Are you considering taking advantage of a temporary rate buydown to get a lower interest rate on your home loan? Be aware that this strategy can be risky for low-down payment borrowers. We’ll explain why and offer alternatives. Keep reading to learn more! What is it? A temporary rate buydown is a financing tool used …
Buying a home is a big decision and can often be daunting, especially for first-time homebuyers. One of the biggest challenges facing first-time buyers is coming up with a down payment, typically 20% of the home’s purchase price. However, options are available that require a lower down payment, such as down payment assistance (DPA) programs. …
On February 16th, 2021, the Department of Veterans Affairs (VA) announced a change to the funding fee charged on VA loans. The funding fee is a one-time fee charged to borrowers using a VA loan to help offset the cost of administering the program. The new announcement stated that the funding fee would be lowered …
Are you considering relocating to a different area or another state? Lower cost of living, a better quality of life, or to be closer to family. Whatever the reason, Americans have been relocating at an increased rate since the pandemic. With housing much cheaper in many areas, it is easy to dream about what life …
When purchasing a home, three main components determine your eligibility. They are income, down payment, and credit history. It gets complicated (especially for those outside the industry) because each is interrelated and interdependent. Think of guidelines more like a cobweb than a neat and linear web. This makes it particularly hard to get a straight …