If you’d like to build, buy, or renovate a rural rental housing unit, you may be interested in section 515 rural rental housing loans. Because our country has a shortage of affordable rural housing, the government is willing to insure low-cost loans with low interest rates for the development of affordable rental properties. You’ll need Read more…
A direct section 502 loan is a government-sponsored mortgage that is available for qualifying homeowners living in rural America. You’ll be borrowing directly from the government, making the terms extremely reasonable. There’s no lender involved, which eliminates the need to pay a middleman those extra fees. Many rural Americans who cannot qualify for conventional loans Read more…
If you live in the country and are looking to buy a home, you may want to check into guaranteed rural housing loan options. What is a Guaranteed Rural Housing Loan? Guaranteed rural housing loans are government-insured loans aimed at helping rural Americans with low to moderate incomes by providing affordable mortgage options. The loans Read more…
Years ago, investment loans were catered towards borrowers who were not able to verify standard incomes on W-2s due to unique financial situations. This classification of borrowers consisted of self-employed workers, business owners, independent contractors or any person who deducts several expenses resulting in a substantial decrease in reported income. To make provisions for this Read more…
In today’s market investing in a property is an attractive idea as interest rates and home prices are at all time lows. Investment loans are very common and often come with different restrictions and terms than traditional mortgage loans. Investment properties have become popular, but securing the financing can be difficult. However, many investors have Read more…
If you live in rural America, you may qualify for a government-backed RHS (Rural Housing Service) loan with low interest rates and a low or no down payment. RHS loans have been used to revitalize rural areas , and they are currently very popular options for borrowers who live in rural parts of the country. What Read more…
Wondering how a simple interest mortgage and a traditional mortgage differ? The two loans are similar in all ways but one—how the interest is calculated. And that single factor can make a big difference over the life of a loan. What is a Simple Interest Mortgage? A simple interest mortgage is a loan where the interest Read more…
With the lending industry getting more strict as a result of the mortgage crisis that started in 2008, most lenders only make purchase loans up to 80 percent of the value of a home. This presents a problem for borrowers that have a limited down payment like five or ten percent. To accommodate these borrowers, most Read more…
Homeowners have many different loans to choose from, including piggyback loans – which require a smaller down payment. Today one of the difficulties in purchasing a home is that most loans will only cover up to 80 percent of the value of a property. So if a person has less than a 20% down payment, Read more…
An interest-only mortgage is a somewhat misleading term, and it’s an option that should be considered carefully by prospective homeowners. An interest-only or I-O mortgage is a short-term arrangement that can lead to payment shock down the road. How Interest-Only Mortgages Work Here’s how it works: With a traditional mortgage, the homeowner’s monthly mortgage payment Read more…
Interest rates move in curves: up, down, up and down again. When should you refinance? Every time the rate hits Read more...
One of the biggest purchases you will probably make it your life is your home. Your home may also be Read more...
The home loan business has experienced significant changes since the real estate crash of 2008. Most notably it has become Read more...
1. What is HUD? HUD stands for the United States Department of Housing and Urban Development. It’s a government agency Read more...