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Financing & Insuring

Financing & Insuring

Down Payment Savings Strategies

January 24, 2014

Whether you’re a renter ready to become a homeowner, or a would-be move-up buyer, saving for a down payment on a house can be a challenge. Depending on your timeframe, how much you need to save and how aggressive you’re willing to be, there are several things you can do to shorten the path to your dream home. Easy, everyday money-saving strategies Create a household budget. There’s a budget worksheet in our free First-time Homebuyer Guide, if you need it. Knowing what you spend each…

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Financing & Insuring

Finding the Right Mortgage for You in 2014

January 3, 2014

If you haven’t been paying attention to mortgage news in the past year, you should know there have been some changes. Homebuyers looking to apply for a home loan in 2014 will face different options and challenges than buyers had in previous years. Do you still qualify for an FHA loan? Benefits such as lower down payment and credit score requirements have drawn homebuyers to Federal Housing Administration insured mortgages (FHA loans) for years. However, as of January 1, 2014, FHA loan limits lowered across…

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Financing & Insuring

Still Time to Enjoy 2013 FHA Limits

December 16, 2013

Did you know that many FHA loan limits are lowering in 2014? The reduced limits will exclude a growing number of borrowers from FHA financing, depending on the county and the price point of the home. FHA Benefits You May Miss Out On If You Don’t Act Soon… Lower FHA down payment • Lower credit score requirement • Monetary gift from family can be used for entire down payment *DEADLINE* Steps must be taken and your loan secured by December 27, 2013. Contact HomeAmerican Mortgage…

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Financing & Insuring

A Mortgage Loan Checklist: Paperwork to Prepare

November 1, 2013

“Oh, that darn paperwork! Wouldn’t it be easier if it all just blew away?”– Mike Wazowski, Monsters, Inc. Don’t let a fear of paperwork keep you from the home of your dreams. Take advantage of our straightforward mortgage loan checklist to put together the right documentation for your loan officer—helping to simplify your application process and place you on the best path toward homeownership. Income: W-2s or 1099s for the previous two years for each borrower Paycheck stubs covering the most recent 30 days for…

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Financing & Insuring

Quick Facts on PMI

June 19, 2013

What is PMI? PMI stands for private mortgage insurance. It’s an insurance policy that protects a mortgage lender against loss if a borrower defaults on a loan. Who is asked to pay PMI? It varies, but lenders typically require PMI on conventional loans with a less than 20% down payment. How much does PMI cost? PMI cost varies according to many factors, including the amount you’re borrowing, your loan type and term, your credit score and the amount of your down payment. In general, PMI…

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