Are you planning to buy a home in a rural area of South Carolina? 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 …
Down Payment Assistance for First-Time Homebuyers!
First-time homebuyers in South Carolina have something to celebrate. The South Carolina Housing Finance and Development Authority’s Homebuyer Program offers down payment assistance to first-time homebuyers. The program provides up to $8,000.00 for eligible borrowers to be used to pay for a down payment and closing …
Continue Reading about Down Payment Assistance for First-Time Homebuyers!
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 …
Mortgage Loan Programs 101
What are the most common loan types? When buying a home in South Carolina, finding the right type of mortgage is critical. With so many options available, from 30-year fixed-rate loans to adjustable-rate mortgages (ARMs), Government loans, and other loans for non-traditional borrowers, it's easy to feel overwhelmed. …
MEP’s Instant Equity Loan Program helps homebuyers
MEP's Instant Equity/Bridge Loan Program helps homebuyers Buying a home in South Carolina can be a nerve-wracking experience due to the lack of inventory in the current market. One of the hurdles many homeowners encounter is the financial barrier, specifically coming up with the funds for a down payment and closing …
Continue Reading about MEP’s Instant Equity Loan Program helps homebuyers
Pre-approvals vs. pre-qualifications for home loans
Is a pre-approval better than pre-qualification? When you decide to buy a home in South Carolina, it’s important to understand the difference between a pre-approval and a pre-qualification. For example, a pre-approval at Mortgage Equity Partners involves an underwriter evaluating your credit history, income, and …
Continue Reading about Pre-approvals vs. pre-qualifications for home loans
