Aside from your credit score and credit history, mortgage lenders will also determine your “ability to repay” through your debt-to-income ratio or DTI ratio. It’s the part of your monthly gross income that you use to repay monthly debts. As someone planning to take out a mortgage, you need to understand DTI to figure out if you need to improve it to increase your chances of getting a lender approval.
Utilize FHA’s Title 1 Loan to Buy a Mobile Home
Mortgage rates have become historically affordable but first-time homebuyers may still find it difficult to enter the housing market because of tight inventory and home prices, though slightly, have also increased. However, for those who want to break away from renting bondage and become a homeowner, a viable option is to buy a mobile home using the U.S. Federal Housing Administration’s (FHA) Title 1 loan.
What to Expect When Your Servicer Has Changed?
As a first-time homeowner with a mortgage, you have a monthly obligation to repay the loan you took to buy your dream home. A mortgage servicer could be the company that receives your monthly payments. During the term of your mortgage, the servicer where you send your monthly payments might change. Don’t be alarmed if this happens. Here are the things you need to expect when your current servicer transfers your mortgage to another company:
FHA’s Energy Efficient Mortgage Program Can Help You Save Money
Whether you’re buying a home for the first time or you’ve already fulfilled your homeownership dream, saving money could be on top of your mind especially if your family lives on a budget. If you want to lower your monthly electricity bill, the U.S. Federal Housing Administration or FHA can help you finance energy-efficient improvements on your home through its Energy Efficient Mortgage program (EEM).
Practical Photography Tips if You Want to Sell Your Home on Your Own (FSBO)
When selling a home, it’s important that you have stunning pictures of your property that you can upload on listing sites. You often don’t have to worry about real estate photography if you’re working with an agent or a broker. However, in a “For Sale By Owner” (FSBO) transaction where you chose to sell your property by yourself, you have two options to get decent photos of your property: You either hire a professional photographer or use your resources and take photos by yourself.
5 Homeownership Facts Every Generation Z Members Should Know
As part of the youngest credit-eligible generation, you may find yourself overwhelmed with information if you plan to take out a mortgage. You probably have been scouring the internet for a while, have consulted your friends or family members about homeownership, but you end up even more confused. If you’re one of the Gen Z members who are motivated to fulfill their homeownership dreams, here are some of the hard facts about homeownership that you should know:
Actions You Can Take if You Experience Credit Discrimination
Mortgage application is one of several reasons why people use credit. Most people heavily rely on credit to get favorable mortgage interest rates in order to realize their American dream of homeownership. However, there could be situations that you might believe or experience that some lenders or creditors are making it hard for you to get the credit you deserve. Experiencing credit discrimination is frustrating, and everyone can be a victim, but there are actions you can take to fight back against such illegal practices.
What Do You Need to Know About the Federal Fair Housing Act?
Like everyone else, the federal Fair Housing Act protects you from any form of discrimination related to housing. The law provides equal opportunity for everyone to buy or rent a home, take out a mortgage, find housing assistance, or be part of any housing-related activities.
Find Out Why You Should Not Skip a Sewer Inspection
When buying a home, people will try to do everything to lower down their overall cost of owning their dream home. Homebuyers will shop for a mortgage, closing company, and inspection companies to possibly get the best offers. As a homebuyer, you may find it tempting to skip home inspections as most lenders often don’t require it. Because it’s buried under the ground, you may not care to find out the sewer’s condition especially if you’re delighted with the home’s aesthetics. However, if you are considering buying a relatively old home, getting a sewer inspection could save you from spending thousands of dollars in home repairs.
6 Ways a Distressed Veteran Homeowner Can Avoid Foreclosure
Losing one’s home through a foreclosure is a frustrating experience for any homeowner. Financially troubled homeowners, especially veterans, are often vulnerable to mortgage fraud schemes that could further increase the risk of losing their homes. It’s important for veterans to know that there are several options available for them if they’re threatened with foreclosure.
