Housing Wire

AUGUST 7, 2023

The emergence of the “gig economy,” where more people earn their money by working multiple part-time or temporary jobs, presents challenges for underwriters who are bound by a process that was designed when 90% of the population earned a standard paycheck. This practice disproportionately affects minority first-time homebuyers.

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Closing Fixed-rate mortgage Debt-to-income ratio Lending 370

Marco Santarelli

JANUARY 25, 2025

For those of us already owning homes, this means you probably have some decent equity built up that you might be able to tap into or use to lower your monthly payments by refinancing. VA Loan Advantages: If youre a veteran or on active duty, you should definitely pay attention to this. It will accelerate your equity building.

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Mortgages VA loan Fixed-rate mortgage Equity 68

Marco Santarelli

DECEMBER 22, 2024

Mortgage refinance rates hold significant importance for homeowners who aim to lower their monthly payments or leverage their home equity for new financial opportunities. A robust economy can lead to higher interest rates, as lenders anticipate increased demand for loans. Higher credit scores typically lead to lower interest rates.

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Marco Santarelli

DECEMBER 21, 2024

Current Rate : 6.04% Pros : Lower overall interest; quicker equity build-up. FHA and VA Loans For low-income or first-time homebuyers, FHA loans provide essential options. These loans are insured by the Federal Housing Administration and require lower credit scores and down payments.

Mortgages 52

Mortgages VA loan Loans FHA loan 52

HomeLight

AUGUST 26, 2020

Use the equity in your home. The real estate market is always changing, and if your home has increased in value , you may want to consider refinancing and tap into the equity in your home. However, if you only have 10% equity, they’re likely to make a market analysis comparison to determine if an appraisal is necessary.”.

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HomeLight

JUNE 30, 2021

Often, repeat buyers are able to put 20% down or more, typically because they are moving the equity gained in their existing home they are selling to the new home they are buying,” explains Cornelius. There are loan programs that allow you to put down much less than that — as little as 3% or even no down payment! USDA loan.

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VA loan FHA loan Mortgages Closing costs 94

HomeLight

JANUARY 30, 2024

Refinancing your house means replacing your existing mortgage with a new loan, typically with different terms and interest rates. This financial move is often aimed at reducing monthly mortgage payments, changing the loan’s duration, or tapping into home equity for large expenses.

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Mortgages Closing costs Equity VA loan 115

Realtor.com

NOVEMBER 9, 2022

But some loans are created without due on sale clauses, and so they can be transferred from seller to buyer. These are known as “assumable loans,” says Chris Lewis from Angel Oak Home Loans. FHA loans can also be designed to be transferable without lender approval.

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Mortgages VA loan FHA loan Loans 98

Realty Biz

SEPTEMBER 30, 2023

Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements. Longer time to build equity: With a higher interest rate and potentially larger down payment, it may take longer for you to build equity in your home.

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Finance Debt-to-income ratio FHA loan Mortgages 96

Redfin

JANUARY 28, 2025

However, there are other costs you need to account for in addition to the loan itself, such as: Equity payment: Youll need to pay the seller for the equity theyve already built up in the home. The seller must also be in good standing with their loan, meaning it cannot be delinquent.

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Loans Mortgages VA loan Purchase and sale agreement 31

Realty Biz

AUGUST 21, 2022

Let’s look at three types of homes that offer the opportunity to start building equity. As you might imagine, when you are talking about square footage this small it is harder to be as imaginative with home designs. While the cost will depend largely on the design and amenities, you can expect the price to be lower.

VA loan 115

VA loan FHA loan Loans Land 115

Lab Coat Agents

NOVEMBER 20, 2024

VA loans provide a significant benefit, as they can be assumed by anyone, not just military personnel or veterans. And most VA loans can be assumed by investors, second home buyers, and buyers who intend to occupy the home as a primary residence. The buyer must also meet qualifications for demonstrated creditworthiness.

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Purchase and sale agreement Mortgages Pre-approval VA loan 98

The Close

NOVEMBER 25, 2022

Easy financing through VA loans. Easy financing through Department of Veterans Affairs loans is another reason. Zero interest loans are an even bigger deal in our current lending environment! Here are my six favorite ways to market to military personnel: Get NAR’s MRP Designation. It’s also a 0% interest loan.

