FHA versus Conventional Loans
A conventional loan is any standard, traditional loan that is not backed by the government. In contrast, an FHA loan is government-insured, meaning that the government will guarantee it. Because the government guarantees to the lender that your loan (your payments)...New Mortgage Insurance Requirements
In March, Mortgage Insurance (MI) companies for conventional loans cut their max Debt-to-Income ratio from 55% down to 41% max. I blogged about it here. Now, the new and more strict requirement, which is going into effect next week, is an increase in minimum credit...First Time Homebuyer Tax Credit up to $8000
I have to first preface this post by stating that I am not a tax advisor and cannot guarantee any of the following information. But I can let you know some of the requirements and stipulations for qualifying for the First Time Homebuyer tax credit. First time...Big Changes to Mortgage Insurance Rules!
Mortgage Insurance is required when you have less than 20% down. It serves to protect the lender in case you default on your mortgage (because by putting less than 20% down, you are deemed a more risky borrower). If you’re in this down payment bracket of less...Your Payment Responsibilities as a Homeowner
Part of Homebuying 101 is what your payment responsibilities are as a homeowner. There are either 3 or 4 items, depending on how much you have to put down. Your Mortgage Payment Mortgage Insurance (not necessary when you have 20% or more as a down payment) Homeowners...Loan Calculator
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