The Section 184 Native American Home Loan is a powerful tool for homeownership. It requires a low down payment, no monthly mortgage insurance, and has no official credit score minimum. But the most important part: it can be used on or off reservation land. However, one drawback is that there are only around 140 lenders […]
List Of Section 184 Loan Lenders for 2024 Read More »
Contrary to common belief, many self-employed individuals are eligible for a mortgage. Yes, getting approved takes creativity and harder work, but most don’t mind that part: it’s their daily lives as business owners. Luckily, FHA loans are one of the most lenient programs for self-employed applicants. See if you’re eligible for an FHA loan. FHA
Self-Employed? You Can Get an FHA Loan Read More »
Shopping for a better mortgage rate is not nearly as exciting as searching for the best deal on a car or hotel room. Yet, more than one-third of homebuyers requested only one quote during the mortgage process, says a study by mortgage giant Fannie Mae. Meanwhile, Expedia reports that vacationers review 38 websites before booking
Save $2,000 In 10 Minutes By Shopping For Mortgage Rates Read More »
Use the 80-10-10 piggyback mortgage strategy to accomplish one or more goals. See if an 80-10-10 is right for you. How an 80-10-10 Piggyback works First, it’s worth knowing how piggyback loans work. One loan “piggybacks” on top of the other, covering 90% of the purchase price in total. 1. Avoid PMI Most loan types
3 Killer 80/10/10 Piggyback Mortgage Strategies Read More »
If you’re a business owner, you could purchase a residential property with a storefront or other business-purpose square footage with 3.5% down. Or, you could rent out commercial space to a tenant, offsetting primary housing expenses. Surprisingly, FHA allows a portion of your primary residence to be commercial space. It even lets you finance the
Business Owner? Buy a Mixed-Use Building with FHA Read More »
One of the most powerful features of FHA multifamily homebuying is that you have access to higher loan limits than are available for 1-unit, or single-family, homes Loan limits, believe it or not, can exceed $2 million. Here’s how to leverage increased FHA multifamily loan limits. Get an FHA multifamily rate quote from a lender.
FHA Multifamily Loan Limits for 2024 | How To Buy The Most Home Read More »
If you’ve looked into buying a duplex, triplex, or quadplex with an FHA loan, you probably have already discovered how good a deal these can be. With just 3.5% down, you can become a homeowner and a landlord in one move. Live in one unit and get your mortgage paid by your tenants. And now,
Reduced FHA MIP Will Help You Buy A 3-4 Unit Property Read More »
Over the past 10 years, buying an owner-occupied multifamily property has become insanely popular. And with Fannie Mae’s new 5% down multifamily program for 2-4 unit properties, it’s going to get even crazier. This strategy, known as “house hacking” can get your foot in the door as a landlord while reducing monthly housing expenses, thanks
Can You Buy a Multifamily Home When You Already Own a Single-Family? Read More »
USDA loans are some of the most affordable mortgages on the market. But are rates high? Today’s USDA mortgage rates See below for average USDA home loan rates today as reported by Optimal Blue, a mortgage software company. These rates better represent one you may receive, since they are based on real borrower applications across
USDA Home Loan Rates Today Read More »
When you put less than 20% down on a home, you’ll most likely pay mortgage insurance. Mortgage insurance is just another tool in your homebuying kit. It’s no worse than paying interest on a mortgage. Just like the mortgage itself, PMI helps you buy a home when you lack savings. Still, many people avoid PMI
How Much Is PMI in 2024? Read More »
