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May 6, 2022
When it comes time to purchase a house, a potential buyer’s credit score plays a critical role in the lender’s decision. If you are asking yourself, ‘what is the perfect credit score?’ the answer is that it depends. Various factors are at play to determine the credit score needed to buy a house, and different... View Article
For buyers working with a budget or current owners looking to upgrade their home, an FHA 203k loan comes with many benefits. Not only do FHA 203k loans wrap your renovation costs and mortgage into one payment, but it typically has easier income and credit requirements as well as a low down payment option. Here’s... View Article
Gift money is a cash donation — usually from a close relative — that you can use for your down payment, closing costs, and other fees. However, there are a few rules and requirements to keep in mind when using gift money for a down payment on a home. Here’s what you need to know... View Article
FHA loans are easier to qualify for and require a lower down payment, compared to conventional loans. This makes FHA loans more affordable for lower-income borrowers or those who want to own a home but are actively working to improve their credit. If you have a high enough credit score and a low debt-to-income ratio,... View Article
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On January 27th, new cuts to the FHA’s mortgage insurance premiums were supposed to go into effect. That won’t be happening now, though. Earlier in the month, Julián Castro, the outgoing Secretary of the Department of Housing and Urban Development, announced a 25 basis point cut in mortgage insurance for FHA borrowers. “After four straight years of growth... View Article
Awesome news for those of you considering an FHA loan: mortgage insurance is about to get cheaper. The Federal Housing Administration announced on Monday that for all loans closed on or after January 27th, annual mortgage insurance premiums will drop from .85 percent to .60 percent. That can mean hundreds of dollars in savings annually,... View Article
Lending standards for refinances have loosened considerably over the past two years, but, despite years of discussion, it’s difficult to qualify for a mortgage to buy a house. Tough lending standards are still keeping some buyers out of the housing should manage their credit scores and reduce debt long before they apply for a mortgage.... View Article
Read MoreIn 1934, the long road to recovery began for the U.S. economy. For the housing market, this meant the creation of the Federal Housing Administration (FHA) loan. The loans issued under this program are insured by the federal government, decreasing the risk of loss for lenders. With its less stringent rules, more borrowers were able to... View Article
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