What’s a FICO

What’s a FICO Score and what role does it play in my home purchase? Your FICO credit score can make or break your chance for qualifying for a home loan.  Lenders use the FICO score to help term the terms, type and amount of your mortgage loan.    But just what is a FICO score?  It’s…

Conventional vs Government Loans

FHA, VA, and USDA mortgage loans are government loans, because they are backed by the United States government.   All other mortgages are conventional loans. FHA loans are administered by the Federal Housing Administration (FHA), part of the U.S. Dept of Housing and Urban Development (HUD).  FHA administers mortgage loan programs with lower down payment requirements…

Ways to Hold Title

Title is the evidence that you own your home.  How you “hold title” refers to the various forms of ownership, each with different rights and obligations.  Here are brief descriptions of the customary ways to hold title. Sole Ownership:   You alone own all interest in the home.   If you’re married, your spouse is usually asked…

Credit Do’s and Don’ts

Mortgage lenders use a credit score (frequently referred to as a FICO score) along with other factors such as your debt to income ratio, employment and credit history to determine your credit worthiness.  There are things that you can do to improve your credit score, as well and some things you should not do to…

ARE YOU HOME READY?

YOU CAN BUY A HOME WITH ONLY 3% DOWN! Fannie Mae’s new Home Ready loan program can help you finance the purchase of a new home! It’s a lending option that helps creditworthy borrowers with lower and moderate incomes, and with limited assets for down payment and closing costs to buy a home. The competitive…

Time To Get Organized

Happy 2016!   It’s the time of year to get organized.  Many people pay special attention to their finances these next few months. They look at how their investments are doing and make any necessary changes to make sure that they are on track with their goals. If you have a goal of buying a new…

What’s New in the Mortgage Industry?

All new mortgage loan applications have a couple new loan documents for homebuyers that will be simpler and easier to understand. Here’s what changes you will see as you apply for a new mortgage loan: The new Loan Estimate will replace the Good Faith Estimate and Truth in Lending statement that was used in the…

Jumbo Loans

Dream homes come in all sizes. “Jumbo” loan programs are for homebuyers that need a larger loan. Sometimes they are referred to as non-conforming because they exceed the standard conforming loan limits set by Fannie Mae and Freddie Mac. Jumbo investors offer either fixed rate and adjustable rate options for a variety of loan terms.…