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Financing & Insuring

Financing & Insuring

What is a Conventional Loan?

August 11, 2015

A conventional mortgage loan is one of a class of generic loans that can be originated by any lender, as opposed to loans guaranteed or issued by a government agency—like FHA, USDA or VA loans. Because more entities originate conventional loans, they can come in a variety of packages. Types of conventional mortgages Conforming May be an easier qualification process than non-conforming loans. If a single-family conventional mortgage loan is conforming, it means that it may be eligible for purchase from a lender by one…

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Financing & Insuring

Frequently Asked Questions: Using Gift Funds to Buy a Home

August 5, 2015

Whether you’re buying your first home or your tenth, you may find you need a little help coming up with a down payment or closing costs. If you’re fortunate enough to have someone who’d like to contribute to your homeownership goals, this FAQ is for you!  What kinds of loans allow you to use gift funds (for the purchase of a single-family primary residence)? FHA loans: Gift funds may be used for up to 100% of down payment and/or closing costs. VA loans: You may…

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Financing & Insuring

What is a USDA Loan?

July 27, 2015

The USDA (short for United States Department of Agriculture) doesn’t just certify that your favorite cut of beef is fit for the grill; among many other things, it also guarantees or directly provides loans to qualified homebuyers in rural communities. If you’re a low- to moderate-income applicant in an eligible rural area, USDA financing might be a good option for you. Types of USDA loans Direct loans For low-income applicants. These loans are issued directly from the government to the buyer, and require no down…

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Financing & Insuring

Making the Most of a Mortgage Calculator

June 18, 2015

A mortgage calculator can be very helpful when you’re deciding how to approach the financial side of buying a home. It can give you a ballpark figure of what your monthly mortgage payment may be so you can estimate expenses. It can also help you decide if you might prefer a fixed-rate or an adjustable-rate loan, or a 15- or 30-year loan term. Experiment by entering the numbers for one home price and interest rate—and then alter the figures to see different scenarios. Want to…

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Buying a Home, Financing & Insuring

Getting Prequalified After Bankruptcy, Foreclosure or Short Sale

March 19, 2015

Life sometimes takes us on unexpected journeys. You may think you’re heading in one direction and then—surprise—you’re on a completely different path. For example, if you experience a major credit event, such as a bankruptcy, foreclosure or short sale, your credit score can be severely impacted, which can affect your chances at qualifying for a mortgage loan. Chances are you’ll eventually be able to consider home buying—but it might take a little longer than usual. So, what can you do if you find yourself in…

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