Real Estate Blog

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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Tips and Timeline for a Successful Open House – SOLD!


Successful Open House

In many markets a well prepared open house can attract buyers as well as realtors that could bring buyers and a hopefully a closed sale.

A successful open house is more than having a clean house, some flyers, and a sign.  This article will provide you with suggestions to give you a successful open house.

Put a plan in place to have a successful open house

Put a plan in place to have a successful open house

 

Weeks ahead of open house:

Preparing early will help you have a top notch open house

 

 

  1. All repairs and/or improvements you decided are to be finished
  2. Clear out the clutter (closets, pets, etc)
  3. Stage the home
  4. Landscape the yard and have fresh flowers in beds
  5. New
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North Carolina Property Tax Relief for the Elderly & Disabled

NC Property Tax Discounts Explained

North Carolina provides qualifying residents three great cost saving programs.  This article will explain NC Property Tax Discounts program benefits and requirements thoroughly.  In addition to showing you how to save money on property taxes, contact us to discover the best mortgage.  Mortgage loans available to retirees and disabled include VA, USDA, FHA, NC Housing Down Payment Assistance, and MCC income tax credits, and Reverse Mortgages.  Keep in mind when purchasing a home, you must own the home first and then can apply for any property tax relief programs.  Our goal is to ensure that qualifying NC residents save money.

 The 3 NC Property

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Is a Swimming Pool Going to Swan Dive Your FHA Loan?

Swimming pools:  You either love them or you hate them and usually there is no in between.  One family dreams of sun filled days splashing around in the pool where another sees daily chores of cleaning, making sure the Ph is at the correct level, or covering the pool for the winter.

So if a home you are considering to purchase includes a swimming pooland you plan to finance with the FHA home loan program, below are some items toconsider.  FHA appraisers are required to confirm that all systems, electrical, plumbing, etc. are in functioning order before your loan will be allowed to close.

Swimming pools & FHA mortgage requirements

Is a swimming pool considered in the appraised value?

If the swimming pool is in working

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Beware of the Public Water Connection FHA Rule!


Public Water Connection little known rule that can kill a closing!

Hopefully you have never been caught off-guard by this little FHA public water connection ruleknown Public Water FHA rule.  It can add a large unexpected cost to a purchase!

Did you know that if a property is using a well for it’s source of water and there is a public water connection “available” to the property, FHA requires that the public water connection be made to the home.  If you are buying or selling real estate in the county, this can come up more than you would like to.  Many properties may have a well installed forever but the county has run public water lines by the house.  This makes public water “available” and required to be connected prior to

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Rent your current home and buy your dream home with no money down!


purchase a home with 2 VA home loans at once

Rent out your current residence and purchase another home with VA using bonus or 2nd tier entitlement

Sound to good to be true?  This can be done by a Veteran, active service member, or qualified surviving widow of a service member purchasing a new home with a VA home loan!  These days if someone wants to rent out their current home and then purchase a new primary residence, most programs require either 2 years of tax returns proving the rent or requiring an appraisal to prove 30% equity in the home and a copy of signed one year lease with first month rent paid.

Well with a VA guaranteed home loan, a buyer may rent out their current house prior to closing, use up to

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How Many Times Can You Use a VA Loan?


Picture this scenario which happens more than you may think.  A service member is being PSC’d to another duty station and wants to buy another home.  Maybe even the Veteran just wants to buy a bigger house in another neighborhood.  BUT, what if the current home can’t sell, so it needs to be rented?  Or the owner just wants to rent out the home for investment purposes.  Plus, the current home has a VA loan on it already.  So the question is asked, “How many times can you use a VA loan?” or “Can I use VA again to buy a home and rent out my other home?”.

how many times can you use a va loan

How Many Times Can You Use a VA Loan?

Actually it is possible to have a second VA loan.  Actually, multiple VA loan situations happen right often. 

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