What is a renovation home loan? If you can’t find the perfect home, you can create it with a renovation home mortgage! With housing supply inventory at an all-time low and existing home prices rising, homeowners have been renovating like never before. A Fannie Mae HomeStyle Renovation mortgage can get you into a house you …
How credit scores impact your interest rates
The importance of your credit score when applying for a mortgage When applying for a mortgage for your new home, your credit score will significantly impact the interest rate you are offered and your ability to qualify for a loan. Credit scores are important numbers that influence everything from the interest rate to the type …
What is an FHA loan?
What is an FHA loan? An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). It is particularly popular with first-time homebuyers because it allows borrowers to finance homes with low down payments, sometimes as low as 3.5% of the sales price. Borrowers with lower credit scores and smaller down payments tend to gravitate toward FHA loans since they …
What is the difference between a second mortgage and a HELOC?
What is the difference between a second mortgage and a HELOC? Many mortgage industry terms are confusing to consumers. Multiple names often describe the same loan product or mortgage program. A second mortgage is one of those terms. A second mortgage is a loan you take out using your house as collateral while you still …
Maryland Down Payment Assistance
Maryland Mortgage Programs The Maryland Mortgage Program has some extremely generous mortgage programs with down payment assistance (DPA) and flexible qualifying guidelines to make owning a home affordable for more borrowers in Maryland. The programs include conventional and government loan options for first-time homebuyers and repeat buyers. 1st-time Advantage Programs The 1st-Time Advantage line of …
What is Down Payment Assistance?
What is Down Payment Assistance? Of the many steps to homeownership, the one that is often the most difficult for credit-worthy first-time homebuyers is coming up with funds for a down payment and closing costs. For example, borrowers with high student loan payments or low to middle income may not have extra cash to set …
