First-time homebuyers can use positive rental history for FHA purchase loans First-time homebuyers face many obstacles when preparing to buy a home, like saving for a down payment, having extra money for closing costs, home affordability, and qualifying for a loan. One of the biggest hurdles for first-time homebuyers is that they could not use …
Is a Home Equity loan right for you?
Home Equity Lines of Credit and Home Equity Loans When you have at least 20% or more equity in your home and a good credit profile, you are a strong candidate for a Home Equity Loan. Home Equity is the difference between what you owe on an existing home loan and what your home is …
FHA borrowers now have options for private flood insurance
New HUD rule expands flood insurance choices for FHA borrowers Floods can happen anywhere. In fact, just one inch of floodwater can cause significant damage. Unfortunately, most homeowners’ insurance does not cover flood damage. Flood insurance is a separate policy that can cover homes, the contents of a home, or both, so it is important …
What happened to the MassDREAMS program?
As of Wednesday, November 30, 2022, at 10:00 pm, the MassDreams grant program will be suspended. Due to its popularity and the expertise of lenders like Mortgage Equity Partners, the funds allocated for the grant program have been exhausted. The MassDreams program provided a forgivable grant for up to $50K, which could be used for …
What is a VA loan?
What is a VA home loan? VA loans are home loans with unique benefits exclusively for eligible service members, veterans, and some eligible surviving spouses. Most regular military members, veterans, reservists, and National Guard can apply for a VA loan. Spouses of military members who died while on active duty or as a result of …
How does a 2-1 buydown work?
A 2-1 buydown is frequently used as an incentive by a home seller if they are having difficulty selling their home and need to make the offer more enticing. Often, it helps the property sell more quickly; however, the cost comes from the proceeds of the sale of the home. Another way to do a …
