Condo Lending Rules and Condo Loans

Many home buyers start looking for condos assuming that the lending world is the same for a condo or a home. It is not. Fannie Mae, the largest purchaser of U.S. loans, has added some requirements that single family home buyers don’t have to be concerned with. Here are some cases where your loan may […]

Adjustable Rate Mortgages

An Adjustable Rate Mortgage (ARM) has a variable interest rate component, which means the interest rate will change during the life of the loan. An ARM might be a tempting choice over a fixed rate mortgage because the starting interest rate is often lower than a Fixed Rate mortgage. Before determining which type of home […]

FHA 203k Renovation Loan

House Need Work? FHA 203k – The ReHab Loan It’s not unusual, especially in distressed real estate markets, to find homes have no appliances, trashed rugs and at least some damage. After all, homeowners that leave homes because of foreclosures and short sales have little incentive but common decency to deliver the home in great […]

What is a Short Sale

If you’ve tried loan modification without success and your current mortgage payments are difficult to handle, your only choice may be to give up your home. Many homeowners are turning to short sales instead of a foreclosure. A short sale is a sale where the lender allows the owner to sell a home for less […]

Getting Legal and Tax Advice Before Foreclosure

If you are considering a short sale or foreclosure, getting advice from your accountant and a real estate lawyer should be one of the first items on your to-do list. You can do only so much research on the internet, but with laws changing and the laws in one state so different from the rest, […]

When Can I Buy Again After a Foreclosure?

Once losing your home to foreclosure is far in the rear view mirror, it is only natural to wonder when you might be eligible to buy again. There are 2 major factors to consider when recovering from a foreclosure. One is the waiting requirement that Fannie Mae imposes, and the other is your credit score. […]

How To Improve Your Credit Score

So you have bad credit. Time to move on in the right direction, and follow these steps carefully. Never miss a payment. One of the best ways to keep your credit clean is to have automatic checking account withdrawals for mortgage bills. Just make sure that there are enough funds in your checking account to […]

Help I have Bad Credit!

Most of us don’t check our credit until we need to borrow money, usually for a car loan or a home loan. Unfortunately, having a bad credit score will not only affect your ability to get a loan, but it may also affect the interest rate you pay on that loan. In other words, having […]

How To Get Your Credit Report and Credit Score

Your Credit Score (also called FICO Score, after the Fair Isaac Corporation which created the software to calculate the score) is calculated by 3 credit bureaus: Equifax, Experian, and TransUnion. Each have their own website that you can access and pay for your credit report and score, either on a one-time basis, or have full […]

What is a Credit Score and Why Should you Care?

Many people don’t know that a low credit score can cost you money. That penalty shows up in many different facets of your life other than just higher interest rates. Potential employers can look up your credit score and perhaps decide not to hire you because of your bad credit. Potential landlords can decide not […]