For many, owning real estate is the American dream. It affords you the opportunity to personalize your living space and feel connected to the community. By owning a home, you invest in the local activity, the block parties, and neighborly barbeques. You offer support to your neighbors and they, in return, offer support to you. Need […]
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Alternative Income & Federal Home Loans
If you are self-employed or sub-contracted, you have a unique situation versus those who are traditionally employed. You likely use a 1099 to file taxes, and sometimes, do not receive pay stubs. Despite these differences, self-employed and sub-contracted Americans can still qualify for an FHA or USDA home loan. The rule of thumb is that […]
Read MoreSingle, Married & Kids – How it Effects a Pre-Approval
During the process of trying to get a pre-approval for a home loan, you will be asked some basic questions. A few common and connected questions are all relative, no pun intended. What is your marital status? If you are married, you will be asked if you want your spouse as the co-borrower if you […]
Read MoreWhy a Credit Pull is Necessary
We have things in life we do not like doing, but we must. For some, it’s eating our veggies and for others, it’s going to the doctor. When you’re getting a loan, doing a credit pull is on top of most people’s “dislike” lists. From the many calls we get per day for new loans […]
Read MoreIs a Short-Term Home Loan Better?
When taking on any debt, we want to know many factors before agreeing to it. Aside from the primary concerns of the overall amount financed and the interest rate, there are two big things people worry about – the term of the loan (how long it takes to pay off) and monthly payments. Let’s say, […]
Read MoreHow to Avoid Buying a Haunted House
Lots of people believe in ghosts and the supernatural. Heck, over 75% of the employees in our office said they believe in ghosts! DISCLAIMER: Although scary stories, paranormal pursuits, and psychics are great entertainment, so far neither ghosts nor haunted houses have been irrefutably documented. The only haunted house recognized by the US government was based […]
Read MoreIncome Limits & DTI for Federal Loans
When you go to get approved for a loan, you know there are typical items needed from the lender. You know that, above all, you need to be gaining some sort of income. What if your income is not from a job, but is from disability or a pension? Does this mean you are out […]
Read MoreThe Pre-Approval Process
It is important to make sure you can afford a home before making an offer. A pre-approval letter shows that your lender is confident in your ability to qualify for a particular loan amount. While it is not required that you obtain a pre-approval letter before shopping for a home, it is recommended. What information […]
Read MoreDon’t Pay Off Your Mortgage Early
In September of 2015, home purchases paid for 100 percent in cash made up only 31.3 percent of transactions in the American market . That means that much more than half the home sales in America for that month required a mortgage. With the majority of buyers not able to pay everything up front when buying […]
Read MoreWhat Makes Federal Home Loans Different
We often get calls here at FedHome Loan Centers from curious clients wondering, “Exactly what makes federal home loans different from conventional loans?” In the following article we hope to highlight some of the key differences. CREDIT SCORE One big attraction for consumers to federal home loans is that a lower credit score is acceptable […]
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