Housing Wire

FEBRUARY 15, 2024

But the good news is, more buyers have become aware of down payment assistance (DPA) options and are tapping into available resources for help, said Susanne Saller, a senior consultant at Caliber Home Loans. They’re using a DPA program through the New Jersey Housing and Mortgage Finance Agency (NJHMFA).

FHA loan 442

FHA loan Loans Closing costs Loan Officer 442

Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%

VA loan 450

VA loan Agents Seller concession FHA loan 450

Housing Wire

MAY 25, 2021

New legislation would extend a benefit similar to Veterans Affairs loans to first responders and teachers who buy homes. The bill would allow borrowers to finance up to 100% of the acquisition price. Mortgages would be subject to FHA loan limits. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.),

FHA loan 464

FHA loan VA loan Loans Loan Officer 464

Housing Wire

DECEMBER 18, 2020

Here’s what you need to know about financing that purchase. Conventional loans. A conventional loan is a smart way to finance an income-earning property. If you plan to use the property as an investment (you’ll have to indicate so on your loan application), then you could face more stringent qualifying requirements.

FHA loan 457

FHA loan Hard money loan Loans Finance 457

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. NEXA has always been focused on purchase loans , which means some of its LOs do significant business with buyers’ agents.

Industrial 498

Industrial Seller concession Purchase and sale agreement Agents 498

Housing Wire

MARCH 14, 2024

Lisa Moriello “Any loan officer can run a report in their own database to calculate when someone’s date of birth hits that prime age [for a reverse mortgage],” Moriello said. 1, the limit for HECM loans was increased to $1,149,825 by the Federal Housing Administration (FHA). 2024 HECM limit On Jan.

Mortgages 413

Mortgages Loan Officer FHA loan Equity 413

Real Trends

NOVEMBER 11, 2022

Real estate professionals navigating housing in 2022 and beyond need to know their way around all the financing options available. Without knowledge of lesser-known financing choices, real estate professionals can miss the chance to turn their customers into homeowners, or sellers. . USDA loans. 2-1 buydowns.

Finance 106

Finance VA loan FHA loan Agents 106

Realty Biz

SEPTEMBER 30, 2023

By comparing loan options, understanding loan terms and interest rates, and exploring resources for mortgage comparison, you can find the right mortgage lender for your financial situation. Let's delve deeper into these topics to guide you towards an affordable home financing solution. Can you buy a house with bad credit?

Finance 97

Finance Debt-to-income ratio FHA loan Mortgages 97

Housing Wire

DECEMBER 28, 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. It was another brutal year, pushing loan originators to work longer hours, close loans faster while diversifying their mortgage product offerings.

Loans 424

Loans FHA loan Mortgages Loan Officer 424

Realtor.com

FEBRUARY 3, 2021

If you’re a potential home buyer and you qualify for a conventional loan, you still need thousands of dollars in cash for a down payment, closing costs , and other expenses. Read on to learn about who qualifies, and how micromortgages differ from other types of loans. What exactly is a micromortgage?

Loans 111

Loans FHA loan Finance Loan Officer 111

Realtor.com

FEBRUARY 3, 2021

If you’re a potential home buyer and you qualify for a conventional loan, you still need thousands of dollars in cash for a down payment, closing costs , and other expenses. Read on to learn about who qualifies, and how micromortgages differ from other types of loans. What exactly is a micromortgage?

Loans 98

Loans FHA loan Finance Loan Officer 98

HomeLight

OCTOBER 15, 2020

We talked to Jessica Sanchez, Director of Underwriting & Loan Management at HomeLight Home Loans, to walk through the ins and outs of conventional loans. What’s a conventional loan? A conventional loan is a private mortgage that’s not backed by the federal government (we’ll get to government loans in a bit).

Loans 96

Loans FHA loan Debt-to-income ratio VA loan 96

Housing Wire

JANUARY 31, 2023

Scott Miller, a former mortgage loan originator at Sprout Mortgage , knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. In turn, thousands of loan originators could soon be looking for a new lender to hang their license. Go [Mortgage] was on that list,” Reich said.

