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home financing

Buying a Home

Pre-House Hunting Checklist

January 16, 2018

You’re excited to start your  house hunt, and we don’t blame you! But before you hop into your car and head to the nearest new home community, it’s a good idea to lay the groundwork for a successful search.     Contact one of our New Home Specialists at 888.500.7060 or visit RichmondAmerican.com to get started today!      

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Financing & Insuring

What Credit Score Do I Need for a Mortgage?

December 8, 2017

Wondering what credit score you need to qualify for a mortgage? You’d be wise to ask. Your credit score (also known as a FICO® score) is one of the most important elements of qualifying for a home loan—and helps lenders determine your interest rate in the event you do qualify. While there isn’t a strict credit score standard that applies to all lenders—who have varying  requirements for loan origination—there are baseline standards if you’re applying for an FHA loan backed by the US government. To…

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Financing & Insuring

What Down Payment is Needed for an FHA Loan?

November 3, 2017

Insured by the Federal Housing Administration (FHA), FHA loans are an attractive option for first-time and repeat homebuyers, as well as those interested in refinancing their current home loan. Many factors contribute to the popularity of FHA loans—chief among them being a lower down payment requirement (as low as just 3.5%), compared to as much as 20% with other loan types. How much savings could that 3.5% down mean for you? Let’s use an example house sale. If you’re an entry-level buyer scrimping and saving…

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Financing & Insuring

When to Refinance a Home Loan

September 8, 2017
Couple reviewing refinancing documents

With interest rates at attractive lows, it might seem like a great time to refinance your mortgage loan—a process that involves paying off your current home loan with a new loan, resulting in new principal and interest payments (the P and the I in PITI) that could save you money, among other things. But how do you know if it’s a good time to refinance?   Following are four instances when it might make sense to refinance your home loan: You want a lower interest…

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Local Stories

5 FAQs on Home is Possible

August 9, 2017
Home is possible

Saving up for a down payment on a new home in Nevada? This homebuyer assistance program, now available through HomeAmerican Mortgage Corporation, may help make your dream home a reality! What’s Home is Possible? It’s a grant from the Nevada Housing Division that may be used toward a down payment on a qualified home purchase. Typical program participants receive 3% to 4% of the total mortgage amount; a 5% grant is offered on conventional loans. Heroes (veterans, active service members and surviving spouses) may opt…

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