Time Period Required Before Buying Again When You have Short-Selled or Foreclosed
If you have decided to short sell your home or have gone through foreclosure, your credit score is not the only thing that gets affected. You will also not be able to get a loan for a certain time period. Keep in mind that these are current rules and can change at...5% Down Payment, Conventional Loan is BACK (temporarily)!
A 5% down payment conventional loan is available again! There are some heavy restrictions, so please read the following stipulations: Conforming loan ONLY (Maximum loan amount: $417,000) Purchase only (no refinances) Single-family home or detached PUDs only (no...Down Payment Requirements for Conventional Loans
Down payment requirements on conventional loans are dependent on several factors: Loan Amount, Property Type, FICO score and qualifying ratio. The FICO score and qualifying ratio come into play primarily when you have less than 20% down and because we have to layer...Announcement: Upcoming FHA Financing Restrictions
Federal Housing Administration (FHA)-insured loans are a great way for people to get started in the housing market. It provides an alternative to conventional loans because it allows for little down (3.5%) and the minimum credit score requirements are more flexible....Significant Change to Max Qualifying Ratios Allowed
Beginning December 11th, it will officially be harder to qualify for a home loan. In the past and up until 12/11/09, lenders allow(ed) your qualifying ratio to go up to 55%, at least with compensating factors of good credit and 20% equity or down payment in a home....Loan Calculator
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