Understanding the Debt-to-Income ratio: what it is and why it matters When you begin the homebuying process and apply for a home loan, you will encounter a term known as debt-to-income ratio. Debt-to-income ratio, or DTI, is the sum of all your monthly debt obligations divided by your gross monthly income. This is …
Chenoa Fund down payment assistance
How does the Chenoa Fund work? The Chenoa Fund provides second mortgages to be used with FHA loans to cover the minimum down payment requirement when purchasing an FHA-insured home. In effect, pairing the DPA with an FHA loan requires no money from the borrower, and the entire cost of the house is financed. The …
MEP’s Rate Protection Program is a win-win for borrowers!
Every rental payment you make is building equity for someone else. Home values are predicted to continue to appreciate. The prices you see today are going to continue to rise. Don’t you want to realize that appreciation for yourself? MEP’s Rate Protection Program (RPP) allows you to get off the sidelines and buy the …
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What is a mortgage pre-approval?
What is the Cash Ready Plus Program? A mortgage pre-approval is designed to make the homebuying process easier. Getting a fully underwritten pre-approval from Mortgage Equity Partners means your loan officer and an underwriter have thoroughly reviewed your financial position. By issuing a pre-approval letter, we are …
The best renovations to get this summer
Why summer is ideal for home renovations The warm weather and extended daylight hours make summer ideal for home renovations in Massachusetts. You can work on indoor and outdoor projects without worrying about extreme weather conditions. Plus, the kids are out of school, making it easier for the whole family to get …
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Can I get a mortgage without a 2 year job history in Massachusetts?
How important is stable employment when applying for a loan? Stable employment is a crucial factor in the mortgage approval process. Lenders value Massachusetts borrowers with consistent job histories since they demonstrate financial reliability. A steady job ensures a reliable income, reducing the risk of borrowers …
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