Qualifying for a home loan can be a daunting process, especially if you have a less than ideal credit score. However, if you are a U.S. veteran or an active duty service member, there is a special loan program available to help you achieve the dream of homeownership – the VA home lo...
To qualify for a VA refinance, you must be an active-duty service member, an honorably discharged veteran or the spouse of a current service member or veteran. If you’re the widow or widower of a veteran and want to refinance a VA loan, you must be unmarried at the time of the ref...
While there’s no magic formula for securing the lowest possible mortgage rate, there are a few things you can do to improve your chances: –Maintain a strong credit score: Lenders view borrowers with high credit scores as being less of a risk, which often leads to more favorable interest ...
When you apply for a mortgage, the lender will tell you the loan amount you qualify for. This directly impacts the type of home you can buy. Lenders look at factors like your credit history, existing debt, and income to determine how much you can borrow for a mortgage. Before you start...
FHA Energy Efficient Mortgage FHA's Energy Efficient Mortgage program (EEM) allows first-time homebuyers to borrow extra funds to make their homes more efficient without having to qualify for the additional money. You only have to qualify for the loan for purchasing the home. ...
Private mortgage insurance (PMI) can be an expensive requirement for getting a home loan. PMI is likely to be required on mortgages with a loan-to-value ratio (LTV) greater than 80%. Avoiding PMI can cut down on your monthly payments and make your home more affordable. ...
A construction-only loan provides the funds necessary to build the home, but the borrower is responsible for repaying the loan in full at maturity (typically one year or less). You can settle the debt in cash or by obtaining a mortgage to pay it off. ...
For 2023, the VA requested just over $300 billion from Congress. According to the 2023 budget submission, the VA’s home mortgage program has a portfolio of 4.1 million active loans.But not every homebuyer — or veteran — qualifies, so taking advantage of these benefits requires learning ...
If you've qualified for a no-income verification mortgage in the past, or have recently found yourself out of work, you may qualify for other no-income verification loans, such as a no-income verification HELOC. How to get a no-income verification HELOC If you’re out of work for ...
If you plan to use gift funds toward a down payment, you will need agift letterstating the donor's name and that the money is not a loan. Also, be aware that some mortgage loans may have limits on how much gift money you can use toward a down payment. ...