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Blog Image: The Best Home Loans for Buying a Fixer-Upper

The Best Home Loans for Buying a Fixer-Upper

You’ve found the perfect property – or at least what could be the perfect property after a few improvements. Upfront repairs and renovations can take a toll on your budget though. Fortunately, there are several mortgage options that will allow you to buy the house and borrow money for improvements all at once. All of these home loans are made by traditional lenders and guaranteed by government agencies or groups. Fannie Mae HomeStyle Renovation Mortgage Government-sponsored entity Fannie Mae backs a mortgage product that is both a traditional mortgage and home improvement loa...

April 1st, 2020 | FHA Loans, VA Loans, The Best Home Loans for Buying a Fixer-Upper

Blog Image: How to Cancel FHA Mortgage Insurance

How to Cancel FHA Mortgage Insurance

Mortgage loans made by the Federal Housing Administration can be a huge help to homebuyers without a large down payment. FHA loans require down payments of as little as 3.5%. Traditional loans often require 20%. Yet FHA mortgages come with some strings attached, namely FHA mortgage insurance. Almost all mortgage loans made with less than a 20% down payment require some form of mortgage insurance. This insurance protects the lender against losses from the borrower defaulting in the first several years of the loan. It is typically paid monthly and is tacked onto the mortgage payment. With con...

December 4th, 2019 | Government Loans, FHA Loans, How to Cancel FHA Mortgage Insurance

Blog Image: Energy Efficient Mortgage Program

Energy Efficient Mortgage Program

The federal government has aimed to help increase homeownership for decades. One of the Federal Housing Administration’s many programs to help Americans in their homeownership dreams is the Energy Efficient Mortgage program (EEM). Many homes, especially older ones, could be much more affordable if they were updated to be more energy efficient. The EEM allows borrows to make those updates and save money as new homeowners. The Department of Housing and Urban Development (HUD) first created the Energy Efficient Mortgage program in 1992 and piloted it in five states. It was extended to al...

July 17th, 2019 | FHA Loans, Government Loans, Energy Efficient Mortgage Program