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The Basic Steps needed for an FHA Mortgage

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The Basic Steps needed for an FHA Mortgage

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In order to acquire an FHA loan, one has to understand exactly what it is all about. In a nutshell, it can quite easily be described as a form of mortgage that has essentially been issued by a federally qualified lender. That means that it has been insured by the Federal Housing Administration or the FHA itself. As a general rule, almost all FHA loans have also been quite specifically designed for various types of low to moderate income earners who do not have the borrowing power of the high end borrowers who are more interested in procuring large mansions to live in. That is, FHA loans apply to those people who are not really in a position to dole out a large lump sum down payment. As a general rule, an archetypical FHA Loan is widely known for having less stringent requirements than many similar conventional (commercial) home loans. However, that certainly does not mean […]

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Yes! Getting A 100% VA Financing Loan is Still Possible

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The VA Loan is a very specific form of mortgage loan that is generally issued by pre-approved lending institutionsand are moreover, further guaranteed by the “U.S. Department of Veterans Affairs” or DVA. The core purpose of the program was to provide help and support to all those returning service members who were veterans, coming back from a conflict zone. This program was initially created by the government of the United States of American, way back in 1944 as the Second World War was dying down. The main aim of disbursing such loans was to help these veterans who did not have the financial resources to apply for commercial loans and pay hefty down payments, up front. Furthermore, duly approved VA loans did not require an excellent credit score either. o No down payments required And unlike other loans (including even FHA approved financial loans) the requirement for paying ‘lump sum’ down […]

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Americans will soon spend $321 billion fixing up their houses

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Increased home equity is certainly playing a large role, as are near-record low mortgage rates, which are enticing owners to refinance and potentially pull cash out. In the first quarter of this year alone, homeowners gained a collective $260 billion in additional home equity, thanks to higher home values, and with that increase, 38 million borrowers now have at least 20 percent equity in their homes, according to Black Knight Financial Services.   Confidence is also key. When people feel better about their home’s value, they are more apt to invest in it. “I call it ‘nesting is investing.’ People are saying I want to do something that adds to the value of my house, and I’m just going to fortify the castle,” said Brad Hunter, chief economist with HomeAdvisor, an online home services marketplace. And what fortifies the castle best? Kitchen and bath remodels are always popular, but Hunter […]

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