Taking out a construction loan to build your dream home can be an exciting yet daunting process. One of the most important factors to consider is the down payment requirements, which are often higher for construction loans compared to conventional mortgages. Meeting the down payment requirements ensures you get approved for the loan and sets … Read more
USDA loans make homeownership possible for thousands of low-income Americans in rural areas. These low-interest, zero-down mortgages arent as well-known as their FHA or VA loan counterparts, but they include many perks that can make them a great option for eligible borrowers. In many cases, homebuyers can use a USDA home loan to purchase a … Read more
Getting approved for a home equity loan usually requires an appraisal of your home. The appraisal determines your home’s current market value which allows the lender to calculate how much equity you have available to borrow against. What is a Home Appraisal? A home appraisal is an estimate of your home’s market value performed by … Read more
In recent years the costs associated with buying a home have skyrocketed. So, if you’re in the market for a new home, you may be considering building a home, instead. As part of building your own home, learning about construction loans, how they work, and if one is right for you should be part of … Read more
A USDA one time close construction loan allows you to buy land, build a home, and secure permanent financing all with one loan. This can greatly simplify the process of becoming a homeowner. With a traditional construction loan you’d need separate loans for the land purchase, construction, and long-term mortgage. But the USDA one time … Read more
The USDA home loan program provides 100% financing to eligible homebuyers in rural and suburban areas of Illinois. With no down payment requirement and more flexible credit standards, a USDA loan can be an excellent option for low- to moderate-income buyers. However, there are specific eligibility criteria borrowers must meet to qualify for a USDA … Read more
Purchasing a home is an exciting yet challenging process, especially for military service members and veterans. The VA home loan program provides significant benefits like no down payment and no private mortgage insurance to help make buying a home more affordable. While VA loans offer great advantages, the lending guidelines and qualifications can still be … Read more
Getting a home loan can be an exciting yet stressful process. As a home loan applicant you want to make sure you understand all the ins and outs before signing on the dotted line. One important document you’ll receive during the home loan process is the Notice to the Home Loan Applicant. This notice provides … Read more
The short answer to the question “Can I use my land as equity for a construction loan” is yes. If you own your land outright (no mortgage or liens) you can likely use your equity in the land toward the purchase of a new home. In this scenario, you could use your equity in the … Read more
The FHA loan program offers homebuyers numerous benefits like low down payments and flexible credit requirements As a result, many borrowers turn to FHA loans when purchasing their first home But can you get an FHA loan more than once? Let’s dive into the details. Overview of FHA Loans FHA loans are insured by the … Read more