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McKissock

FEBRUARY 13, 2023

Don’t miss this FREE update on VA appraisal topics on Wednesday, February 22nd from 11am-12pm ET. He was an independent fee appraiser on the VA panel for over 9 years prior to his current position. Jeff also holds the SRA and AI-RRS designation with the Appraisal Institute. Sign up now.

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VA loan Principal Development Title 85

HomeLight

AUGUST 27, 2020

There are still some federally-backed mortgage programs designed for first-time homebuyers that can help. These federal loans often have less restrictive qualification requirements and often are more affordable than other mortgage options. Check out this map to find the loan limit for your area.

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HomeLight

JANUARY 4, 2022

The amount you can borrow through a home equity loan will also depend on how much your home appraises for. The appraiser’s client is typically the lender, and the appraised value determines the amount of funds a lender is willing to provide or how much equity a homeowner can borrow from. What can hurt an FHA or VA appraisal?

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VA loan Loans Renovation As-is 128

HomeLight

MARCH 9, 2023

The most common forms of assistance or alternative loan fall into the following broad categories: Down payment assistance programs Government-backed loans Low-income loans Down payment assistance program Down payment assistance programs help first-time homebuyers who need cash for a down payment.

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Loans Debt-to-income ratio VA loan FHA loan 96

HomeLight

NOVEMBER 29, 2021

A Federal Housing Administration (FHA) loan is a government-backed mortgage loan. Lenders are protected with these loans because the FHA will spring into action if the borrower stops making payments on the loan. These loans are designed for low-to-moderate-income borrowers. The minimum down payment is 3.5%.

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Earnest money deposit FHA loan Purchase and sale agreement Inspection 110

Redfin

AUGUST 12, 2024

Because they meet federal guidelines, conforming loans typically offer lower interest rates due to reduced lender risk and are easier to qualify for compared to non-conforming loans. Jumbo loans / non-conforming loans Non-conforming mortgage loans, commonly known as jumbo loans, exceed the loan limits set for conforming mortgages.

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Loans Mortgages Pre-approval Fixed-rate mortgage 74

HomeLight

JUNE 22, 2023

Conventional loan To get a conventional loan , you’ll need to go to a private financial institution, which include banks, credit unions, and mortgage companies. The loans offered by these institutions aren’t backed by a government agency, like an FHA loan or a VA loan would be. It usually costs between 0.5%

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

HomeLight

JUNE 21, 2023

If you’re one of the roughly 4 million teachers nationwide, purchasing a home might be a lot easier than you realize, thanks to homebuyer programs for teachers specifically designed to save on down payments and other fees. Veterans also can combine a VA loan with this program. Retired teachers can apply. Learn more here.)

Loans 98

Loans Debt-to-income ratio FHA loan Closing costs 98

HomeLight

DECEMBER 30, 2021

and 1% of the loan amount, MI protects the lender if you stop making payments on your loan. You can request for MI to be removed from your mortgage once you’ve reached 20% equity in your home (provided you use a conventional loan), but it is an added expense that will increase your monthly mortgage payment until that time comes.

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VA loan FHA loan Loans Closing costs 98

Realtor.com

NOVEMBER 9, 2022

Design by Realtor.com / Getty Images (3) Home shoppers, especially first-time buyers and those with tight budgets, have been through the wringer lately. They take that equity and come down here, and they can buy outright," Vilar adds. 1), the city adjacent to Fort Bragg, almost two-thirds of all mortgages use a VA loan.

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HomeLight

DECEMBER 29, 2021

FHA and VA loans have additional requirements an appraiser must evaluate, most of which relate to safety and soundness. The buyer’s lender usually selects the appraiser, but you still want to make sure the person is a qualified appraiser with a designation from a recognized professional appraiser organization.

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Purchase and sale agreement VA loan Loans Agents 111

McKissock

FEBRUARY 13, 2023

Meet the presenters James Heaslet Serving as the Chief Appraiser for the Veterans Affairs (VA) Loan Guaranty Service since 2018, James is responsible for developing and overseeing policies and regulations for the VA Construction and Valuation department. View Pro-Series webinars.

