The loan process for purchasing or refinancing a property that is classified as a “Condominium” can have some additional requirements that in some situations can delay or even prevent the approval of a loan regardless of the qualification of...
The Servicemen’s Readjustment Act of 1944 provided benefits to returning soldiers after WWII. Among these benefits was the VA home loan program and today more than 20 million have taken advantage of this special program. The VA isn’t a...
Residential loans are often made to individuals and couples, helping them secure property to improve their lives and financial standing. However, residential loans can also be made to business entities. These loans help businesses gain operational advantages, and can...
For some reason, the FHA mortgage program struggles to get past many misconceptions about this program which helps millions buy and finance their first home. First introduced in 1934 to provide some semblance of stability in the untamed mortgage market,...
There are two types of home buyers, those who want to buy an existing home in an established neighborhood or subdivision and someone who wants a brand new home that’s never been lived in before. New construction vs. existing...
Understanding the details of mortgage qualification is crucial to long-term financial success. You don’t have to be a mortgage guru, but you do need to understand the various details that affect how you qualify. Recently, Fannie Mae made adjustments to...
It’s quite possible you’ve heard of this term but not truly understand what it means. But to understand its meaning perhaps it’s easier to first get clear on what a non-arm’s length transaction is. It’s a figurative term which means...
You’ve likely noticed the emergence of cable TV shows that feature buying “fixer uppers” over the past few years. There is also no shortage of real estate “gurus” that travel from city to city holding real estate investment seminars showing...
Delayed financing allows you to access your home’s capital immediately after you make a cash purchase. Before 2011, any cash buyer that wanted to access the equity in their property had to wait six months. If, for example, you purchased...
Banks and credit unions make money the old fashioned way- they lend money and charge interest, something that has been going on since the invention of currency. For an automobile loan or a credit card, consumers typically first contact their...