With the rising cost of homeownership, it can seem impossible to save enough money for a down payment. Luckily, there are a few programs that provide legitimate down payment assistance. With the overall goal of making mortgages more affordable, Freddie Mac’s BorrowSmart℠ program offers credit toward qualifying home purchases for very low- to low-income home
Mortgages
Given today’s home prices, buying a home on a teacher’s salary ain’t easy. If you’re a teacher and aspiring home buyer, you should know that many home loans are specifically designed for educators to help them purchase real estate. And you can also take advantage of mortgage assistance programs to help make buying a home
If you qualify for an FHA loan, but you can’t find or don’t want a traditional house, you could opt for a condominium. Like houses, condos need to be approved by the Federal Housing Administration (FHA) before they’re added to the official list of FHA-approved properties. This means you’ll need to pick from available FHA-approved
Unless you have the resources to buy a home with cash, applying for a mortgage is the usual way most aspiring buyers purchase homes that would otherwise be out of reach. For most home buyers, taking out a mortgage is a clear path to homeownership. But what may not be so clear is the type
Did you finance your home with a Federal Housing Administration (FHA) loan? FHA loans are attractive to borrowers with less-than-ideal credit scores or lower amounts saved for down payments, unlocking the door to homeownership for many aspiring first-time home buyers. But your circumstances can change – and they can change for the better. If your
If you own your home, there’s a good chance you bought it using a 30-year fixed-rate loan. But after a few years, your situation may have changed and you may have new financial goals – like paying off your mortgage sooner or saving on interest charges. Refinancing to a 15-year mortgage can help you build
Are you stuck with a mortgage that no longer works for you? Maybe your interest rate is too high, or you’re struggling to make your monthly mortgage payments. Maybe interest rates are falling or your credit score is rising, and you want a better deal. No matter the reason, refinancing your mortgage could be the
When you’re searching for your next home, a fully renovated property can be pretty appealing. But if you want to use a Federal Housing Administration (FHA) loan to purchase a recently renovated property, you might run into some trouble getting your financing approved. Even if you have excellent credit and enough cash for a sizable
Plunging into homeownership is a big deal. You want to make sure you’re getting the best deal possible, and that starts with researching your loan options. Federal Housing Administration (FHA) and Veterans Affairs (VA) loans are two of the most common government-backed mortgage programs – but they offer very different benefits for borrowers. So which
The Fannie Mae HomePath® program is a great way to buy a home at a more affordable price than you might find on the open market. Getting a mortgage through HomePath® could save you thousands of dollars on your down payment and closing costs. In this guide, you’ll learn everything you need to know about
Between our roller coaster job market and saving for a down payment while battling inflation, buying a house can feel unattainable for many of us. Add to that our anxiety over good or bad credit scores, and it may feel like you’ll never own a home. But contrary to popular belief: You don’t need a
Mortgages come in a variety of proverbial flavors. There are short-term mortgages, long-term mortgages, mortgages with variable rates and mortgages with fixed rates. The varieties are endless – and as anyone who has spent time in an ice cream shop knows – it can be challenging to decide on the flavor you want. If you’re
A Department of Veterans Affairs (VA) loan is one of the best ways active or veteran military service members can secure a mortgage. With a VA loan, veterans can get the money they need and not have to make a down payment. And your VA loan is a benefit you can reuse. You can use
Buying a home comes with a lot of decisions, from the property you choose to the type of financing you use. In addition to selecting the kind of mortgage you want to take out, you might also find yourself weighing your options for the length of your loan term. While most loan terms are 30
Are you ready to purchase a home but worry you may not qualify for a mortgage? Have you considered the FHA’s adjustable-rate mortgage (ARM)? The FHA ARM (which is insured by the Federal Housing Administration) may be the loan that makes your home buying dreams a reality. The credit score and down payment requirements for
Buying a home can be an expensive pursuit. Fortunately, there are strategies you can take advantage of to lower your home buying costs. If you are an aspiring home buyer with a low- to moderate-income, you should explore the different loan options at your disposal. If you’re struggling to qualify for a conventional mortgage because
Find out what you can afford. Research what your monthly payment might look like with our intuitive mortgage calculator. The VA loan program is one of the best ways for qualified service members, veterans and surviving spouses to become successful home buyers. VA loans make home loans accessible and offer some of the most competitive
When you’re house hunting, finding the right home is only part of the battle. You’ll also need to decide how to finance your home purchase. If you’re going to take out a loan, you need to know which type of mortgage to use. Conventional loans and U.S. Department of Veterans Affairs (VA) loans are among
In the United States, there are many different paths to homeownership. One of the most common ways to buy a home – especially if you can’t make a huge down payment – is with help from the Federal Housing Administration (FHA). Established after the Great Depression, the FHA offers a variety of programs to help
Qualifying service members, veterans or surviving spouses turn to VA loans to help make buying a home less expensive and becoming a homeowner more affordable. With a VA loan in hand, borrowers can close on a new home without a substantial amount of money upfront. One of the biggest benefits of a VA loan is
As a consumer in the real estate industry, an awareness of mortgage scams is crucial to protect yourself from falling victim to them. A mortgage scam is when someone intentionally misrepresents information for their own profit or benefit. There are dozens of different mortgage scams, which can be perpetrated by mortgage lenders, real estate agents,
If you’re in the middle of shopping for a mortgage (or will be soon), you’ll probably come across two companies: Fannie Mae and Freddie Mac. Ring any bells? Fannie Mae and Freddie Mac are home mortgage companies created by Congress that play an important role in the U.S. mortgage industry. The two federally backed institutions
For many of us, the American economy has felt like a rollercoaster lately. Interest rate hikes have become the new normal, and you can’t seem to escape inflation in stores or on the news. If you’re trying to buy a house, you’re probably wondering how interest rates and inflation will affect your home buying aspirations.
If you take out a mortgage on a home, you might be surprised to receive your first bill from a bank you’ve never worked with before. You can thank the secondary mortgage market for that. When you take out a home loan, your lender can sell the loan – and the rights to collect payments
After years of studying to begin a career as a medical professional, you’d think getting a mortgage would be a breeze. Unfortunately, many doctors come out of medical school with a significant amount of debt and a more modest income than seasoned physicians. This large debt-to-income (DTI) ratio can make it harder for doctors looking
Like many Americans, U.S. military veterans and active duty service members may want to purchase an investment property. After all, real estate has proven to be one of the most lucrative investment opportunities. As an added bonus, service members and veterans get access to VA loans, which often come with more favorable terms and fewer
You can refinance your home multiple times for multiple reasons. Maybe you want to capitalize on a lower interest rate or switch from an adjustable-rate mortgage (ARM) to a fixed-rate loan. Some of us may decide to refi to help us get through a difficult financial situation. While it may be in your best interest
For many of us, buying a home is the pinnacle of adulting. There’s just something about owning property that makes most of us feel accomplished – and with good reason! It takes time, effort and preparation to finally get those keys in our hands. And speaking of preparation, one essential step to owning a home
During a refinance, there are many moments of anticipation you hope will eventually lead to successfully refinancing your home. Minutes feel like eons when you’re waiting for an update from your loan officer. You’ll likely feel twinges of anxiety while you’re waiting for the results of your appraisal to come back. Your most pressing question
A home appraisal is a comprehensive evaluation of a home’s value that takes into account the living condition of the home, any improvements made and comparable homes in the area. It lets potential buyers and their mortgage lenders know if they may be paying too much for a home. If they are, the lender may
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