FHA 2018 Limits

FHA loan limits are higher for 2018 This is great news if you are a first time home buyer and want to take advantage of FHA’s lower downpayment requirements and less strict credit score guidelines when compared to a conventional loan. HUD has updated information on the loan limits   These new loan limits…(Read More)

Six Things Not To Do When Applying For A Mortgage

Here is a list of six common mistakes that people do when getting a home loan. None of these rules are written in stone, but it is best to avoid them. 1 – Do not make major purchases like furniture, appliances, jewelry, vehicles or vacations. What they really mean by this, is do not get in…(Read More)

One Percent Down

Fannie Mae HomeReady There is a new program available from several lenders called HomeReady 1% for first time home buyers. This unique program is offered by Fannie Mae through it’s preferred lenders and allows for first time home buyers to purchase a home with very little money out of pocket. As a result, HomeReady…(Read More)

Foreign National Cheat Sheet

This Foreign National Cheat Sheet will help you to easily explain the requirements for obtaining financing for a second or investment home for people living and working outside the US. The Foreign National Cheat Sheet     Visa & Valid Passport Foreign National borrowers must show a valid copy of their passport and current Visa (Tourist…(Read More)

Bankruptcy Waiting Period

Here is a quick cheat sheet on waiting periods after a Bankruptcy, Foreclosure, Short-Sale, or Deed in Liu. These numbers do tend to change quite often, so always consult your lender before making any assumptions. Even if you do not qualify for a government-backed loan, you can always try a Non-QM (Non…(Read More)

FHA 203h

What is an FHA 203h Loan? Did you know the FHA offers 203h mortgages, a type of home loan specifically for those recuperating from a disaster? They are loans made under Section 203(h) of the National Housing Act and supported by the Federal Housing Administration. FHA 203(h) loans extend assistance to victims of…(Read More)

PMI

What is PMI on a mortgage? PMI is an insurance policy (Private Mortgage Insurance) that covers part of the lender’s losses in case that you default on your home loan (as in a foreclosure). FHA (Federal Housing Administration) loans call it MI (Mortgage Insurance) but they are basically the same thing. This type of…(Read More)

Asilo Politico

Las personas que se encuentran en trámite de asilo político en Estados Unidos legalmente pueden calificar para préstamos hipotecarios respaldados por el gobierno federal. El programa del FHA (Federal Housing Administration), acepta financiar su casa con tan solo poner un 3.5% de inicial y algunos requisitos básicos. Requisitos básicos…(Read More)

Six facts about mortgage brokers

How does a mortgage broker work? Mortgage brokers are just like the name sounds, they broker a mortgage between the bank and you. Mortgage brokers should not be confused with Loan Officers. Loan Officer is a license designation and is required to offer loans of any type. All Mortgage Brokers are loan officers, but not…(Read More)

Foreign National Loans

For many a foreign national, the United States has always been a great place to invest in, especially Florida. Cities like Miami and Orlando have been major destinations for tourists and investors alike. Purchasing a home There are no restrictions for foreign nationals (non-US citizens) when it comes to buying a house or condo…(Read More)