Home Finance and Mortgage

Are you interested in purchasing a home? Many potential homebuyers have to be approved for a home mortgage loan in order to be seriously considered by sellers. An important aspect of being approved by a lender for a mortgage loan is an individual's credit score. What should potential buyers realize about their credit score and how it is related to buying a home?

Understand more about the relationship between one's credit score and credit history and what home mortgage loan applicants can do to improve their credit today.

Why Is a Credit Score Important to Lenders?

A credit score is one factor that helps lenders determine who may be considered a low-risk applicant. Low-risk applicants with relatively high credit scores can generally expect

Do you want to get into a home but cannot afford a 20 percent down payment? You are not alone. Those who do not want to delay a purchase and wait until they have 20 percent of a home's purchase price can get into a home through means that may require additional fees and insurance products to protect the lender.

A PMI is often required as part of a conventional home loan for many. It can allow those making a minimal down payment to get into their first home, in The Lakes or another community, and begin to build equity.

Understand more about PMI and cancelling PMI to determine whether or not obtaining a conventional loan with a small down payment is right for you.

What to Know About Private Mortgage Insurance

Private mortgage insurance or

Although it's not the kind of loan that is often in the headlines, a 203k loan is a valuable tool. It has the potential to transform a "hard to sell" or "fixer upper" property into a desirable one and offers a source of funds for anyone who can see the potential in a house that requires immediate improvements.

But it is not available to investors. Designed to make home renovation options available to owner/occupants, this unique mortgage loan is also available to non-profit organizations. Although it can be used solely for home improvements, it is often bundled with standard mortgage funding, with maximum regional loan limits set by the Federal Housing Authority (FHA). The limitations are usually sufficient, but not meant for extravagant

Established by the passage of the National Housing Act in 1934, the Federal Housing Administration (FHA) has helped millions of Americans become homeowners and continues to be one of the most popular loan options today. Although commonly called FHA loans, these mortgages are actually issued by approved banks and lenders and only guaranteed by the Federal Housing Administration. The following guide is designed to answer basic questions about the FHA home loan program and help those interested in purchasing a home decide if it is the right option for their needs. 

Is the FHA loan program restricted to first-time homebuyers or low-income applicants? 

The FHA loan program is available to all borrowers who meet the basic requirements set by the

A USDA loan is a program of the United States Department of Agriculture (USDA) that is designed to assist income-eligible persons in obtaining a home in select rural areas. Targeting individuals who fall within low and moderate income brackets, the loans must be used for applicants as their personal and primary residence for the duration of the loan. Those people who are found eligible for the program can rehabilitate, build, relocate or improve on a dwelling that is located within a rural area that is deemed eligible by its guidelines.

Three Types of USDA Home Loan Programs

• Direct Loans are issued by the USDA itself and are aimed at those households with low or very low incomes. The income thresholds vary by both family size and region. 

When you apply for a mortgage, pre-approval each lender is going to ask you for a lot of information. Some of it may seem superfluous, but it makes more sense when you consider the amount of money you may receive. Here's what they need, and what they plan to do with it.

Stable Employment History

Before anyone is willing to hand buyers hundreds of thousands of dollars in funds to purchase a home, they want to be reasonably certain that the prospective buyer will be able to bring in the income necessary to make the monthly mortgage payment, as well as all other monthly expenses. It starts with a solid job history. Buyers can prove this by verifying consistent employment for the past several years. Be prepared to explain any gaps in employment,

Spring is usually the time of the year when people think of cleaning their homes and removing the clutter and cobwebs left over from the winter. For people who are considering making the leap to homeownership during the year, spring offers a good time to take a good look at their finances in anticipation of signing a contract for their dream home.

Here are some ideas designed to solidify the financial footing of potential homebuyers this spring. 

1. Apply a Strategy to Your Tax Refund

Millions of Americans look forward to a windfall that happens each year. Otherwise known as a tax refund, for the majority of people who receive one, the extra funds are treated as fun money and spent on things like vacations, nice meals out and

There are certain instances in which buying a home may become more complicated, and buying a home after you have had a foreclosure on your credit report is one of them.

Although a lot of lenders see a foreclosures as a significantly negative credit event, there are ways to minimize the effect it has on credit, as well as your ability to buy a home in the future.

1. Common Waiting Periods

It depends on the lending institution, but most lenders set some limits on the length of time that buyers must wait after a foreclosure in order to apply for mortgage financing. The standard waiting period for most conventional loans is seven years, calculated from the time that the foreclosure was completed. That date may fall months or even a year after