The Right Loan Options For Your Family At Prysma Lending Group, we offer conventional loans (fixed-rate loans, adjustable-rate mortgages) and non-conventional loans (FHA loans, VA loans, Tax ID loans). We also offer refinancing options and reverse mortgages. Whatever your situation, we have th...
FHA loans provide a path to homeownership for borrowers who may not qualify for conventional loans due to lower credit scores or limited savings. Meeting the FHA loan requirements involves ensuring your credit score, debt-to-income ratio, and income stability align with lender expectations. Additiona...
These loans often have lower down payment requirements and more flexible credit requirements, making them more accessible for low-income borrowers. Are there income limits for a mortgage loan? There are no specific income limits for most traditional mortgage loans, such as conventional loans or FHA...
Down payment:For a conventional loan, thedown payment requirementcan be as low as 3 percent. FHA loans require 3.5 percent, while VA and USDA loans typically don’t require a down payment. Like your credit score, the higher your down payment, the more likely the lender will offer you a ...
Fixed mortgages provide a stable interest rate for the life of the loan. That means if interest rates rise, you'll keep paying the same rate. If interest rates fall, however, you may want to refinance a fixed-rate mortgage. Remember, refinancing also involves fees, closing costs, and other...
1 Experts recommend having a credit score of 620 or higher when applying for a conventional loan.3 Online tools let you look at interest rates based on both different credit scores and the state where you are buying a home.4Total assets: Lenders generally review a borrower’s assets to ...
of a VA home loan is the absence of private mortgage insurance (PMI). While conventional loans often require borrowers to pay for PMI if their down payment is less than 20%, VA loans do not carry this additional cost. This can result in significant savings over the life of the loan. ...
FHA loans are generally easier to qualify for than conventional loans are. There are a few things to keep in mind when checking into the qualifications for this type of loan: Seeking out multiple lenders is important. Each lender can and will set its own standards that must be met to quali...
Before approving you for a home loan, lenders may look at your income, assets, and credit score. These tips could boost your chances of getting a mortgage.
FHA loans may offer homebuyers more flexible lending requirements and a lower down payment. Learn how to get an FHA loan, the pros and cons and how to qualify.