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VA loan Principal Development Title 52

C4D Crew

SEPTEMBER 5, 2024

This cost-effectiveness, combined with the flexibility in design options, makes prefab homes a practical solution for many living in the Star of the North. Prefabricated tiny homes are smaller structures designed to maximize space efficiency that can be built on trailers or stationary foundations.

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Land Construction VA loan FHA loan 52

HomeLight

NOVEMBER 29, 2021

Not everyone qualifies, and even if you don’t qualify, these low- and no-down payment loan programs are worth checking out. United States Department of Agriculture (USDA) home loans. Loans come with low interest rates and low or no down payment. Veterans Administration loans. YourFirst Mortgage.

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Land Closing costs Purchase and sale agreement Loans 110

HomeLight

SEPTEMBER 30, 2020

The economy gets a boost from rising or stable home values due to trillions of dollars in equity. If you are approved for a VA loan, you must still meet your lender’s income and credit requirements. Also consider the speed of home price growth in your area. You want to invest your money wisely.

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FHA loan Loans VA loan Mortgages 98

HomeLight

SEPTEMBER 30, 2021

to 1% of the loan amount annually, and it can be dropped when you reach 20% equity. Good news: Some loan programs allow homebuyers to put down as little as 3% — or even none at all. USDA loans. USDA loans feature low fees and 0% down payments. Mortgage insurance costs are typically anywhere from 0.5%

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Loans Pre-approval Mortgages VA loan 104

The Close

OCTOBER 1, 2024

With Fiverr, choose from a large pool of pre-vetted and qualified freelancers to assist you with designing and creating your website and landing page. Renovations: Discuss loan options for home renovations and repairs, like the pros and cons of home equity loans. Visit Fiverr 3.

Mortgages 101

Mortgages Loan Officer Land Loans 101

Realty Biz

JULY 23, 2023

Government-backed and conventional mortgage options, as well as home equity for down payment assistance, are available. Understanding the available options can help navigate the loan process successfully.

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Debt-to-income ratio FHA loan Lending Loans 72

Marco Santarelli

AUGUST 22, 2024

Utilize State-Specific Programs : Massachusetts offers several programs designed to help first-time homebuyers save for a down payment. For instance, the Massachusetts Housing Partnership (MHP) offers various loan programs that require lower down payments. For example, with an FHA loan, you might only need to put down $17,500.

FHA loan 52

FHA loan VA loan Loans Equity 52

Redfin

JULY 11, 2023

A mortgage is a loan specifically designed for purchasing a property, commonly a home. In the event that the borrower fails to repay the loan, the lender has the right to take possession of the property through a legal process known as foreclosure. Once the borrower’s equity reaches 20%, PMI can be canceled.

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Pre-approval Mortgages Pre-qualification Debt-to-income ratio 59

HomeLight

JULY 25, 2022

The home needed just cosmetic updates such as new flooring and paint to bring its design aesthetic out of the 1980s. “It’s It’s going to be their first home,” says JoAnn, “They’re OK with some sweat equity, so it’s a good opportunity for them.”. It’s sweat equity,” says Tom. Utilities turned on/accessible.

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As-is Purchase and sale agreement Inspection Closing costs 110

HomeLight

JANUARY 22, 2024

There are several reasons, which can range from a sudden change in circumstances, to the seller needing to access the equity in their home without making repairs. “It’s These are standards related to the overall condition of a property which will play a role in a lender’s willingness and/or ability to finance a buyer’s loan.

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As-is Inspection Finance Investor 111

HomeLight

OCTOBER 29, 2021

You can go through your household items and sell them on various sites like eBay, or set up shop on one of the many used clothing sites, such as Poshmark or Tradesy (think of that designer outfit you bought and wore exactly once…).

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HomeLight

AUGUST 16, 2021

Are you open to doing some sweat equity in the beginning?” Painting walls and replacing floors can add instant equity to your home — but these jobs require hard work, and they’re not for the buyer who wants a flawless, move-in ready abode. They’re designed to make homeownership more accessible and affordable. Can you do updates?

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Closing costs Purchase and sale agreement Inspection Loans 105