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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The difference between DSCR/DCR/DSR
What is the difference between DSCR/DCR/DSR? These terms are interchangeable. A DSCR is an important term used to measure a property's ability to cover its debt obligation. DSCR stands for Debt Service Coverage Ratio DCR stands for Debt Coverage Ratio DSR stands for Debt Service Ratio What is a DSCR …
What is a VA IRRRL?
What is a VA IRRRL? A VA IRRRL loan is an Interest Rate Reduction Refinance Loan (IRRRL), sometimes called a VA Streamline loan offered by the U.S. Department of Veterans Affairs (VA). When interest rates drop, many South Carolina Veterans and other homeowners with VA loans consider saving money with a refinance. The …
Add property value and income with an accessory dwelling unit!
What is an accessory dwelling unit? Accessory Dwelling Units (ADUs) have been known by many names: granny flats, in-law units, backyard cottages, secondary units, garage units, and more. They are accessories to a primary residence and provide complete independent living accommodations for one or more people. It is …
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Homeowner goals for Baby Boomers
The best routes for retirement Baby boomers own the most significant portion of housing value nationwide. Data from the Federal Reserve shows that total real estate wealth in the fourth quarter of 2023 was $44.84 trillion, and boomers claimed an impressive $18.65 trillion (42%) share of that value. A baby boomer is …
