Are you planning to buy a home in a rural area? If so, you may be eligible for a USDA loan. A USDA loan is a mortgage loan program backed by the United States Department of Agriculture (USDA) and offered through lenders like Mortgage Equity Partners to help individuals living in rural and some suburban …
What is a Bank Statement Loan?
What is a Bank Statement Loan? For non-traditional wage earners who do not receive W2 forms, getting a mortgage to buy a home can be tricky. Traditional lenders often require W2 forms and tax returns as proof of income, which makes it difficult for self-employed individuals, freelancers, contractors, and other non-traditional workers to apply for …
What is Vacant Land Lending?
Vacant Land Lending or Land Loans share many similarities with mortgages. Both are forms of financing used to obtain property; however, unlike a traditional mortgage, there is no home to use as collateral. Many homebuyers and investors consider this option if they have the expertise in building homes from scratch. Lenders like Mortgage Equity Partners …
What are Non-QM loans?
What are Non-QM loans? Non-QM loans are for borrowers ready to buy a home but may not qualify by traditional standards. When applying for a mortgage, you will either apply for a “QM” or a “Non-QM” loan. A qualified mortgage (QM) is a mortgage that meets specific requirements for lender protection and secondary market trading …
What are Fix and Flip Loans?
What are Fix and Flip Loans? Fix and flip is a term used to refer to purchasing a property and renovating or rehabilitating it for quick resale. Fix and flip loans are a popular option for residential real estate investors. A fix-and-flip loan is a financing option for real estate investors who buy properties intending …
How to maximize your home equity
Maximizing your home equity The last few years have entirely reshaped the housing market, and for most homeowners, this has resulted in significant accumulated home equity. Home equity is the difference between what you owe on your mortgage and the market value of your home. The average homeowner has more than $274,000 in equity, according …
