Blog Category: down payment

January 5th, 2017 Truth Lie Street Sign
January 5th, 2017

9 Mortgage Myths To Stop Believing

Buying and financing a new home can be a daunting task and many of us turn to friends and family for advice. Watch out for mortgage myths. The only experts in the mortgage field….are the experts in the mortgage field! Friends and family might not be the experts they think they are. The mortgage guidelines and interest rates are changing so frequently that unless someone is in the mortgage field as a full-time job, you should only take advice from a mortgage professional. Read More

Categories: mortgage, , , , , , , , , , , ,

January 21st, 2013 stack of cash
January 21st, 2013

Do You Have Your Own Cash Saved For A Down Payment?

There is a requirement on Conventional loans to have a certain amount of your down payment come from your own hard earned savings. Not only do you need a certain minimum down payment for different types of Conventional loans. You also need to make sure a certain amount comes from your own money, and not a gift. And not borrowed funds, unless they are secured against an asset like real estate or a stock account. Read More

Categories: Underwriting Rules, , , ,

July 22nd, 2016
July 22nd, 2016

Five FHA Loan Facts to Know Before You Buy A Home

 

FHA loan facts. FHA, known as the Federal Housing Administration, offers a mortgage loan requiring borrowers to have mortgage insurance on the loan. The FHA loan originated during the great depression and has contributed to the growth of the housing market ever since.  Read More

Categories: credit, FHA, mortgage, , , , , , , ,

August 7th, 2014 rules
August 7th, 2014

Where is Your Down Payment Coming From?

I sometimes have a client tell me they are getting their down payment to buy a new home from some interesting sources. I have had client sell an antique guitar collection on eBay, sell a car, get cash from a suitcase under their bed, and sell an art collection, among many more interesting stories. However, homebuyers need to be aware of what is allowed and what is not allowed. Some sources of down payment are not allowed. Read More

Categories: Loan Process, Uncategorized, ,