Author: super_admin

For first-time homebuyers, purchasing a home is a huge financial commitment and in today's pricing environment its also a considerable financial challenge for many Americans. However, homebuyer grants can significantly lighten the financial load, grants aren't available to all home buyers and are usually aimed at lower income buyers. Understanding Grant Eligibility Requirements vary between programs, several common elements are worth noting: • Income limits: Many programs consider households that earn 80 percent or less of the area median income (AMI) as “low-income.” Therefore, access to these programs is restricted to those within this income range. Moreover, the income limits adjust depending on the number of household occupants. • Home price limits: Certain programs may restrict your spending to a specific range of residence prices. These limits are largely dependent…

Finding a skilled loan officer who is attuned to your needs and can assist you through the process is essential. Here are five questions you might want to ask your home mortgage lender. What are my home loan options? This question will help gauge the loan officer's expertise and understanding of your specific situation. You may need to share some personal financial information, but a credit check shouldn't be necessary at this stage. Could you explain the mortgage process? A competent loan officer should be able to outline the steps from application submission to loan approval. They should also provide insights into legal and real estate aspects or direct you to your real estate agent for further information. What do I need to provide for loan approval? Before submitting any…

There are numerous benefits to being self-employed - you're your own boss. However, when it comes to securing a mortgage, the process deviates slightly from traditional mortgages. It often involves additional requirements and more administrative procedures. Here are some tips to help you get organized and approved if you're self-employed. Apply for a mortgage when your income is high. We understand this is easier said than done, but lenders will focus most on your income from the last two years. If your income fluctuates, it's best to apply in a high-income year. This strategy can help you qualify for a larger loan amount and a lower interest rate. Lower your DTI. Your debt-to-income ratio is one of the critical factors in getting approved. Therefore, it's beneficial to pay down both…

With summer around the corner, a lot of people are asking if a swimming pool will add value to their home (to be clear, we are talking about in-ground pools here). The answer is, it depends. Studies show that it can add 5% or more to the value of your home, but these studies pre-date Covid. If you are in a warmer climate like Texas or Florida, pools can add more value and may be more desirable. In fact, if your home is in a high-end area where most homes have pools, lacking one can actually lower your home's value. Of course, you have to take into account the building and maintenance costs, as well as whether your yard has enough space to accommodate a pool while still leaving ample…

We all know that interest rates are higher than they were a year ago (and we all hope they don't stay that way). A product that is becoming more popular is a 2-1 buydown, which provides a lower interest rate for the first year of the loan, then increases in the second year, and the third and subsequent years will have the full interest rate. To compensate for the lower payments, a fee is charged. A buydown can be financed by either the homebuyer or the home seller. This payment can take the form of mortgage points or a one-time sum placed in an escrow account managed by the lender, which is then used to subsidize the borrower's reduced monthly payments. Often, sellers, including home builders, utilize 2-1 buydowns as…