While FHA loans might not be right for every situation, they do offer a number of benefits for home buyers, especially those with credit-related issues in the past or limited down-payment funds. But they also have some potential drawbacks… Key Differences Between FHA and Conventional Before we can talk about the potential pros and cons of these […]
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8 Ways to Reduce Costs and Save Money When Buying a Home
Home buyers are always looking for ways to reduce their costs. And that’s understandable, when you consider that the upfront costs alone can add up to thousands of dollars. This guide explains some of the ways you could save money, reduce out-of-pocket expenses, and pay less interest over the life of your loan. This article […]
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Does It Ever Make Sense to Put 20% Down on an FHA Loan?
FHA loans allow borrowers to make a down payment as low as 3.5% of the purchase price. But some home buyers choose to put 20% down in order to reduce their monthly payments. The question is, does it make sense to do this? Read on to find out why a 20% down payment for an […]
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How Soon After Seeing a House Should You Make an Offer?
“How soon after viewing a house should I make an offer?” This is one of the most common questions first-time home buyers ask when it comes to making an offer on a house. And it’s an important subject that requires careful consideration. Let’s start with the short version before exploring the different scenarios: Your offer […]
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What Does a Buyer’s Agent Do Exactly, and How Do I Find One?
A buyer’s agent can help you find a home, research the asking price, submit an offer, and negotiate with the seller. You’re not required to use a real estate agent when buying a home. But you could benefit from it in many ways. This guide explains what a buyer’s agent does, how they get paid, […]
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A First-Time Buyer’s Guide to Mortgage Insurance (FHA and PMI)
Mortgage insurance is super confusing, especially for first-time home buyers. But don’t worry. Our experts will break it down for you! In a hurry? Here are the five most important takeaways: What Is Mortgage Insurance, Exactly? Most first-time home buyers in the United States end up paying mortgage insurance, as a result of making a […]
7 Reasons Why an FHA Loan Might Fall Through Prior to Closing
An FHA loan can “fall through” or get rejected during the mortgage underwriting stage for a number of reasons. As a borrower, it’s your job to prevent these scenarios from occurring. Ten years ago, a reader asked us if they could get denied for an FHA loan after they’d been pre-approved by a mortgage lender. […]
FHA Loan Minimum Down Payment Requirements and Acceptable Sources
This guide explains the minimum down payment requirement for an FHA loan, acceptable sources of down payment funds, the ability to use gift money, and everything else a home buyer needs to know. And here are 5 things you should know right off the bat: Minimum Down Payment for FHA Loans 3.5% The Federal Housing […]
13 Questions First-Time Home Buyers Ask About FHA Loans
FHA loans are a popular financing option among first-time home buyers United States. This program is not limited to first-time buyers. But it has several important features that attract this particular group, such as a low down payment option. Over the years, we have fielded countless questions from first-time home buyers relating to the FHA […]
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What’s the Best Type of Home Loan for a First-Time Buyer?
The 30-year fixed-rate conventional loan is currently the most popular mortgage option among first-time home buyers in the U.S. But it might not be the best option for you. Read on to learn how to choose the right type of mortgage loan… First-time home buyers typically have a lot of questions about their financing options. […]