A common question asked by homebuyers is how much of my income should go for housing? The answer is not simple and ranges somewhere between 28% and 43% of your stable gross monthly income. Do you have a budget? Determining what you can afford for a housing payment shouldn’t necessarily be dictated by a %. […]
Mortgage Info Blog
My credit score is between 580 & 619. W
If your score is at least 580 but less than 620 then your best option may be FHA. It may be your only option. With a 580-619 credit score you are looking at an FHA loan and may be limited to a 43% debt ratio although a higher debt ratio may be available to some Buyers. Qualifying […]
Student Loans and Your Mortgage
You may have heard of Fannie Mae and Freddie Mac. These are government-sponsored enterprises (GSE) which securitize your basic conventional mortgages. Despite their many similarities, their guidance on how to qualify a borrower with student loans differ significantly. Now, in addition to conventional GSE’s, there are also Government loan options such as FHA, Rural Housing and […]
When can I refinance my mortgage loan?
Many homebuyers go into their purchase thinking they can refinance into a lower rate in the future. Although this may be true, it’s not something that one should consider as a factor when deciding to buy a home. Who knows what rates will be or what qualifying guideline may prevent a refinance from being a […]
What happens after I sign the sales agre...
Congratulations! You found the house you want to buy. You’ve negotiated a sales agreement – you have a signed offer. What next? You need to give the sales agreement to your lender. Your lender will create a property-specific loan application and forward the application and disclosures for you to sign. Once you have signed these […]
FHA increases loan limits!
FHA is not limited to first time buyers and it is not limited to a sales price and it has no income limit but FHA does have maximum loan amounts. Effective January 1, 2018 for single family homes the loan limits are: New Hampshire Most areas the max loan is $294,515 Manchester/Nashua (Hillsboro County) the […]
Building a House – first steps
If you’re thinking of building a new home the first steps are to find the land (if you don’t already own it), find a house plan you love and then put it out to bid. You need to determine the cost of your project in order to determine the financing terms. Meanwhile you really need […]
Building a House – vocab quiz
What are the most important words you need to know if you’re thinking of building a house? Lets start with these three: turn key, end loan and construction loan. Turn key: this is when a builder builds a house for you on a piece of land and when the house is 100% complete you buy […]
Top 4 Reasons People Refinance
Many people refinance their mortgages for different reasons depending on where they are in life. We have taken a look at the top four reasons that people decide refinancing is right for them. Here are the top reasons to do so and how it can help you financially: Get a lower payment. If you can […]
When does my mortgage insurance go away?
When/how to remove private mortgage insurance (PMI) from a loan… To remove private mortgage insurance (PMI) that you pay on your mortgage loan, you must be up to date with your monthly payments. These rules apply to mortgages closed on or after July 29, 1999. Federal law generally provides two ways for you to remove PMI […]