8 key requirements of an FHA loan An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). It is particularly popular with first-time homebuyers in New England because it allows borrowers to finance homes with low down payments, sometimes as low as 3.5% of the sales price. Borrowers with lower …
What is a 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 …
Now is the best time to get a pre-approval
Why should you get pre-approved now before the spring market? The spring season is historically one of the busiest times for buying property and getting a pre-approval in the Methuen area. As the weather gets warmer and the days get longer, the property market heats up, and so does the competition. Homebuyers must be …
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What are the advantages of an escrow holdback?
What is an escrow holdback? Purchasing a home can be an exciting experience. Still, it also comes with challenges, especially when dealing with a delayed closing due to repairs and improvements discovered during the homebuying process. Sometimes, the loan closing could be contingent upon these repairs, pushing your …
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Fannie Mae introduces 5% down payment opportunity for multi-family homes!
Exciting announcement: Fannie Mae introduces 5% down payment opportunity for multi-family homes! Calling all aspiring New England real estate investors! Fannie Mae has made a groundbreaking policy shift to revolutionize your homeownership path. Starting November 18, 2023, they are rolling out a game-changing 5% down …
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All about Non-QM loans
All about Non-QM loans When applying for a mortgage, you will either apply for a “QM” or a “Non-QM” loan. Non-QM loans are for borrowers ready to buy a home but may not qualify by traditional standards. A qualified mortgage (QM) is a mortgage that meets specific requirements for lender protection and secondary market …
