The government backed FHA loan is a popular choice among first time homebuyers as well as repeat buyers because of its forgiving debt-to-income ratios, low down payment requirements and lack of reserves required. These relaxed requirements don’t come without restrictions! Being a program designed for owner occupants, the rules behind limiting the number of FHA…

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Buying a home is one of the biggest financial decisions you’ll ever make. Whether you’re a first-time homebuyer, an investor, or planning for retirement, having a well-thought-out budget is crucial to ensuring a smooth and successful home purchase. Here’s how you can budget effectively to make your dream home a reality. 1. Assess Your Financial…

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What if you had a crystal ball to glimpse into the future? Imagine the power of knowing what’s ahead—how would that shape your financial decisions? While we may not have that luxury, we do have the ability to make informed choices today that can lead to a more secure tomorrow. The best way to face…

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Two Types of Mortgage Insurance

There are two kinds of mortgage insurance, private mortgage insurance or PMI and the mortgage insurance which is on all FHA loans, MIP or mortgage insurance premium. Both types of mortgage insurance are designed to cover a lender in the event of a loss but there are many differences between the 2. FHA charges both…

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A house is more than a place to live. A house is a home that provides a multitude of financial and emotional securities that we cannot get by being a tenant in someone else’s house. Homeownership provides financial rewards in the form of wealth building. Think about the $2,000 per month that you pay in…

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If you were buying a home wouldn’t it help to know what your payment will be and how much cash is needed to close the transaction? If you agree that this information is important BEFORE shopping for a home, you should know that a lender is not required to give you a Loan Estimate without…

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