Bella Mertz Lenders check several factors, including the debt to income ratio, to determine whether a person qualifies for a loan. Debt-to-Income ratio (DTI) is the percentage of a borrower’s income that they must use monthly to pay off their debt. This ratio is an indicator of an individual’s financial health. If it’s too high, it means … Read more
A gift of equity is the sale of a residence to a family member or someone with whom the seller has a close relationship. The price is below market value, as determined by a professional appraisal. The difference between the actual sales price and the market value of the home is the gift of equity. … Read more
Purchasing a rental property is one of the best ways to build long-term wealth Rental income can provide passive cash flow for decades to come However, many investors struggle to come up with the down payment on an investment property. This is where FHA loans can help. The Federal Housing Administration (FHA) offers special mortgage … Read more
The FHA loan program helps make homeownership attainable for buyers who may not qualify for conventional financing. With low down payments and flexible credit requirements FHA loans open the door for many first-time homebuyers as well as repeat buyers. But can you tap into FHA financing over and over again? While there’s no limit on … Read more
A reverse mortgage can be used as a powerful retirement tool to supplement income, offset costs, fund major projects, or simply beef up retirement savings. But before applying for a reverse mortgage, you will want to get an idea of how much you will be able to receive. The amount of money you can receive … Read more
Reviewed Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors opinions or evaluations. Buying a home is an expensive undertaking and for many, it’s the largest financial purchase they’ll make. For most buyers, it means taking out a first mortgage and making monthly payments until your … Read more
Buying a foreclosed home can be an attractive option for homebuyers looking to purchase a home at a discount. With home prices steadily rising in many markets a foreclosed home can provide significant savings compared to comparable non-distressed properties. However purchasing a foreclosure does come with some unique considerations. One key question for prospective buyers … Read more
A home is probably the largest purchase youll ever make in your lifetime. It requires a lot of time and discipline. But its a decision that shouldnt be taken lightly. After all, it costs a lot of money for anyone—even those who work full-time. Buying a home can be even more challenging for someone who … Read more
Mortgage brokers are licensed professionals who connect borrowers with lenders but do not issue mortgages themselves. For each deal that they arrange, they typically receive a payment that equals 1% to 2% of the loan amount from either the borrower or the lender. This article looks at the latest available data on how much mortgage … Read more
Want to unlock the door to your new home? Solarity Credit Union can help you achieve your goal. We empower homebuyers by offering home loans at competitive interest rates. If you think you may not qualify for a traditional home loan, we could have some creative options for you. For instance, USDA loans are available … Read more