The student loan interest deduction can save borrowers hundreds of dollars on their taxes each year. However, there are income limits that can reduce or eliminate your ability to claim the deduction. This “phase out” of the deduction starts at a certain income level and eliminates eligibility completely at a higher income level. Fortunately you … Read more
VA loans have a unique feature that sets them apart from conventional mortgages – they are assumable. This means that under certain conditions, a buyer can take over the seller’s existing VA loan. Assumability opens up opportunities both for buyers and sellers. For buyers, it provides a chance to skip mortgage qualifying and lock in … Read more
Investment property loan to value (LTV) ratio is an important concept for real estate investors to understand. The LTV ratio compares the amount of a loan to the appraised value of the property being purchased. It is one of the key factors lenders consider when approving financing for an investment property purchase. In this comprehensive … Read more
Getting an FHA loan can be a great way for many folks to finally achieve their dream of homeownership. With lenient credit requirements and low down payments, FHA loans open the door to buying a home even if your finances aren’t perfect. But what if you’ve already used an FHA loan in the past – … Read more
How debt consolidation affects buying a home depends on what kind of debt consolidation you’re talking about. While certain kinds of debt consolidation may have no direct effect on home buying, other kinds may have a significant impact on your credit score and, therefore, your ability to purchase a home. Getting a mortgage to buy … Read more
The United States Department of Agriculture (USDA) offers a variety of loan programs to help residents in rural areas achieve homeownership. One such program available in Alabama is the USDA Rural Development Direct Home Loan also known as the Section 502 Direct Loan Program. This loan program aims to assist low- and very-low-income applicants in … Read more
Discover Home Loans has been making waves in the mortgage industry since it first launched in 2012. As one of the nation’s largest lenders, Discover is known for its low rates, zero fees, and excellent customer service But what’s new with Discover Home Loans in 2023? Here are the latest updates on this top mortgage … Read more
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Many Veterans who utilize the VA loan do so with another applicant. It often makes sense for prospective homebuyers to want or need another applicant on their VA loan. Using another persons income, credit score and debt level can do wonders for loan qualification. However, not all co-borrowing scenarios are easy, and some may be … Read more
Buying your first home is an exciting milestone. But it also involves big financial decisions, like choosing the right mortgage Two popular options for first-time homebuyers are FHA loans and USDA loans They offer low down payments and lenient credit requirements. But how do you know whether an FHA or USDA loan is a better … Read more