Loans 393

Loans Mortgages Loan Officer Pre-approval 393

Realtor.com

DECEMBER 20, 2021

Real estate agents don’t typically deal with the loan process. “The best advice that I could give is to get a couple of recommendations for loan officers in your area,” says Nathan Perkins Jr. , for an FHA loan. to 1% of your loan amount each year. Loans with no money down.

Pre-approval 137

Pre-approval Loans Loan Officer VA loan 137

HomeLight

AUGUST 16, 2021

First-time homebuyer loans can help make it easier on first-time homebuyers , offering access to special mortgage programs with low down payments. With this expert-backed guide, we’re here to help: Here’s how to apply for a first time home buyers loan in eight manageable steps. You can qualify for loans with as little as 3.5%

Loans 100

Loans VA loan FHA loan Purchase and sale agreement 100

HomeLight

AUGUST 31, 2021

We consulted expert Richie Helali, mortgage sales leader at HomeLight Home Loans, to walk you through the basics. Every time a bank provides somebody with a loan, the bank’s essentially investing in that person.”. All the major loan programs accept much lower minimum down payments, with a few even offering zero-down loans.

FHA loan 100

FHA loan VA loan Loans Loan Officer 100

C4D Crew

JANUARY 13, 2022

This article will break down the home buying process from loan to close. . Before the Loan. Make sure to include everything in your estimate, including groceries and student loans. Most loans require at least a 3.5% If you’re a veteran who qualifies for a VA loan, you might not have to put any money down at all. .

Loans 52

Loans Closing Pre-approval VA loan 52

Housing Wire

JANUARY 4, 2023

More than 160 employees from the now-shuttered Finance of America Mortgage have landed at Go Mortgage , a Columbus, Ohio-based lender. When Finance of America announced their closure, we started searching around,” Reich said. “Refis are the easier product of the industry,” Reich said. “We

Mortgages 488

Mortgages FHA loan Loan Officer Construction 488

HomeLight

JUNE 28, 2021

From bidding to buying to financing to special incentives — we’re talking all things HUD homes to help you decide if this property type fits your financials and lifestyle. FHA loans are geared toward individuals in need of lower down payments, or those who may not qualify for conventional loans due to lower credit scores.

Pre-approval 97

Pre-approval Pre-qualification FHA loan Inspection 97

HomeLight

OCTOBER 11, 2021

You’re getting ready to start shopping for a house, and you’re pretty certain you want to go with an FHA loan. The Federal Housing Administration backs loans with less strict credit requirements and low down payment options to help families become homeowners. How much house can you afford if you’re getting an FHA loan?

FHA loan 83

FHA loan Loans Debt-to-income ratio Closing costs 83

HomeLight

AUGUST 31, 2021

The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. In 2020, only about 10% of all home loans were FHA-backed, according to the agency’s annual report. But more than 80% of those FHA borrowers were first-time homebuyers.

FHA loan 88

FHA loan Loans Debt-to-income ratio Banks 88

HomeLight

SEPTEMBER 30, 2020

And the interest you pay on that mortgage loan is nothing to sneeze at. That means for a 30-year conventional mortgage loan for $250,000, you’d be paying $962,458.72 just in interest over the lifetime of the loan. Keep an eye on interest rates,” says Los Angeles-based loan officer Dan Hunt. Crazy, right?

Mortgages 98

Mortgages Fixed-rate mortgage Equity Loans 98

HomeLight

JUNE 18, 2021

During the excitement of searching for a home and getting preapproved for a loan , closing costs may get overlooked. Closing costs are typically between 2% and 5% of the loan amount but can vary significantly based on location. Closing costs can be broken up into three main categories: loan costs, title costs, and other costs.

Closing costs 104

Closing costs Closing Mortgages Title 104

HomeLight

OCTOBER 2, 2020

Mortgages are some of the most complicated loans that you can get, and they include a number of associated fees. Loan origination fees. The loan origination fees are often the largest set of fees you’ll pay on your loan. After they have approved your loan, some lenders may require you to pay a rate lock fee.

Mortgages 97

Mortgages Title Loans VA loan 97

HomeLight

MAY 31, 2021

Before you even start looking, you’ll also need to find a mortgage lender who will determine how much house you can afford , make sure your credit is in good standing, and see what kind of loan programs will work best for you. These are things you just might not know as a buyer — but your agent and loan officer can give you guidance!

