For 50 years, reverse mortgages have helped seniors reach their financial goals in retirement. In 1961, the very first reverse mortgage helped Nellie Young keep her home after her husband passed away. Since its creation, the reverse mortgage has gone through several transformations, with its uses expanding to help seniors supplement their retirement income, consolidate […]
A boon to DIYers and home project enthusiasts, an FHA 203(k) loan – also known as a mortgage rehab loan, renovation loan, or Section 203(k) loan – can be used to fund both a home’s purchase and renovations under a single mortgage. In effect, it allows home buyers who are considering purchasing a fixer-upper that […]
If you’re a veteran looking to buy a home, taking out a VA loan could be an excellent option for you. This government-backed loan comes with low interest rates and 100% financing. VA home loans are an excellent way to buy a home with zero money down, but you’ll also need to meet mortgage lender […]
It’s no secret that VA loans come with extensive benefits for eligible veterans and service members. You can’t match the ability to get a mortgage with lower interest rates and no down payment requirement. But there are some extra considerations when qualified service members and veterans want to include their civilian spouse in the VA […]
Circumstances make it difficult for some people to qualify for conventional mortgages.. Government-insured loans exist for this reason – so borrowers who need funding can achieve their homeownership or financial goals. Government home loans and other federally backed loans are often more affordable, have lower interest rates, and are often easier to qualify for than […]
What Is A Hard Money Loan? A hard money loan is a short-term loan that often requires the borrower to use an asset, like a home, as collateral to secure the loan. Hard money loans are also referred to as bridge loans and can be used to help finance one house while preparing to sell […]
Many types of mortgages are available to accommodate a wide spectrum of borrowers. But what if the typical terms of a mortgage aren’t appropriate for your situation? One action you can take is to get something called a holding mortgage – an alternative type of mortgage typically used for those who may not qualify for […]
Each year, the Federal Housing Finance Agency releases new loan limits for conforming loans that they base on the third quarter House Price Index report. In anticipation of official limits typically released in late November, The lending mamba is announcing increased limits for conventional loans through Fannie Mae and Freddie Mac. While updated FHA and […]
When you want to buy a home, you might wonder about the types of mortgages and lenders available to you. Should you work with a credit union or a mortgage broker? Well, you have lots of choices! We’ll go over how to choose a mortgage lender and offer a few tips to consider to help […]
PMI is a type of insurance that may be required for conventional mortgage loan borrowers when they buy a home and make a down payment of less than 20% of the home’s purchase price, PMI may become a part of your mortgage payment. It protects your lender if you stop making payments on your loan. […]