Blog
Credit scores
Most home purchasers know that there are three credit bureaus: Experian, Equifax, and Transunion. These bureaus are repositories of information from all participating creditors. Before credit scores existed, credit bureaus collected and provided information about creditworthiness to lenders. The first credit score was created in 1989 by the Fair Isaac Corporation who created the FICO®…
Read MoreEmployment history
Whenever you apply for a loan, you’ll be required to provide a two year history of either employment or time in school. If your income is salaried, we’ll calculate and qualify your income based on your salary. If your income is variable and is hourly, bonus, commission, or via tips, we’ll calculate your income based on…
Read MoreLoan Limits Increase in 2018
Beginning with closings in 2018, the new conforming loan limit is $679,650. This’ll be the maximum loan for a 5% down one-loan-scenario, which will be a purchase price of $715,421. However, 5% down will be available up to purchase prices of $978,578 with financing with two loans. 3% down will still be available for loan…
Read MoreLoans
Conventional Loans – Best paired with higher credit and/or higher down payment…providing the best terms for most applicants FHA Loans – Best paired with lower credit and/or lower down payments…providing superior loan terms in the above instances Jumbo Loans – For loan amounts over $1,209,750, jumbo loans require slightly higher down payments Down Payment Assistance –…
Read MoreDown Payment Assistance Programs
There are down payment assistance and low down payment programs available both nationally and locally. I have written below the descriptions of each program to aid in understanding what is available. During your initial conversation, we will review your financial situation to see what is the best fit for you. For most first time buyers,…
Read More