April 2017

Found 10 blog entries for April 2017.

HUD Homes for Sale Have a Special FHA Loan That Even Allows for Repairs


All buyers want to find a good deal on a home, so many go the route of purchasing foreclosure homes.  Therefore HUD homes for sale are very popular for many buyers.  Not only are they usually priced below market, but there are also great loan options.  The official name for FHA foreclosures is HUD REO Property.  Basically this means FHA, which is HUD, has foreclosed on a property and is now offering it for sale.  Also they may be known as a HUD home or HUD owned home.  The Secretary of HUD is the seller.  By offering it for sale, HUD is looking to recover the mortgage insurance claim paid to the original mortgage lender.

Are you wondering how to buy a HUD home?  We are a

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FSBO Is For Sale By Owner Worth It


So you’ve decided to sell your home?  Of course every seller wants to make as much as possible and sell as quick as possible.  Right?  Well, a big decision is whether to use a Realtor or sell it on your own.  If the seller decides to sell the home on their own, it is called a For Sale By Owner (FSBO).  Some will discount the value of a Realtor and choose to try FSBO listings.  But keep in mind that selling a home is a lot more than putting a sign in the yard and making some flyers.  If you’re serious about listing your home as a For Sale By Owner, then there are questions to ask yourself.  Additionally, spend some money in a few areas as a FSBO seller.  Hopefully you find this article as a good start in selling

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How to Buy a Home After Receiving PCS Orders


Part of military life is the high percentage of receiving your permanent change of station orders.  This is also called PCS orders for short.  PCS is the military version of a job relocation over 50 miles away.  At least a benefit is that the military will pay for the move in these cases.  Typically, military families are given 2 – 3 months notice of the duty station change.  In order to have a smooth PCS transition, start planning and acting immediately.

After PCS Orders, 3 Decisions to Buy a New Homepcs orders process for a va mortgage

For the end result of buying a new home, there are important decisions to make.  First of all, what should you do with the current home?  Renting or selling the home will affect the new home

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Will Credit Inquiries Hurt My Credit Score or Mortgage Approval?


So has the lending world scared you into believing your credit score is your whole meaning in life?  Obviously it isn’t, but it does play a very important role in key areas of life.  Some you may surprise you.  Credit scores could determine insurance rates, employment, opening a bank account, and of course, borrowing money.  Scores are especially important in mortgage lending.  There are several factors which make up a credit score.  One of these factors are credit inquiries.

A credit inquiry means a company or person is “pulling” your credit report.  Although there are more credit inquiries affect on credit scoresimportant factors, credit inquiries generally contribute to 10% of the overall score.  Therefore, credit

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2017 VA Loan Limits: How Much Can Veterans Finance with a VA Loan?


The Veteran’s Administration announced that the VA limits for potential 100% financing has increased for the first time since 2006.  VA loan limits match the conforming loan limits set by the Federal Housing Finance Agency.  Basically, this means the primary limit increased from $417,000 to $424,100.  Additionally, high balance counties had an increase as well which is listed further below.

How much Veterans and Service members can borrow is based on the Veteran’s entitlement.  With full basic entitlement of $36,000, a Veteran may qualify up to the full loan limit of $424,100 (or more if a high cost area).   For Veterans looking to borrow over $424,100 in counties other than

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How to Get Into Real Estate Investing and Build Wealth


You have probably seen plenty of HGTV shows telling how to buy homes as an investment.  Whether you own one house or many rental properties, real estate can create wealth.  Wealth includes real estate equity as well as an income stream.  So you may be wondering how to get into real estate investing.  Well there are several ways that depend on borrower finances and the local real estate market.  Most importantly, make sure that you treat real estate investing as a business.  Explore all options, consult with experts, and even make a business plan.  This article explores the route of buying a first home as an investment and building a real estate investment portfolio from there.

Buying a

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HomeReady Fannie Mae Loans Offer Affordability to Buyers


Buying a home is the American dream, but sometimes there are hurdles making ownership a struggle to many.  Down payment, higher debt ratios, and credit requirements make buying a home difficult at times.  Many are familiar with the benefits of an FHA, VA, or USDA loan in these cases.  But there is a conventional loan providing a great option and it is not just for first time buyers.  This loan is called the Fannie Mae HomeReady mortgage.  The HomeReady loan gives buyers several benefits and some are unique to this product.  So when buying a home with a lower down payment, consider these benefits of the HomeReady mortgage mentioned here.

HomeReady BenefitsHomeReady Loan by OVM Financial

  1. Lower Payments
  2. Low
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HomeReady Fannie Mae Loans Offer Affordability to Buyers


Buying a home is the American dream, but sometimes there are hurdles making ownership a struggle to many.  Down payment, higher debt ratios, and credit requirements make buying a home difficult at times.  Many are familiar with the benefits of an FHA, VA, or USDA loan in these cases.  But there is a conventional loan providing a great option and it is not just for first time buyers.  This loan is called the Fannie Mae HomeReady mortgage.  The HomeReady loan gives buyers several benefits and some are unique to this product.  So when buying a home with a lower down payment, consider these benefits of the HomeReady mortgage mentioned here.

HomeReady BenefitsHomeReady Loan by OVM Financial

  1. Lower Payments
  2. Low
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How do self employed buyers qualify for a mortgage?


self employed - how to prepare to talk to your mortgage lenderWhen you are considering an application for a mortgage loan to purchase or refinance a home, calculating income is not as simple as asking for your salary.  So make sure you have the following documents together at application to help us calculate your income accurately up-front.

 

 

5 Required Items To Provide When Self-Employed and Buying a Home

  1. Last 2 years of federal personal tax returns with ALL schedules
  2. Last 2 years of federal business tax returns for any businesses where you own 25% or more
  3. K-1’s for all ownership of businesses no matter the percentage owned
  4. 12 months cancelled checks for any debts reporting on credit that are paid by the business directly to the
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Understanding Possible Closing Costs When Purchasing a Home With a Mortgage Loan


Understanding the potential closing costs of a purchase with a mortgage

 Settlement or Closing Costs Explanations

A buyer should know which closing costs to expect when purchasing a home.  Some closing costs are required, where others are optional to the buyer.

Potential Closing Costs on a Purchase

Below is a detailed list of potential closing costs on a purchase involving a mortgage in NC, SC, and VA, including a definition of these costs.

Keep in mind that not all closing costs will pertain to your closing but it is important to understand these costs even before talking to your Realtor and Lender.

Appraisal $450 – $650
Credit Report $25 – $100
Flood Certification $8 – $15
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