Fixed Rate Purchase

When purchasing a home, an FHA loan is often the right choice. This is especially true if any of the following are true:

  • You are putting less than 20% down
  • You are buying a 3-4 unit property
  • You have less than stellar credit
  • You need a cosigner
  • You want a low, stable rate

FHA fixed rate loans are the most popular programs for FHA financing. Unlike an adjustable rate mortgage, your payment will stay the same for the duration of the loan. And remember, since FHA loans require only a 3.5% down payment, and allow the seller to pay up to 6% of the pourchase price towards the closing costs, you can often buy a home with very little of your own money.

Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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