Buying a House without 20% Down
It’s true. There are fewer no money down mortgage options today than there were a few years ago, but if you’ve heard that today you need 20% down to buy a house, you’ve been misinformed. In 2007, the mortgage industry was thick with mortgage lenders offering 100% financing. There were different rates and different PMI [...]
Your Credit vs Loan Quality Initiative
Posted in: First Time Homebuyer, Industry News, Loan Process, Truth in Lending
Fannie Mae’s “Loan Quality Initiative” What you need to know: Fannie Mae doesn’t make loans. Banks lend money. Fannie Mae buys loans from banks and securitizes them into mortgage-backed securities that are sold in the bond market. As such, Fannie Mae wants to make sure that every loan it buys to meet its basic underwriting [...]
7 Deadly Sins of Mortgage Lending
Posted in: First Time Homebuyer, Loan Process, Purchase
On paper, mortgage approvals are easy. If you have a good credit history, enough income to pay the mortgage and other bills, a house with the required value and equity for your loan program and all the little details can be verified – you’re approved. Staying approved can be a whole different matter. There are [...]
Giving Gifts – the Downpayment Kind
Posted in: First Time Homebuyer, Loan Process, Purchase
Just like presents during the Holidays, there’s a right way and a wrong way to give and receive gift funds for the downpayment on your new home. If you don’t follow the rules, you could jeopardize your mortgage approval. Verifying funds – especially gift funds – is an exercise in “follow the money.” Every step [...]
FHA vs Conventional Loans
Posted in: FHA, First Time Homebuyer, Loan Process, Purchase
Chances are, if you’re looking for a fixed rate mortgage in New Hampshire, you may qualify for more than one type of loan. If you’re a first time homebuyer in particular, you may qualify for several. Finding the one that’s best suited for your needs may be more complicated than asking your neighbor what mortgage [...]