that could support more lending opportunities due to the mountains of equity being accumulated. First American Financial Corp.…