Best Mortgage Articles

USDA minimum property requirements cover the general condition of the home, both outside and inside. The requirements also deal with the function of the basic systems like plumbing and electrical.

There are times when selling a home to a stranger makes the most sense. But there are also opportunities for a person to sell their place to a family member...

Most home buyers need a mortgage to buy a home. Getting a mortgage can be quite daunting.  You will have a whole set of mortgage terms being thrown around.  One of which is debt to income ratio.  So you may be left wondering what is debt to income ratio. The acronym for debt to income...

People that serve in the military are accustomed to moving to a new location and changing homes on a rather frequent basis. This kind of constant change can play havoc on a person...

The lowest mortgage rates and the most favorable terms are reserved for homes that are owner-occupied. As the phrase implies, the owner of the home or property lives in the place as their main residence. When analyzing risks for lending money, most organizations feel that the owner of the place is more likely to work hard and make the payments compared to a tenant or even in the case of a vacation home. However, this is an obstacle for people that wish to purchase a home for their aging parents or physically challenged child. For such situations, Fannie Mae has

Shopping a Mortgage as a first time home buyer has many facets. Learn how to get the best mortgage on your first home. There is more involved than just interest rate.

For the right borrower, a WHEDA mortgage can be an excellent way to before a homeowner. Take a look at the following pros and cons of the WHEDA loan!

The overall strong real estate market has seen major booms in the last few years. The increase in average prices have led to a change in the conventional loan limit, yet again. For the year 2020, the maximum loan amount allowed by either Freddie Mac or Fannie Mae for a conventional loan will be $510,400. For perspective, the maximum conventional loan limits in the year 2018 was and then increased in 2019 to $510,400. The new increase is 12.6% over the 2018 loan limit. Higher Limits are Better Alternative to Jumbo Mortgage The main benefit to borrowers is that a

Without a doubt, the FHA loan is one of the most popular mortgage programs among first time home buyers. The reasons for this are quite simple. FHA has a low down payment requirement, they have forgiving credit requirements, and their rates are just as good as conventional loans.

Thought about buying a rental property, but weren’t sure how to finance it?

The FHA 203k and Fannie Mae HomeStyle loans are perfect for rehabbing an existing home or for buying a home in need of some attention and then renovating the home to suit your needs.

First Time Home Buyer Guide: Programs and Requirements People looking to purchase their first home usually have a wide range of home loans to choose from. We are happy to offer multiple types of first time home buyer programs that should fit almost every potential need. We offer many First Time Home Buyer programs including: Government Mortgage Loans FHA Loans FHA 203K Rehab Loans HomeStyle Renovation Loan VA Loans USDA Rural Housing WHEDA (WI only) Conventional Loans Jumbo Loans Combo Loans No Money Down Loans Fannie Mae HomeReady® Freddie Mac Home Possible® Less Than Perfect Credit Government Mortgage Loans The United

USDA loans or rural development loans are one of the most overlooked loan types available to homebuyers. These loans are guarenteed by the USDA

What Are The Mortgage Options For Home Renovation Loans Do you know all the options for home renovation loans? Over the years in my work for a mortgage company, I've been asked about the various options for home renovation mortgages numerous times. Before tackling a significant financial decision, most people would like to have some idea as to how a renovation loan works. Having the right information gives you, the homeowner, or potential homeowner, the details needed to make an excellent decision for your current needs. Renovation loan programs can be a wonderful option when you're purchas...

USDA Home Loans: Everything You Need to Know Have you heard of a USDA Home Loan? Do you know the specific details about it and whether or not you are

Following this simple advice will help the loan approval process and save you some unnecessary heartache. What NOT to do before closing on a house.

What is a WHEDA Loan? WHEDA is the acronym that stands for Wisconsin Housing Economic Development Authority. This group was founded by the state of Wisconsin in 1972. The group works with lenders, buyers and developers t...

Learn about the most popular mortgage options available when buying a home and the required documents you will need to provide for each of them.

The new limit for a household up to 4 people is $86,850. For households with 5 to 8 persons, the new limit is $114,650. These increases represent a 5+% change in the income limits, making the USDA loan available to more borrowers.

Listed below is an explanation of the type of asset documents needed and what they mean to the lender.

Learn more about how to convert your home into a rental on our website https://www.madisonmortgageguys.com/converting-primary-residence-to-rental-property/ Other than stocks and bonds, investing in real estate has long been a way for people to accumulate wealth. However, the changes made in mortgage lending from 2007 to 2012 made it difficult for people with a current home loan to invest in a 2nd property. Fannie Mae has changed that. There are some requirements regarding credit scores, income, and available funds. However, the overall strict rules have been loosened to allow people a way t...

Paying off your mortgage early can save you thousands of dollars in interest. Homeowners with a mortgage may experience stress each month.

Top 10 benefits of USDA loans and how they can help you on your journey to becoming a homeowner!

This article explores what kind of paperwork real estate buyers will need when applying for a pre-approval letter.

A non-occupying co-borrower with solid credit, low debt & enough income can step in & boost an overall application in Wisconsin Illinois Minnesota & Florida

A reverse mortgage is a loan secured against either a portion of or the entire positive equity in your home, paid to you up front or in monthly payments.

How to End Paying Private Mortgage Insurance One of the things that many homeowners want to know is how to get rid of private mortgage insurance. If you bought a home without making a down payment of 20% or higher, or you refinanced your home with less than 20% equity, private mortgage insurance (PMI) was probably a requirement of owning your home. Now, when you were in the middle of the excitement of buying the house, you may not have batted an eye at paying a little extra insurance to get your beautiful new home. But as the months go

A home equity loan and a second home mortgage loan are great options, but before deciding to take the plunge, people should consider all of their options.

Bank statement loans can be a great alternative loan option for thousands of self-employed people.

Buying a condo with financing isn't always easy, but it is possible and doesn't always require a 25% down payment either! Learn more here.