Mortgage News & Tips
FHA ALLOWS RENTAL ON ADU
FHA ALLOWS RENTAL ON ADU
Read MoreBORROWED FUNDS FOR CLOSING
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…
Read MoreUSDA Loan
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…
Read MoreFICO TRUTHS
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…
Read MoreMobile/Manufactured Homes
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…
Read MoreWhat is Duty to Serve?
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)…
Read MoreFederal Student Loans: Payments are Once Again Due
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…
Read MoreHow to remove collections from your credit report
A collections on your credit report refers to an unpaid debt your creditor passed along to a third-party collections agency to chase the owed money on behalf of the creditor. The collection’s existence on your credit report is not ideal. It can severely lower your credit score and impact future loans. However, there are entirely above-board ways to get…
Read MoreMortgage Interest Rate Report – Week of 9/8
Mortgage update: Waller hints at a rate hike break Mortgage interest rates dropped last week after three weeks of record-high rates. The question we’re all looking at going into the month is: Will the Federal Reserve skip the interest rate hike in September? Federal Reserve Governor Christopher Waller said this week that recent strong economic data will…
Read MoreUnderstanding Homeownership Benefits
Homeownership offers a wide range of benefits, both financial and non-financial. Here’s a list of some of the most commonly cited Homeownership Benefits: Equity Building: Over time, homeowners typically build equity in their homes, which can be a significant wealth-building tool. Stable Monthly Payments: With a fixed-rate mortgage, homeowners can have consistent monthly payments, unlike renters who…
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