Thousands of additional condominium units in the market will soon become eligible for FHA financing after the Federal Housing Administration (FHA) issued last August an important update which included the revival of its “spot approval” program. Compared with a detached single-family home, a condo is a more affordable option for a broad range of credit-worthy homebuyers who prefer a relaxed lifestyle that’s surrounded by amenities. The new policy will result in an estimated 20,000 to 60,000 FHA-insured condominium units every year.
Massive data breaches are becoming common nowadays. A few days after the massive Equifax data breach settlement news broke out, Capital One reported that sensitive information of roughly 100 million consumers in the U.S. has been compromised. As someone planning to buy a home, it is critical that you know if you’re affected by such breaches, especially if you’re applying for a mortgage.
Millennials who have plans on becoming a homeowner in a couple of years from now should work hard to improve their credit scores. While credit score provider FICO recently revealed that the median score is now pegged at 706, most millennials only have an average score of 668, which means many have “poor credit.” There are easy ways millennials can do to start improving their credit scores.
Eligible Veterans and other homebuyers who qualify for a VA loan are often not required to pay a down payment. Conventional loans typically require homebuyers to settle a 20% down payment. The U.S. Department of Veterans Affairs (VA) has made homeownership more affordable for Veterans in gratitude for their dedication in serving the country. However, Veterans need to settle several one-time expenses when buying a home.
Thousands of disabled Veterans who received a VA-backed home loan will soon receive letters notifying them of impending refunds of funding fees that were erroneously charged. The U.S. Department of Veterans Affairs (VA) normally charges such funding fees to Veterans applying for VA-backed home loans. However, an Inspector General audit of the VA identified thousands of instances where disabled veterans qualifying for exempt status being wrongly charged a funding fee.
A new lick of paint often comes to the mind of individuals who have just acquired a home this season. Personalization and protection are some of the many benefits of painting your new home. If you think you have the guts to paint your home, you may want to try some home exterior painting tips to make the job easier and faster.
Now is the perfect time to put your green thumb to work as a homeowner if you’re looking for a rewarding activity for the family. Vegetable gardening is worth considering if you want to truly reap the rewards of your hard work. It’s an activity that the whole family will definitely enjoy this season. However, if you want to explore your talent in gardening, there are several budget-friendly gardening ideas you may want to try at home.
It’s normal for first-time homebuyers to feel overwhelmed by the process of becoming a homeowner. First-time homebuyers are often excited in the thought of making one of the biggest investments in their lives. Along with this, they also need to make solid financial decisions to determine if they can sustain living in the house they are choosing.
Shopping for a mortgage and home is the first step you need to take if you want to fulfill your dream as a homeowner. Buying a home is often overwhelming simply because you’re making one of the biggest financial decisions in your life. Before applying, it’s smart to educate yourself on the mortgage process and programs so that you can better understand your options.
A growing number of millennials are reportedly choosing to live in the suburbs over big cities. Factors like good weather and better employment opportunities make this age group choose smaller metros. We’ve listed 10 of the best suburbs where you can buy your first home as a millennial.