FHA loans
What Is an Assumable Mortgage?
While assuming a mortgage may be different than taking out a traditional home loan, it may offer benefits to select homebuyers â if they know how an assumable mortgage loan works and how to land the best deal possible. What Is an Assumable Mortgage? Assuming a mortgage simply means that in a home sale transaction, […]
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FHA vs. Conventional Loan: These Charts Can Help You Determine Which Is Cheaper
It’s time for another edition of mortgage match-ups: “FHA vs. conventional loan.” Our latest bout pits FHA loans against conventional loans, both of which are extremely popular loan options for home buyers these days. In short, conventional loans are non-government mortgages, typically backed by Fannie Mae or Freddie Mac. Whereas FHA loans are government-backed mortgages… Read More »FHA vs. Conventional Loan: These Charts Can Help You Determine Which Is Cheaper
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Do You Qualify as a First-Time Homebuyer?
A first-time homebuyer isn’t just someone purchasing a first home. It can be anyone who has not owned a principal residence in the past three years, some single parents, and others. If the thought of a down payment and closing costs put a chill down your spine, realize that first-time homebuyers often have access to […]
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2022 Reverse Mortgage Lending Limits Increase
2022 FHA Loan Limits: Floor Rises to $420,680, Ceiling to $970,800
Similar to the FHFA, the U.S. Department of Housing and Urban Development (HUD) announces maximum loan limits each year for FHA loans. Today, they unveiled the 2022 FHA loan limits, which like the 2022 conforming loan limits, will be significantly higher than the limits in effect this year. This is thanks to continued home price… Read More »2022 FHA Loan Limits: Floor Rises to $420,680, Ceiling to $970,800
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Private Mortgage Insurance (PMI) vs. Mortgage Insurance Premium (MIP)
PMI or MIP may be the ticket to homeownership if you have a down payment of less than 20%, but mortgage insurance adds up over the years and is something to pay attention to. Private mortgage insurance may be required for conventional home loans, those not backed by the government. Mortgage insurance premium is always […]
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Should I Save for a Down Payment on a House or Pay Off Debt?
What Is Private Mortgage Insurance (PMI) – How to Avoid Paying It
What Is a Piggyback Mortgage Loan?
At its simplest, a piggyback mortgage can be defined as a second mortgage, typically a home equity loan or home equity line of credit (HELOC). Piggyback mortgage loans might be a smart option for homebuyers looking to finance a home without a large down payment. They are taken out at the same time as main […]
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