Complicated Terms, Simple Definitions: Front and Back-End Ratios

Posted on June 27, 2014July 18, 2016 by shikma.rubin@gmail.com

Front-End Ratio: Compares housing expenses to gross monthly income. Housing expenses include principle, interest, taxes and insurance. A good rule of thumb: the ratio should be 28%* or below. Housing expenses may include homeowners association fees, development taxes, homeowners insurance, flood insurance and mortgage insurance. Does not include: electric bill, cable or wifi. For example: homebuyers in Virginia Beach, Norfolk and Chesapeake, should consider housing expenses when Read more about Complicated Terms, Simple Definitions: Front and Back-End Ratios[…]

Using Rental Properties Income to Qualify for a Mortgage

Posted on June 20, 2014April 20, 2015 by shikma.rubin@gmail.com

CNN Money reported this week that some homeowners are becoming landlords. Why? Many homebuyers in Virginia Beach, Norfolk and Chesapeake, have a low interest rate on their mortgage, which makes it attractive to keep the property (as rental/investment) for additional income. Depending on the loan program and investor requirements, both housing payments (investment and proposed primary Read more about Using Rental Properties Income to Qualify for a Mortgage[…]

Hazard and Homeowners Insurance

Posted on June 13, 2014April 20, 2015 by shikma.rubin@gmail.com

Did you know all lenders require borrowers to obtain hazard insurance on the property? The coverage amount is based on the value of the property and the costs to rebuild the property (in case of total loss). Many first-time homebuyers in Virginia Beach, Norfolk and Chesapeake ask me about the difference between hazard and homeowner’s Read more about Hazard and Homeowners Insurance[…]

The Fine Details on Down Payments

Posted on June 6, 2014April 20, 2015 by shikma.rubin@gmail.com

I read an interesting study that half of Millennial homebuyers plan to ask their parents to help with the down payment. Whether you are 20-something or a bit older, many first-time homebuyers in Virginia Beach, Norfolk, and Chesapeake, might not know the various down payment requirements. Here’s the breakdown: VA Loan (Veterans Administration) — available to military personnel and veterans. Only Read more about The Fine Details on Down Payments[…]

4 Rules You Must Understand About Down Payments

Posted on June 4, 2014June 4, 2014 by shikma.rubin@gmail.com

You may know a home loan requires a down payment and that the amount depends on the loan program you choose. You may not know all down payments must be properly sourced. What does that mean? – If the money is a gift, you need a letter from the person stating as such and that you don’t Read more about 4 Rules You Must Understand About Down Payments[…]