Reader Question: “I’m going to buy a house sometime next year, and I’m currently saving up as much money as I can to help me qualify for a loan. I’ve set up a special savings account for this purpose. My question is, how much money do I need to save to buy a house next […]
Editor’s note: This article was updated and fact-checked in April 2013, to reflect changes to the FHA loan program. Here is the latest information about FHA minimum credit scores. Reader Question: “I want to use an FHA loan to buy a house, because my credit is not that good. I was told by a friend […]
Low interest rates are prompting a lot of homeowners to refinance their mortgages right now. But many people experience an unpleasant surprise when they contact their lenders about refinancing their homes. Much to their dismay, they find out they are upside down in the mortgage loan, which makes it almost impossible to refinance. But there […]
You have a first and second mortgage on your house, and now you want to refinance the home. Is refinancing possible under the circumstances? In some cases it’s possible, but in other cases not. Let’s talk about each scenario. Many people who cannot afford a big down payment end up using a first and second […]
This article explains the basic guidelines for the Federal Housing Administration’s streamline refinance program. This program allows certain homeowners to refinance with very little paperwork and no home appraisal. The FHA information in this article was updated in March of 2013, to incorporate changes to the program.