The Family Opportunity Mortgage Program lets people obtain mortgage financing for their college-bound child, disabled adult child or elderly parentswithout the expense associated with purchasing an investment property.Program requirements: Parents of college-bound student may qualify if: They don’t own a second home in the same location Their child is enrolled at a college near the purchase of Read more about The Family Opportunity Mortgage Program[…]
What Happened? This week, Jann Swanson of Mortgage News Daily wrote an in-depth report on how the second home market continues to rebound from the housing downturn. People often view a second home as a smart investment, especially when rates are favorable like now. Swanson: “While most mortgages are still originated to purchase or refinance Read more about Now Might be the Right Time for a Second Home[…]
Hi there! This week, I came across a great article on CNN.com on what buyers and sellers should know in 2014. The full article is here, but these are the three biggest takeaways: 1. If you receive multiple offers on a property, call the buyer’s lender to confirm they have been qualified so the process moves quickly Read more about 3 Tips to Thrive in Today’s Housing Market and Get the Loan[…]
Hi, everyone! I often talk with homebuyers and realize there are so many mortgage terms people don’t understand. I hope these three are useful for you! Closing — The completion of the loan process, where the borrower receives funds from the lender in return for promising to repay the loan. At closing, the seller also delivers Read more about 3 Confusing Mortgage Terms — and Their Simple Definitions[…]
The FNMA HomeStyle Renovation Mortgage (a conventional loan) lets a borrower receive funds to cover the costs of repairs, remodeling, renovations, or energy improvements totaling up to 50% of the as-completed value of the property. The loan is similar to the 203K FHA program. • Purchase and limited cash-out refinance • Primary residence: o Minimum 660 FICO for each borrower Read more about New Information About the HomeStyle Renovation Mortgage[…]