A great Q & A for first time home buyers to understand the basics of first time home buying is below.
How To Prepare For Your First Home Loan. Preparing for your first home purchase can be intimidating. It’s important to find the right resources to educate yourself on the home-buying process. Understanding basic financial language will be key in making an inquiry with a lender. Familiarize yourself with your FICO score and the difference between a consumer FICO and risk based or bank FICO. Explore online sites to familiarize you with local area real estate and pricing.
A: FHA loans from the Federal Housing Administration are the federal government’s premier first-time home buyer program. FHA loans require a 3.5 percent down payment and allow borrowers to qualify with a lower credit score and a higher debt-to-income ratio, which compares your minimum monthly debt payments to your gross monthly income. Borrowers can also obtain gift funds from family members to help with the down payment.
VA loans, which are designed for individuals who have served our country in the armed forces and now certain members of the national guard and their families, are a good option for those who are eligible because buyers can finance 100 percent of the purchase price without requiring mortgage insurance. VA Loans also allow you to request up to 4% in seller assistance towards paying the closing costs.
Freddie Mac’s Home Possible loan program and Fannie Mae’s HomeReady loan program allow for a down payment as low as 3 percent and reduced private mortgage insurance (PMI).
FHA loans FHA loans are “guaranteed” by the Federal Housing Administration. That doesn’t mean you’re guaranteed to be approved. Contact www.CambridgeHomeLoan or go to http://chl.floify.com to apply now.
Fannie Mae HomeReady and Freddie Mac Home Possible loans are great first time home buyer options. HomeReady and Home Possible loans are two types of conventional mortgages that can help you get your foot in the door of home ownership. Just 3% down and a qualifying FICO of just 580 makes this an easy loan to be approved for.
USDA home loans If you’re willing to buy a home in a more rural part of the country, a USDA loan with no money down could be the best option.
VA loans with zero down, low interest rate and great benefits. Veterans number one benefit is the VA home loan. https://www.cambridgehomeloan.com/vahomeloan.
Home Loan Expert Blog
Is Now a Good Time to Buy or Invest In Real Estate?
With the volatility of the markets, rates, and prices of real estate, you may be asking yourself, “Is now the right time to buy or
A Guide To Seller Concessions
Buying and selling real estate is for the most part, just a negotiation process. As a buyer you are trying to get the best deal
Non QM Mortgages Defined
WHAT IS A NON QM LOAN Non-Qualifying Loans, usually referred to as Non-QM Loans or Non QM Mortgages, can be easily defined as loans that
Buying A Home -Downpayment Options
Buying a house isn’t just about the purchase price or the monthly payment. A good part of your budget will also be your down payment.
Choosing The Right Fix and Flip Lender
The US housing market from time to time can be turbulent and both new and experienced real estate investors need to be able to flexible
How To Invest In Real Estate In 3 Steps
There are many ways to start investing in real estate. We are going to focus on a way to start investing in real estate with
Why is Tampa a Preferred Destination for Veterans Buying Homes?
Why Tampa, Florida? Why is Tampa Florida a good place for VA Loans? Unless you have been completely unaware of the real estate market over
What is an FHA Loan?
So, what is an FHA Loan? Mortgages that are insured by the Federal Housing Administration (FHA) are referred to as FHA Loans. This type of
Veteran benefits – The VA home Loan Buyers Guide
About Home Loans The VA (Veterans Administration), helps Veterans, current Service members and eligible surviving spouses become new homeowners. As part of the CambridgeHomeLoan.com mission
