FHA Offers More Than Just a First-Time Homebuyer Mortgage

For many people, FHA loans have been a valuable resource for those looking to buy a home for the first time. They are attractive loans due to their lower down payment requirement of 3.5% and generally lower rates than conventional mortgages. However, FHA loans offer more than just a traditional mortgage to home buyers. These… Continue Reading

Should You Opt For Non-QM Loans?

With many economists predicting the Federal Reserve to continue to rise rates to combat inflation, that spells unwelcome news for many would-be first-time homebuyers looking to purchase a property. The Fed has already raised rates three times this year and most expect that we’ll see two more rate hikes before 2022 comes to a close.… Continue Reading

How Is Income Calculated for a Mortgage?

When trying to purchase your first home, many things can be confusing to borrowers during the mortgage process. From acronyms like DTI, ATR and front-end and back-end ratios, calculating income is an area many first time homebuyers don’t understand. However, a simple review of how lenders will evaluate your income can help you determine if… Continue Reading

How to Come up with a Down Payment?

For many first-time homebuyers, the biggest challenge to homeownership is the large chunk of change needed to put down on a mortgage. This is commonly referred to as a down payment. Depending on the loan program you choose, a lender could require you to put down as little as 3% or as much as 10%.… Continue Reading

What’s Included in My Mortgage Payment?

When you buy a house, most people expect to pay back the amount borrowed plus interest. But, did you know that a mortgage payment is made up of more than just principal and interest? In some cases, a mortgage payment may have five or six different parts to them. For the first-time homebuyer this can… Continue Reading

What Is PMI and Do I Have to Have It?

Alright, you have selected the house you want to buy, found a mortgage lender to meet your financing needs and they have presented you with a rate quote that looks pretty enticing. You love the offer, and your dream of homeownership is coming to close but there’s just one thing. You notice an extra charge… Continue Reading

How Your Credit Score Can Determine Your Mortgage

A credit score is arguably the single most important factor for lenders when determining whether you qualify for a mortgage or not. Not only that, but your credit score will also determine what type of loan you can get when finding financing for your next home purchase. The score is important to lenders because it… Continue Reading