Bankruptcies are often necessary but they will of course stick with you on your credit report for years. Chapter 13 bankruptcies will stay on your record for 7 years after discharge, and chapter 7 bankruptcies will stay on your record for 10 years after discharge.[Read more…]
A foreclosure is one of the most harmful things that can happen to you and your credit report. If you’ve been foreclosed upon, you’ve probably been patiently waiting and checking your credit report, trying to see how much damage has been done...and when you will be able to buy another home.
Believe it or not, there are a number of government sponsored mortgage programs that are more forgiving of past foreclosures than others. In this article we will provide you with the guidelines for these programs so you know when you are ready to get another mortgage!
When it comes to buying a home, disabled veterans face an uphill battle. Disabled veterans often require specially-outfitted housing, as well as possibly having limited employment opportunities. Thankfully, there are some legal provisions that help disabled veterans avoid the extra burden of yearly property taxes as well as possible financial assistance when it comes to home accessibility. If, after reading this blog post, you are left with questions, it is advisable that you talk to a VA home loan expert. With proper advisement, you may be able to avoid paying 100% of your property taxes in your jurisdiction.[Read more…]
Your home mortgage interest rate depends on a number of variables that are currently being decided by the Federal National Mortgage Association (FNMA), otherwise known as Fannie Mae. Depending on the housing resale market, your personal and individual qualifications, and the term of the loan, you can find major differences in rates that are available to you.[Read more…]
In December 2015, the Federal Reserve started the process of raising the federal funds target interest rate. Since 2008, the target rate has been in an reparative state, where it lay close to 0%. Now that the economy is recovering and unemployment rates are at a comfortable level, the Federal Reserve is working to get rates back to normal.So the big question is, how does the Federal Reserve affect mortgage rates?
Now that the Fed is increasing interest rates, does that mean mortgage interest rates will also be increasing? Will you be paying more? Is the market becoming uncertain with all of these rate increases? Let's take a look.[Read more…]
Home appraisals are a crucial part of the home buying process, but can also throw you for a loop in certain situations. By far the number one complaint against lenders is faulty appraisals. Home appraisals are always requested by a lender to make sure that the amount of money a buyer is borrowing is fitting to the fair market value of the home. However, a faulty appraisal can make or break a loan and your mortgage interest rate is directly dependent on your appraised value. Wondering what causes a low home appraisal and what you can do about it? Here are some tips.[Read more…]
When you’re ready to purchase a home with your veteran benefits, you may be wondering how to choose a mortgage lender for your VA home loan. With so many options out there, it’s challenging to know which lender has the best experience when it comes to VA home loans.[Read more…]
Many consumers and realtors are frightened by VA home loan appraisals. But in reality, they are not as tough as they seem. The VA sets strict guidelines for the lenders to follow, more specifically in regards to inspection scheduling and appraisal report due dates. This often forces the appraisal to be completed more quickly than other types of loans.[Read more…]
If you're considering using your VA benefits to qualify for a VA home loan or refinance, prepare yourself with the knowledge of how much you can borrow. While the VA posts traditional VA home loan limits regularly online, under certain circumstances you can borrow more than what's set as the maximum loan limit to get into the home you desire. Read more to find out how you can get the most out of your VA loan benefits.[Read more…]
Did you know that qualifying for a VA home loan is largely based off the lender’s discretion? In fact, the VA guidelines state that “Underwriting decisions must be based on sound application of the underwriting standards, and underwriters are expected to use good judgment and flexibility in applying the guidelines set forth.”
Since VA home loans are meant to be used as a thank you to our qualified veterans, lenders are encouraged to make VA home loans available to all qualified veterans—even those with marginal credit. With that in mind, take a look at how to qualify for a VA home loan with low credit.[Read more…]