Colorado · Credit Score · Divorce · FHA · FHA-VA · FICO · First Time Home Buyer · Florida · Mortgage News · Real Estate · Texas
FHA Mortgage Costs Just Got Cheaper
FHA: with a $350,000 loan, monthly MI costs drop from $248/mo to $160/mo
Divorce with a Mortgage – Get the Best Advice
Depending upon who keeps the home and how all other assets are divided, one spouse will likely need to refinance the mortgage in their own name in order to remove the former spouse from the mortgage. A “quit claim” likely won't remove a spouse from a mortgage.
Jumbo Mortgage Loan Limits Higher in 2023 – New Options Available
Jumbo Mortgage Loans sometimes have lower rates than non-jumbo mortgage loans.
Colorado · Credit Scoring · FHA · FHA-VA · FICO · First Time Home Buyer · Florida · Homes · Mortgage News · Texas
FHA 203k Renovation loans
FHA 203(k) Renovation loans are designed to help borrowers buy a home or refinance an existing home and make improvements, repairs, or renovations all rolled into the costs of just one loan with a single monthly payment.
Condominium · Credit Score · FHA · FHA-VA · FICO · First Time Home Buyer · Florida · Homes · Jumbo · Mortgage News · Texas · VA
How to Quickly Calculate Your Debt to Income Ratio (DTI)
FHA loans can go higher than 50%
VA loans don’t have a defined maximum DTI
Total ratios of up to 50% can be acceptable for conforming loans
Colorado · Credit Score · First Time Home Buyer · Florida · Homes · Mortgage News · Real Estate · Texas
FHA Loans for First Time Home Buyers
Down Payments for an FHA loan can be as low as 3.5% of the purchase price.
FHA loans aren't as sensitive to FICO credit scores as conforming loans.
VA Mortgage Funding Fee
First-time VA home buyers who make a down payment of <5% down pay 2.15% x the loan amount for the VA Funding Fee.
First-Time Home Buyer Loan in Texas or Florida
Common benefits are:
1) Low Minimum Down Payment Options
2) More Flexibility for using Family Gifts to assist with closing costs
3) Ability to finance home renovations as part of your mortgage
4) Lower Mortgage Insurance costs for select conforming loan programs
Improve your FICO scores and get Better Mortgage Rates
Your FICO credit score is a 3-digit score ranging from 300 to 850.
There are at least 16 different types of FICO scores. FICO 8 and FICO 9 are currently the most common for credit card and auto loans.
FICO 5, FICO 4, and FICO 2 are the most common for mortgage loans.
How to Buy Your First Home with these 8 Steps
Look at this first-time homebuyer checklist to ensure you've covered everything before diving into the housing market.
