First Time Home Buyer

How to Prepare to Buy Your First Home in 2022

How to Prepare to Buy Your First Home in 2022

In this post, I will cover everything you need to know about buying your first home including how to prepare to buy your first home in 2022. My book - My First Home was a #1 best-seller on Amazon.com and I have personally helped hundreds of First Time Home Buyers prepare to buy their first home. First Step - Choose the Right Loan Officer/Lender The first step of preparing to buy your first home in 2022 is to find the right loan officer and lending company. You should look for a Loan Officer…continue reading →
Rent Payment History to Help Increase Homeownership

Rent Payment History to Help Increase Homeownership

To help increase homeownership opportunities for borrowers, Fannie Mae is enhancing its underwriting guideline to consider a borrower’s positive rent payment history in the credit risk assessment. Effective immediately, when the borrower is currently paying rent of $300 or more, and a 12-month Verification of Asset (VOA) report is obtained by the lender, Fannie Mae, a government agency, will improve the credit risk profile of a borrower helping them to qualify for a mortgage which they might not have otherwise. The borrower and the property must meet the following guideline: The borrower must…continue reading →
Fixed Rate vs Adjustable Rate Mortgage (ARM)

Fixed Rate vs Adjustable Rate Mortgage (ARM)

Whether you are buying a new home or planning to refinance, you may be asking the question - Adjustable Rate Mortgage (ARM) or Fixed mortgage rate - which one is better? When you are trying to make a decision on whether to take an Adjustable Rate Mortgage or a Fixed Rate, you should consider two factors: How long do you plan to stay in the property? What is the difference in the interest rate between an ARM & a Fixed? Let me elaborate this: Rates on ARMs are usually lower than fixed-rate loans.…continue reading →
Qualifying for FHA loans with Student Loans is Easier Now

Qualifying for FHA loans with Student Loans is Easier Now

  A recent announcement by Housing and Urban Development (HUD) has made qualifying for FHA loans easier for borrowers with Student Loans. The debt to income ratio plays an important role in qualifying for any mortgage including FHA loans. It's the ratio of your monthly obligation towards debts vs your monthly qualifying income. Before: Earlier student loan payment was calculated as follows: either the greater of 1 percent of the outstanding balance on the loan; or the monthly payment reported on the Borrower’s credit report; or the actual documented payment, provided the payment…continue reading →
Why Your Asset Statements Matter to Mortgage Lenders in 2021

Why Your Asset Statements Matter to Mortgage Lenders in 2021

  Applying for a loan can feel like an invasion of your privacy. As if lenders want to pull back the curtain on your life and analyze every detail, including your job, your income from that job, your tax returns, and, worst of all, copies of your asset statements. You want to ask them what they're looking for and why! Well, many borrowers do ask that question and with good reason. When strangers dig around in your personal life, it feels invasive. When they dig even deeper, asking questions about the documents you've…continue reading →

How to Apply for an FHA Loan in 2021? Who can Qualify?

How to apply for and who can qualify for an FHA loan in 2021? FHA loans offer incredible alternatives for first-time homebuyers and existing homeowners. Traditional fixed and adjustable-rate FHA mortgages for homes continue to exist, but special opportunities which include energy-efficient incentives, graduated payments, and reverse mortgages are also available in 2021. While we provide an overview of available FHA loan products and qualification guidelines below, a personalized assessment is the best way to find the loan product that will work best for you and your home-owning situation. Learn about the difference…continue reading →
FHA Loan Guidelines, Rules, Limits, and Rates – Ultimate Guide

FHA Loan Guidelines, Rules, Limits, and Rates – Ultimate Guide

Find out about requirements (including credit scores), guidelines, rules, rates, loan limits, how to qualify, and how to apply for an FHA Loan. This post is limited to qualifying for FHA loans as a home buyer - First Time or repeat. Click on this link if you are interested in reading about FHA Streamline Refinance. What is an FHA Loan? Federal Housing Administration (FHA) Loans are insured by Housing and Urban Development (HUD) which allows lenders to offer low downpayment loans to homebuyers like you. FHA loans have been helping people become homeowners…continue reading →

Top 10 Housing Markets for Millennial Home Buyers; TX Takes Top 3 Spots

Flamboyant, fast, and with a fleeting focus! This was the stereotype associated with Millennials about a decade ago. Not that they cared! A decade has rolled by, and today, the Millennials’ pilot batch is closing on its 40thyear. Naturally, Generation Y has sobered down a lot. This explains why the largest living generation of our times is looking seriously into home ownership. Their voice is growing in the housing sector and they are making a higher and higher percentage of the First Home Buyers. Gen Y makes up for 45% of new mortgages,…continue reading →

Top 10 Real Estate Markets for First Time Home Buyers

Home prices have completely stabilized and the shortage in housing supply is fast becoming a thing of past. Great news then for potential homebuyers who have come right into the mix! Only time will tell whether we are nearing the tail-end of the present cycle but from the looks of it, the market is certainly becoming a lot more receptive for new buyers; not only in terms of median values but also in terms of asking price quoted by sellers. Starter homes were definitely cramped in the recent past but the situation has…continue reading →

The Complete Guide to Qualifying for the HomeReady Program

Haven't saved quite enough money for a down payment on a home? How about zero money of your own saved, but your family will gift you money towards a down payment? Or maybe there's no possibility of receiving a gift of money from anyone in your family - but you still want to buy a house. Is there any hope? You'll be happy to know there are more paths to homeownership now than ever before. You might qualify for the Freddie Mac Home Possible, or Home Possible Advantage mortgage programs we talked about…continue reading →