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Mar 22, 2019
One of the most common obstacles to home ownership is the down payment. It is often difficult for first-time homebuyers to put up the initial funds necessary to satisfy the standard 20% down payment, or perhaps even the 3.5% down required by popular Federal Housing Administration (FHA) loans.
As a result, there have been a number of government programs designed to provide low down payment lo...
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Mar 20, 2019
If a sizable down payment is the only obstacle between you and your first home, good news awaits. You might believe that you need to build up a 20% down payment to buy a home, but that’s not true in most cases, especially for first-time home buyers. You might be able to get a no (or very low) down payment mortgage if you know where to look.
The pros and cons of a larger down payment
There are ...
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Mar 18, 2019
If you think you can't qualify for a mortgage or can't afford a down payment, you may have to think again. The U.S. Department of Agriculture backs no money down payment mortgages to allow low-income borrowers to purchase homes in suburban and rural areas. Many of these areas are even prime commuting locations for major cities with strong job markets.
What are the Benefits of a USDA Loan?
The...
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Mar 14, 2019
Home Possible is a loan program created by Freddie Mac, with the main feature being a small down payment requirement, generally between 3 and 5 percent. Home Possible mortgages were specifically designed for low to moderate-income homebuyers and are perfect for most first-time home buyers and younger borrowers.
Home Possible Requirements
One of the benefits of the Home Possible program design...
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Mar 11, 2019
Energy-Efficient Mortgage (EEM) Benefits
An EEM is designed to make it financially possible for you to have a more environmentally friendly home. When purchasing a new home or refinancing your current home, you can apply for an EEM in order to be able to afford green upgrades to your home or to be able to afford to buy an environmentally friendly home. These types of upgrades often have high co...
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Whether you own a home, starting the home-buying process, or getting your feet wet with knowledge –
We'll keep you up-to-date with relevant posts packed with tips and advice. Our home loan experts bring you engaging and useful posts each week.
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Get A Rate LLC is an FHA Approved Direct Lending Institution, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. These programs are not a commitment to lend and program guidelines are subject to change.
Additional Disclosures
If you have any complaints, please reach out to: NJ DOBI, Trenton, NJ. Rates as of 3/26/19. Loans are arranged through third parties. Recent advertised rates are subject to change without notice. Advertised rates are available only on owner-occupied, single-family, residential properties, 80% LTV purchase/rate term. Fees and charges may apply. An advertised rate is not guaranteed and does not constitute an approval. Not all applicants will be approved. Minimum credit score requirements apply. Full documentation, acceptable properties, insurance, and additional underwriting is required. Loans are secured by liens against real property. Terms, conditions, and restrictions apply.
Calculations computed by Get A Rate Rent vs. Buy and Affordability calculators are estimations. Get A Rate is not an accounting firm or financial advisor. Please consult a tax professional and/or financial advisor for more accurate information.