Mortgages 60

Mortgages Debt-to-income ratio Loans Closing costs 60

HomeLight

JANUARY 27, 2021

Home financing. So understand that unless you’ve been earning 1099 income for more than two years, it may not help you qualify for a home loan. Some loans, like VA or USDA loans, even allow you to put 0% down. and 1% of your loan amount, annually. Source: (Tomas Yates / Unsplash). You don’t really need 20% down.

Closing costs 117

Closing costs Loans Inspection Earnest money deposit 117

Realtor.com

NOVEMBER 28, 2022

While there are a variety of mortgages aimed at helping homebuyers afford a home—such as FHA loans and VA loans —one type that’s often overlooked are USDA loans, which offer excellent terms to those who qualify, including a 0% down payment and low interest rates. What is a USDA loan? Types of USDA loans.

Loans 95

Loans Mortgages FHA loan Debt-to-income ratio 95

HomeLight

JANUARY 31, 2022

You’re thinking about buying a house, but you aren’t sure what your mortgage loan (or monthly payment ) will look like. Still, to make your dream a reality, determining how to estimate a mortgage loan and how much you can spend is something you’re going to have to do. Source: (sarah b / Unsplash). as a down payment.

Loans 95

Loans Mortgages FHA loan Principal 95

HomeLight

JUNE 22, 2023

Everyone’s finances and circumstances are different. You would add up all of your monthly debt payments, such as auto loans, mortgage payments, minimum payments on credit cards, student loan payments and installment debts,” explains Marcus Rittman from HomeLight Home Loans. Then let’s say you gross $8,333 per month.

Debt-to-income ratio 90

Debt-to-income ratio Mortgages FHA loan Loans 90

HomeLight

NOVEMBER 29, 2021

Research and strategy are involved when deciding on a figure for a down payment, which will depend on your savings and how much you’re willing (and able) to finance. Before diving into loan options, make sure you know how much you can actually afford with the income you currently have. What types of mortgage loans are there?

Earnest money deposit 90

Earnest money deposit FHA loan Purchase and sale agreement Inspection 90

HomeLight

SEPTEMBER 1, 2022

Well, hello there, student loan debt. Millennials and Gen-Zers have on average $36,000 in student loan debt , as the Education Data Initiative reports in its 2021 study. with student loans and are worried about how that may impact your ability to buy a home. How student loan debt affects your ability to purchase a home.

Debt-to-income ratio 83

Debt-to-income ratio Loans FHA loan Equity 83

HomeLight

JUNE 19, 2023

There are tons of programs out there to help buyers get into homes, from loans that offer down payments as low as 3%, to special grants for first-time buyers. Though many loan programs go as low as 3% down, that’s still beyond the means of many homebuyers — especially those in hyper-competitive or expensive real estate markets.

FHA loan 103

FHA loan Closing costs Loans VA loan 103

HomeLight

JUNE 15, 2023

After finding their dream home and signing the purchase contract , most buyers feel on top of the world … until they see the Loan Estimate or preliminary closing statement (if buying in cash). Origination fee This fee covers the lender’s administrative costs in processing the loan. What are all those charges?

Closing costs 90

Closing costs Closing Title Inspection 90

HomeLight

MARCH 6, 2023

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Loans are between 3%-3.5%

Closing 91

Closing Earnest money deposit Sales Title 91

Realtor.com

APRIL 8, 2021

But the good news is that many first-time home buyers in California qualify for special loans and financial assistance that can lower the costs of homeownership. CalHFA’s first-time home buyer loan programs. Here is a list of home buyer eligibility requirements to help you understand whether or not you qualify for these loans.

Debt-to-income ratio 95

Debt-to-income ratio Closing costs Loans FHA loan 95

HomeLight

MARCH 2, 2023

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Loans are between 3%-3.5%

Closing 97

Closing Earnest money deposit Sales Inspection 97

HomeLight

OCTOBER 5, 2020

When a home is listed as a short sale, the lender forgives the remaining balance of the loan. You’ll need to get preapproved for a mortgage loan. Bank statements can also be used for certain mortgage loans if you have a non-traditional job or a side gig. On average, closing costs comprise between 2% and 5% of the loan amount.

Short sale 81

Short sale Sales Pre-approval Pre-qualification 81