Do you Pay Taxes? The IRS allows an exclusion on the capital gains earned on the sale of a home if you meet certain requirements. If you’ve gone through a divorce or your spouse died, you can count the time that your spouse lived in the home as a part of the required two years. […]
Your FHA lender will review your past credit history performance while underwriting your loan. A good track record of timely payments will likely make you eligible for an FHA loan. The following list includes items that can negatively affect your loan eligibility: -No Credit HistoryIf you don’t have an established credit history or don’t use […]
The traditional fixed-rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed-rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or […]
Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan’s term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions. The initial rate on an ARM is lower than on a fixed rate mortgage which allows you […]
Hybrid ARM mortgages, also called fixed-period ARMs, combine features of both fixed-rate and adjustable-rate mortgages. A hybrid loan starts out with an interest rate that is fixed for a period of years (usually 3, 5, 7, or 10). Then, the loan converts to an ARM for a set number of years. An example would be […]
An FHA (Federal Housing Administration) loan is a type of government-backed mortgage insured by the FHA. Designed to help low-to-moderate income borrowers obtain financing, FHA loans offer more lenient credit requirements and lower down payment requirements, making them an attractive option for first-time homebuyers. One of the primary benefits of an FHA loan is the […]