The Freddie Mac Home Possible mortgage is the agency’s all-out effort to turn moderate-income renters into homeowners. Benefits include: Here’s what you need to do to get a Home Possible loan. In this article: Freddie Mac Home Possible quick guidelines You must earn a moderate income This program is open to those who make 80% …
Freddie Mac Home Possible® 2023: A Flexible, 3% Down Mortgage Read More »
Getting a jumbo cash-out refinance is a lot like getting a normal refinance, with two exceptions. First, you’re above standard Fannie Mae and Freddie Mac conforming limit, which is currently $726,200 as of 2023. Second, you’re getting a bigger loan than what you owe, yielding cash to you at closing. These loans are very available …
Jumbo Cash-Out Refinance 2023 Guidelines, Rates, and Lenders Read More »
Freddie Mac HomeOne® allows first-time buyers to access a 3% down conventional loan without income or geographic restrictions. This program is a game changer for any first-time buyer who can’t access other programs because they make too much or aren’t buying in eligible neighborhoods. Here’s your guide to HomeOne. Check your HomeOne eligibility. Freddie Mac …
Freddie Mac HomeOne® 2023: 3% Down, No Income Limits Read More »
You may be scrolling through property listings and come across something strange: a detached condominium. It looks like a house, feels like a house, and acts like a house. Why is it a detached condo and is it something to avoid? What is a detached condominium? A detached condominium is a free-standing condominium unit within …
Is Buying A Detached Condominium A Terrible Mistake? Let’s Find Out 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 new study by mortgage giant Fannie Mae. Meanwhile, Expedia reports that vacationers review 38 websites before …
Save $2,000 In 10 Minutes By Shopping For Mortgage Rates Read More »
What Is Freddie Mac BorrowSmartSM? BorrowSmart is a down payment assistance program from one of the nation’s largest mortgage agencies, Freddie Mac. This program, combined with one of Freddie Mac’s 3% down payment program could mean a homebuyer would need little or nothing out of pocket to close. The program is available to low- to …
Freddie Mac BorrowSmartSM: Up To $2,500 In Down Payment Assistance Read More »
Those who experience a natural disaster know that housing is one of the top concerns after the event. That’s why the U.S. Department of Housing and Urban Development (HUD) created the FHA 203(h) program. This zero-down loan can help disaster victims rebuild or buy a home at favorable terms. FHA 203(h) loan requirements To qualify …
FHA 203(h): The Zero-Down Disaster Relief Mortgage Read More »
You might be surprised that FHA, a U.S. government-sponsored mortgage, is available to non-U.S. citizens. What’s more, non-citizens are eligible for the same FHA rates and terms as citizens. Homebuyers immigrating from other countries often find this hard to believe, but it’s true. Permanent and non-permanent residents are eligible. Here’s how to get an FHA …
As a DACA recipient, you can buy a home for just 3.5% down via an FHA DACA loan. This wasn’t always the case. Prior to January 19, 2021, many buyers with Deferred Action for Childhood Arrivals status could not get an FHA loan. So if you hear that you’re not eligible, that’s probably why. Fortunately, …
Mortgage lender asking about your commute? Don’t worry; it’s normal. The lender is verifying two things: The kind of commute letter you need depends on what the lender asks for. Some underwriters might ask for a letter from your employer confirming that the commuting arrangement is acceptable. Or, the underwriter might ask for an explanation …
Sample Letter of Explanation for Commute: Word and Google Doc Templates Read More »
