article thumbnail

Mortgages with Low Credit Scores - Your Guide to Affordable Home Financing

Realty Biz

Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements. Consider alternative mortgage options: If traditional mortgages don't work out, explore alternative options such as FHA loans, VA loans, or USDA loans.

Finance 97
article thumbnail

Forever Home: A First-Timers Guide to Understanding Home Loans

C4D Crew

Borrowers must have a steady income and provide proof of employment for the last two years to qualify for an FHA loan. Currently, those with a credit score of at least 580 can qualify for an FHA loan with as little as 3.5% Like FHA loans, VA loans are provided by private lenders such as banks and mortgage companies.

Loans 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Are the Biggest Differences Between FHA and Conventional Loans?

HomeLight

If you’re a first-time homebuyer , you have a lot of decisions to make, including what type of loan to choose. You may have heard that FHA loans are good options for first-time homebuyers, but why is that? Well, FHA loans have a few benefits for first-time homebuyers that conventional loans don’t.

article thumbnail

FHA Guidelines

Real Estate Finance HQ

This guide outlines the types of, as well as the necessary qualifications for, FHA loans. What is a FHA Loan? The FHA, a unit of the Department of Housing and Urban Development, was created in 1934 specifically to help low- and moderate-income families obtain financing for home ownership. Mortgage Insurance.

article thumbnail

Your Go-To Guide on How to Save for a House on a Low Income

HomeLight

Department of Housing and Urban Development (HUD)-approved counseling agency, providing more than 31% of the housing counseling in the country. “It’s A loan backed by the FHA — which is part of the U.S. Department of Housing and Urban Development (HUD) — is a government-backed mortgage loan.

Loans 79
article thumbnail

Selling a House ‘As Is’ in North Carolina

HomeLight

If the property is the subject of any lawsuits, foreclosures, bankruptcy, leases or rental agreements, judgments, tax liens, proposed assessments, or other liens or notices that could affect title to the property. Whether the house is subject to regulation by a homeowners’ association. Prioritize a cash offer if you receive one.

As-is 82
article thumbnail

GSEs still shun the low end of manufactured housing

Housing Wire

It was able to conceal the faulty loans for years through creative accounting, however, and sold itself to Conseco for $6 billion in 1998. But when home prices depreciated, it flamed out, and its parent Conseco filed for bankruptcy protection in 2002. Freddie Mac declined to comment.

Finance 381