Bella Mertz If youâre looking for a unique, cost-effective alternative to a traditional single-family house, a manufactured home can be a compelling option. However, obtaining a Federal Housing Administration (FHA) manufactured home loan can be challenging for home buyers due to various factors, such as the age of the property and whether itâs permanently attached to the … Read more
Understanding the advantages of a USDA loan vs. conventional will help you choose the right mortgage for your needs. Many homes in the suburbs also qualify for USDA loans, which allow you to buy with no money down. And borrowers with low to moderate incomes qualify, so more borrowers are likely eligible for these 100% … Read more
A low credit score can make it hard to get a home equity loan. But that doesn’t mean you don’t have options. Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions … Read more
The quicker you’re able to pay down the principal of your loan – or the amount of money you’re borrowing – the less interest you’ll have to pay. The amount of money you’re borrowing is known as your principal. The interest is the cost you pay for borrowing money. Interest and fees are generally paid … Read more
FHA loans are backed by the Federal Housing Administration (FHA) with specific loan limits on home loans. The 2024 FHA loan limit for single-family homes in Arkansas is $498,257. Homebuyers can qualify for an FHA loan with a low credit score and small down payment. However, there are stricter appraisal standards and mortgage insurance to … Read more
If youâre looking to finance a rental property with no intention to live within the property, then a non-owner-occupied mortgage could be the solution. Letâs take a closer look at this financing opportunity for potential rental properties. A non-owner-occupied mortgage is a type of mortgage designed for residential properties with one to four units. The … Read more
The FHA loan is one of the most popular mortgage programs for homebuyers It requires just a 3.5% down payment and offers flexible credit requirements If you’re wondering what type of homes you can buy with FHA financing, this guide will explain your options. What is an FHA Loan? FHA stands for Federal Housing Administration. … Read more
Buying land and building a custom home from the ground up is an exciting prospect for many homeowners. Having full control over the design and layout of your house along with selecting the perfect location makes this option very appealing. However, financing the purchase of land and construction of a new house requires careful planning … Read more
Getting a manufactured or mobile home with a VA loan is possible, but there are specific requirements and guidelines borrowers need to follow. As a veteran myself, I know how confusing VA loan rules can be, especially when it comes to unique properties like manufactured homes. In this comprehensive guide, I’ll walk through everything you … Read more
2023 conforming loan limits for California is $726,200 and goes up to $1,089,200 for high-cost counties (aka. high balance mortgage loans) for one-unit properties. Every year Fannie Mae & Freddie Mac, FHA, and the VA revise their California county maximum mortgage limits. On December 1, 2022, The Federal Housing Finance Agency (FHFA) announced they are … Read more