When you purchase a home with an FHA loan, you’ll have a few key costs. First, as with most home loans, you’ll have to make a down payment.Down payment requirementsfor an FHA loan depend on your credit score. Borrowers with credit scores of 500 to 579 are required to put down at...
Renovation loans are great for buyers who love a good fixer-upper, and you can apply for an FHA renovation loan if a conventional renovation loan is out of reach. This mortgage allows you to wrap all the costs of buying and renovating a home into one monthly payment. ...
When you sell your home to an investor, you skip the process of staging and showing your home. However, an investor is still likely to perform a digital or in-person walkthrough of the property. The investor may arrange to stop by or send a representative of their business to perform an...
Answer:An amortization schedule is a table detailing each payment’s application to principal and interest over the life of the loan. 13. What is a pre-qualification vs. pre-approval? Answer:Pre-qualification is an estimate of how much you might qualify to borrow, while pre-approval is a f...
Housing Administration (FHA) loan, an FHA Streamline refinance may make sense. “Streamline” refers to the limited documentation and underwriting done by the lender. In fact, FHA Streamline refinances don’t require a home appraisal, making it easier for homeowners to refinance underwater mortgages...
How Long Will You Want to Stay in the Home? A mortgage is a long-term commitment; though you can move, it isn’t as easy asrenting an apartment. Once you have a mortgage, you will likely need to sell the home before you can move to another, which can be a slow process. ...
A home inspection provides an overall picture of the property’s condition and any mechanical or structural issues it might have. This will help you determine how to proceed: If major problems are found, you might want to ask the seller for repairs — or, if there’s an inspection contingen...
It might feel impossible to start saving for a down payment while renting. After all, rent is expensive! But don’t worry—it is possible, and you can do it. Here’s the best way to save for a house. Ramsey Solutions Home Buying ...
Your bank may also be able to save you from foreclosure by putting you on aninterest-only home loanor a shorter-term ARM to lower the monthly mortgage costs. Ironically, these will reset in the future and could land you back in a tough spot. However, it would buy you some time to ge...
If not, look for someone who is certified by the American Society of Home Inspectors. If you are getting an FHA or VA loan, you will also have to have an additional inspection. (Don't let that one be the only inspection you get, however, because it may not be as thorough as a ...