If you choose to take a 401k loan, you’re in good company. About 20% of all 401k holders have an outstanding loan on the account, said the Employee Benefits Research Institute in a recent study. Additionally, the National Association of Realtors states that 5% of all homebuyers tap a 401k for their down payment. That […]
No, a Down Payment 401k Loan Doesn’t Tank Your Retirement. Here’s Proof Read More »
As a first-time homebuyer, choosing between FHA and conventional loans can seem like a gamble. You don’t want to end up stuck in the wrong loan. There’s no “right answer” when it comes to this issue. It depends on your situation. So, following are 12 scenarios. Simply read the one that best matches your profile.
FHA or Conventional? 12 Buyer Profiles And Which Is Better For Each Read More »
Buying a home in 2024 won’t be a walk in the park, but then again, it never has been. It’s always taken decisiveness and a certain grit to buy a home. 2024 will just take more of it. And that’s a good thing. In 2020 and 2021, there were as many as 50 offers on
12 Best First-Time Homebuyer Programs For 2024 Read More »
If I Make $50,000 A Year What Mortgage Can I Afford? You can afford a home price up to $190,000 with a mortgage of $186,559. This assumes a 3.5% down FHA loan at 7%, a base loan amount of $183,350, financed upfront mortgage insurance premium of 1.75%, low debts, good credit, and a total debt-to-income
If I Make $50,000 A Year What Mortgage Can I Afford? Read More »
If I Make $120,000 A Year What Mortgage Can I Afford? You can afford a home price up to $470,000 with a mortgage of $446,500. This assumes a 5% down conventional loan at 7%, standard mortgage insurance, low debts, good credit, and a total debt-to-income ratio of 45%. Remember that many factors affect this number
If I Make $120,000 A Year What Mortgage Can I Afford? Read More »
If I Make $110,000 A Year What Mortgage Can I Afford? You can afford a home price up to $420,000 with a mortgage of $399,000. This assumes a 5% down conventional loan at 7%, standard mortgage insurance, low debts, good credit, and a total debt-to-income ratio of 45%. Remember that many factors affect this number
If I Make $110,000 A Year What Mortgage Can I Afford? Read More »
It’s official: As of November 20, 2023, Fannie Mae allows 5% down payments for owner-occupied 2-, 3-, and 4-unit (multifamily) homes. This is a surprising reversal of the years-long policy of requiring 15-25% down for duplexes, triplexes, and four-plexes. It will be a major benefit to those looking to purchase a multifamily home to live
Fannie Mae Rolls Out 5% Down Multifamily Home Loans Read More »
Contrary to popular belief, Fannie Mae permits lenders to approve conventional loans for applicants with just one year of self-employment. And the agency just updated its guidelines to be much more specific about documentation needed. If you’ve been denied before, you might now be approved, thanks to clarification from Fannie Mae. See if the new
Fannie Mae Updates Guidelines For One Year of Self-Employment Read More »
If I Make $100,000 A Year What Mortgage Can I Afford? You can afford a home price up to $385,000 with a mortgage of $365,750. This assumes a 5% down conventional loan at 7%, standard mortgage insurance, low debts, good credit, and a total debt-to-income ratio of 45%. Remember that many factors affect this number
If I Make $100,000 A Year What Mortgage Can I Afford? Read More »
If I Make $90,000 A Year What Mortgage Can I Afford? You can afford a home price up to $370,000 with a mortgage of $363,298. This assumes a 3.5% down FHA loan at 7%, financed 1.75% upfront FHA mortgage insurance fee, low debts, good credit, and a total debt-to-income ratio of 50%. Remember that many
If I Make $90,000 A Year What Mortgage Can I Afford? Read More »
