Conventional loans are considered the ‘garden variety’ of mortgage programs. And while the term ‘conventional loan’ is defined as any mortgage that isn’t guaranteed or insured by a government agency, conventional loans can be either “conforming” or “non-conforming”. Conforming loans are conventional programs that meet or ‘conform’ to guidelines set forth by the Federal Housing Finance Agency (FHFA), as well as the funding criteria for either Fannie Mae and Freddie Mac.
Read More
Coming up with a down payment and mortgage closing costs can be a difficult thing for many prospective homeowners. The good-ole-days of zero-down mortgage loans with no closing costs and everything rolled into the loan are gone. Read More
What is an FHA Loan?
An FHA loan is a mortgage program thats’s perfect for today’s first-time home buyers. During the last decade, tightened housing regulations and poor wage growth have left many people feeling like owning a home is beyond their reach. More than ten million Americans can still hold on to their homeownership dreams thanks to flexible FHA loan requirements, which have helped over 40 million people achieve homeownership since 1934. Read More
Gain financial freedom: FHA Cash-Out Refinance
With interest rates at current lows, now’s the perfect time to wipe away your high interest debt for a clean start or pay for other expenses such as medical debt, home improvement, student loans or any other major expenses that you need paid. Examples of high interest debt that can be paid: Read More
To decide if you qualify for a conventional mortgage, various aspects of your financial history will be looked at. How does that happen? Fannie Mae provides a powerful application called “Desktop Underwriter” that helps conventional loan lenders quickly evaluate mortgage applicants. “DU” software instantly analyzes the borrower’s finances, assets, employment history, and credit profile. Freddie Mac also provides a similar program called “Loan Prospector“.
Read More
