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 …
RIHousing $17.5K DPA update
As of March 5, 2024, the RIHousings $17.5K Statewide DPA program is closed to new applications. The success of this program is evidenced by the fact that these funds were depleted in less than two months. Not to fear though, the RI Housing’s $15K DPA program is available. RI Housing’s $15K DPA provides $15,000 in …
