When navigating the mortgage process, it may feel like there are as many loan programs as there are home choices. How do you determine what’s best for you? Let’s take a look at two of the most popular options: conventional home loans and FHA loans.
Your contract often includes additional contingencies or conditional elements (outside of financing) that must be met by a specific deadline for the contract to be fulfilled. If you waive any of these elements, can you save time or money? Let’s review what contingencies are and which should be left untouched.
Your 401(k) may be the greatest asset at your disposal. Believe it or not, it’s something you can use when finding funds for down payment. But is it worth it? That depends on your financial status and goals.
When buying a home, just how much do you need? Believe it or not, it’s actually more than the listing price, down payment, and closing costs. Don’t forget the not-always-top-of-mind mortgage reserves, which are reviewed during the underwriting process.
With home values increasing, you may find yourself in need of greater financing to make your homeownership dream come true. That’s where a jumbo loan comes in. Jumbo loans are loans that exceed the Federal Housing Finance Agency (FHFA) limit. If your required loan amount is even $1 over your area’s conforming loan limit, it falls into jumbo loan (or non-conforming loan) status.