Mortgage and Real Estate Articles from Mortgage Research Center
WEB2 days ago · Many first-time buyers hesitate to get pre-approved because it could hurt their credit. But now it's possible to get pre-approved without a hard credit inquiry. by Tim Lucas in Credit. April 4, 2024 4 MIN. Mortgage Research Center features mortgage news and advice for homebuyers from a team of experts in …
A Complete Guide to FHA Refinances: Eligibility, Requirements, …
WEBAug 23, 2024 · Conventional Refinances. Conventional loans are not insured by a government agency and, as such, have slightly higher requirements than FHA refis. You can expect to need a minimum credit score of 620 and a maximum debt-to-income ratio of 45%. You'll also need at least 5% equity in most cases.
USDA Appraisal Requirements: What to Expect & How to Pass
WEB2 days ago · The USDA appraisal process involves two aspects: an on-site visit and market research. During the site visit, the appraiser conducts a basic evaluation of the property and its features. They also document details of the home, such as its square footage, the number and size of bedrooms and bathrooms, and the quality of the materials used in ...
USDA Loan Debt-to-Income Ratio (DTI) Requirements
WEB1 day ago · The home must be located in a USDA-designated eligible rural or suburban area. Credit score requirements vary by lender, but many look for a score of at least 640. However, it is possible to find lenders accepting scores well below 600. You cannot earn more than 115% of the median household income for your area.
Fannie Mae Rolls Out 5% Down Multifamily Home Loans
WEBJuly 1, 2024, 3:15 PM UTC 5 MIN. It's official: Fannie Mae now allows 5% down payments for owner-occupied 2-, 3-, and 4-unit (multifamily) homes. This is a surprising reversal of the years-long policy of requiring 15-25% down for duplexes, triplexes, and four-plexes. It will be a major benefit to those looking to purchase a multifamily home to ...
What Is a Mortgage and What Can It Do for You? - Mortgage …
WEBJun 17, 2024 · Mortgages are secured by the underlying piece of real estate. If a borrower fails to make their payments, the lender can take legal action to gain ownership of the property. They can then sell it to recoup their losses. Without a mortgage, buying a home would require you to save up the entire purchase price.
Rates Articles - Mortgage Research Center
WEBSep 18, 2024 · Buying a $350k Home Just Got $300 Per Month Cheaper. Falling mortgage rates have equated to an estimated $300-per-month drop in the mortgage payment on a $350,000 home. by Tim Lucas. August 31, 2024 1 MIN.
Home Loans Articles | Mortgage Research Center
WEBSep 12, 2024 · According to our estimates, FHA loan limits could rise in 2025. Find out how much they could go up. by Tim Lucas. August 27, 2024 4 MIN. All Home Loans Articles.
How You Might Benefit When Mortgage Lenders Use AI
WEB2 days ago · 2. Tavant. Through its Touchless Lending platform, Tavant allows banks and mortgage companies to automate communication, improve the customer experience, and ensure the completion of necessary documents. According to the Tavant website, its AI loan software increases lender underwriting capacity more than fourfold.
FHA Loans: The Comprehensive Guide - Mortgage Research Center
WEBThe FHA loan is a type of government-backed home mortgage insured by the FHA, aka the "Federal Housing Administration." The FHA designed this program for borrowers who may be unable to make a sizeable down payment or meet conventional credit and income requirements.. FHA loans are popular with first-time homebuyers and other budget-oriented borrowers for their less stringent credit ...