Category: Blog

Availability of USDA Mortgages in Virginia

Availability of USDA Mortgages in Virginia The USDA-guaranteed mortgage is one of the most desired home loans in the country. It features a no-down payment feature and a low monthly mortgage insurance premium. However, as its name seems to imply ( ie., U.S. Department of Agriculture), it is for rural, ...
READ MORE

How to Get a No-Down Payment, No Closing Cost Home...

How to Get a No-Down Payment, No Closing Cost Home Mortgage Many prospective first-time home buyers believe they cannot obtain a mortgage because of the upfront costs of a mortgage transaction, even though they believe they have sufficient income and credit rating to qualify for the mortgage. The costs of ...
READ MORE

JUMBO LOANS FOR FAIR CREDIT REPORT SCORES

JUMBO LOANS FOR FAIR CREDIT REPORT SCORES In high housing cost areas, jumbo mortgages may be the only residential financing available for home purchases or refinances. This is because conventional mortgage sources- Fannie Mae, Freddie Mac, FHA and VA—cannot go over preset mortgage amounts. The standard maximum mortgage amount is ...
READ MORE

TIPS FOR FIRST TIME HOME BUYERS IN 2019

It is anticipated that 2019 will experience a surge in home buying by first time homebuyers. Many questions arise for these new home buyers, some of which are answered here: How much house can I afford? Assuming you otherwise qualify for a mortgage, the key determinant of the amount of ...
READ MORE

The Economics of Real Estate Settlement ( “Closi...

Real estate settlement is the procedure involved in the passage of title from a property seller to a property buyer. A similar procedure is followed when a property owner refinances the mortgage on his/her residence, and is called a “mortgage closing”. Both involve expenses that must be paid by the ...
READ MORE

Cash-Out Refinance Mortgages: Poor Credit, High L...

Cash-out refinance mortgages are used to access cash from home equity for any number of purposes. However, home owners with poor credit are often precluded from getting these mortgages. Most lenders advertise cash-our refinances with minimum credit scores of 640 FICO and maximum LTVs of 80%. These are traditional terms ...
READ MORE

Mortgage Loan Approval for Borrowers with Poor Cre...

The three key elements for loan approval are income, credit and property. Borrower income must be sufficient to pay for the mortgage, as well as all other debts and monthly obligations. The property to be purchased must not cost more than its appraised value. And, most important, the borrowers’ credit ...
READ MORE

MILLENIAL HOME BUYERS: How to Navigate Student L...

Mortgage lenders follow guidelines imposed by the mortgage marketplace when approving home loans. One of them deals with the credit worthiness of the mortgage applicant. The most well-known of these guidelines is credit score, as reported by the major credit scoring repositories     ( Experian, Equifax and Transunion). However, another credit ...
READ MORE

Tips for Executing a Real Estate Sales Contract

When you select a new home to purchase, you will need to execute a contract of sale ( also called a Residential Contract of Purchase). To assist you to negotiate that contract with the seller, below are some important tips to help you: Earnest Money Deposit. This deposit is required ...
READ MORE

The Economics of Real Estate Settlement (“Closin...

Real estate settlement is the procedure involved in the passage of title from a property seller to a property buyer. A similar procedure is followed when a property owner refinances the mortgage on his/her residence, and is called a “mortgage closing”. Both involve expenses that must be paid by the ...
READ MORE