A lot has changed in the mortgage industry and real estate market over the last couple of years. So we thought it was time to create an updated guide for first-time buyers pursuing the goal of homeownership in 2018. Here are 10 things a first-time home buyer should know in 2018. Top 10 Things First-Time […]
Maximum FHA Debt-to-Income Ratio Requirements in 2017
The debt-to-income (DTI) ratio limit for an FHA loan in 2017 is 43%, for most borrowers. In some cases, home buyers using the FHA loan program can have up to 50% debt-to-income, at a maximum. A higher level of debt might be allowed if there are certain “compensating factors,” such as a minimum increase in […]
How Easy Is It to Get a Mortgage Loan These Days, in 2017?
This is part of an ongoing series in which we answer common questions among first-time home buyers. Today’s question is: How easy is it to get approved for a mortgage loan these days? While it’s not necessarily “easy” to get approved for a mortgage loan today, it has gotten a bit easier over the last […]
How Much Debt Can I Have and Still Get a Mortgage Loan?
This is part of an ongoing series that addresses frequently asked questions from home buyers. Today’s question is: How much debt can you have and still get a mortgage loan? The short answer: Debt-to-income ratios, as they are known within the mortgage industry, can vary from one loan program to the next. But these days, […]
Minimum Credit Score for First-Time Home Buyers in 2017
This is part of a new series in which we answered frequently asked questions from first-time buyers across the U.S. Today’s question comes from Rasheeda in Lansing, who asks: “What is the minimum credit score for a first-time home buyer 2017?” Actually, there is no minimum credit score that applies to all first-time buyers across […]
How a 15-Year Mortgage Loan Works, With Pros and Cons
How does a 15-year mortgage loan work? What are the pros and cons of using a 15-year fixed home loan, when compared to the longer 30-year option? These are some of the most common questions home buyers have about this particular mortgage product. The following guide will help you understand how a 15-year loan works, […]
Best Home Loans for First-Time Buyers With No Down Payment
This blog post answers a question Tina in New Jersey, who asked: “What are the best types of home loans for first-time buyers with no down payment?” The first thing to understand is that first-time home buyers with no down payment money do, in fact, have some options. For example, most of the mortgage programs […]
What if You Put Down Less Than 20% on a Home Purchase?
This is part of an ongoing series in which we answer frequently asked questions among home buyers. Today’s question is: What happens if you put down less than 20% when buying a home? The short answer is that you will probably have to pay for private mortgage insurance, if you put less than 20% down […]
Buying a Home in Atlanta, Georgia in 2018: Five Things You Should Know
Are you thinking about buying a home in Atlanta, Georgia in 2018? If so, you’ll want to bring yourself up to speed on current real estate market conditions. And that’s where we come in. Here are five things you need to know about buying a house in Atlanta in 2018. 1. House values are up […]
Is a Home Inspection Required When Buying a House?
Reader question: “We are preparing to buy our first home, and I was wondering if a home inspection is always required when using a mortgage loan to buy a house. Is it a requirement in all financing scenarios, or is it up to the buyers?” Home inspections are a worthwhile investment when you are buying […]