The FHA mortgage program is a government-backed mortgage loan program that is insured by the Federal Housing Administration, or FHA. FHA loans are especially popular with first-time homebuyers because they require lower minimum credit scores and down payments than many conventional loans. FHA borrowers must pay for mortgage insurance to protect the lender from losses […]
How Does My Credit Score Affect My FHA Loan Application?
Many people who have rented for far too long dream of finally becoming homeowners. For most, finding the home of their dreams and no longer being forced to spend thousands of dollars in renting apartments is a life worth living. However, before you are ready to apply for your first home loan, there are important […]
Good Neighbor Next Door vs. Teacher Next Door Programs
Homeownership is the American dream. Unfortunately, many families are unable to afford the down payment, closing costs, and related fees without help. The Good Neighbor Next Door program and the Teacher Next Door program are two types of housing programs available for eligible candidates. A first time home buyer program can help people acquire low-interest […]
Energy Efficient Mortgages: What Are The Benefits?
An energy efficient mortgage (EEM) is a type of loan that encourages borrowers to reduce their energy expenses by financing the cost of energy-efficient upgrades. Borrowers can apply for an EEM when making a new housing purchase or when refinancing an existing house. Energy efficient mortgages are federally recognized, easy to use, and can be […]
What Types of Collateral Can Be Used For Home Loans?
One of the first things a lender is going to ask you when you apply for a home loan is whether or not you own any collateral. Collateral is property or other assets that you own that you can use to offer the borrower as security for repayment of the loan. Having more collateral can […]
