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A co-signer is a mortgage loan applicant who co-applies with a home buyer to help the buyer qualify for their mortgage.  This co-applicant is typically a family member who does not plan to occupy the property the home buyer is purchasing, and is therefore labeled a non-occupant co-borrower (or co-signer). Adding a co-signer to a…

An interest rate buydown will decrease the interest rate for the first 1-2 years. There exists in the mortgage industry both a 1 year buydown and also a 2-1 buydown. For example in a 1 year buydown, let’s say the starting interest rate is 6%. For the first year, thanks to the buydown, the interest…

Home insurance on your new home is required to approve financing for your home. Home insurance is also often referred to as homeowner’s insurance or hazard insurance, and these terms are interchangeable.   You’ll need to choose an insurance provider and agree to the coverage, deductibles, and cost for them to finalize the policy. You…

FHA 100 is a new loan program featuring a down payment assistance loan of 3.5% or 5% of the purchase price. This down payment assistance loan is used to cover the minimum 3.5% down payment on an FHA loan. This loan product is available throughout DC, MD, VA and NC.  This loan program involves two…

You may already have a payment range you’ve determined that would work for you.  But when people think about getting pre-approved for a maximum loan amount, we have our own system for determining what we think would work for you.   When asking about a maximum amount you can borrow, what we really look at…