Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
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Qualifying for a home mortgage with a bankruptcy on your credit history requires time and money. Yet by understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home.
Your Credit Score
The three main U.S. credit bureaus--Equifax, Experian and TransUnion--maintain your credit history. Using that history, plus its own proprietary equation, the Fair Isaac Corp. calculates your FICO credit score somewhere between 850 and 300 points. Anything above 700 points is good to excellent, with... more
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In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.
Mortgage interest rates are determined by credit history strength, the number of points you pay, the size of your down payment and the type of loan program you choose.
Obtaining funding is crucial to buying a home. This requires applying for a mortgage, choosing a house that meets the appraisal standards, and determining the amount of the down payment.
There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.
When making a big move, it's essential to find out as much as possible about the schools, the neighborhoods, the housing costs and the community resources.
A real estate short sale can be a win-win situation for everyone involved, but there are common short sale mistakes to avoid if you want to close the deal. more
There are many reasons why banks reject short sales. The three most common reasons a property does not qualify for a short sale are: the offer price is too low, the buyer does not qualify, or the seller does not qualify for the short sale. more
- FHA Eligibility with Bankruptcy and Foreclosure
- What Lenders Don't Reveal About Home Equity Loans
- Low Down Payment Loan Qualification
- Second Mortgages: Advantages and Disadvantages
- Home Equity Loans for People with Bad Credit
- Alternatives to Getting a 2nd Mortgage
- Short Selling a Rental Property
- How to Get Approved for an FHA Loan despite Bad Credit
- Appraisal Basics
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Should You Refinance? Make Sure the Timing is Right
- 3 Warning Signs of Loan Modification Scams
- What To Do When Mortgages Default
- FHA Loans for a First-Time Home Buyer
The Mortgage101 Blog
U.S. foreclosures continued to decline last year, reaching an eight-year low, according to foreclosure listing firm RealtyTrac Inc. , falling to levels not seen since the beginning of the housing crash. RealtyTrac found that there were 1.12 million homes in 2014 with foreclosures filings – default notices, scheduled and bank repossessions – an 18 percent decrease from 2013 and a 61 percent dive from the 2010 peak. One out of every 118 American housing units receiving a filing. That’s the first time the annual foreclosure rate have been below one percent since 2006. Foreclosure starts fell across the country by 14 percent from 2013, falling to a total of 643,193. That was the lowest level since 2006 and a 70 percent drop from the most Great Recession peak in 2009. The number of homes actually repossessed by lenders in 2014 fell to 327,068, a 29 percent drop from the previous year. Compared with the mortgage meltdown peak of 1,050,500, repossessions were down 69 percent. “Foreclosures are no longer a threat to home values nationwide,” Blomquist said. That’s great news for the nearly 10 percent of all homeowners who are still underwater –owe more on their mortgages than their homes are worth – as the abundance of discounted foreclosures pulled home prices down for many years. With few distressed properties available, home values have a much easier time appreciating. Nine states still saw their foreclosure stats increase in 2014. Among those the top included several judicial review states like Massachusetts where foreclosure starts surged 323 percent in December from the year before. Vermont saw a 300 percent increase and New Jersey experienced a 262 percent rise. “The U.S. foreclosure numbers in 2014 show a foreclosure market that is close to finding a floor and stabilizing at a historically normal level,” said Daren Blomquist vice president at RealtyTrac. “But a recent surge in foreclosure starts and scheduled foreclosure auctions in several states in the last few months of 2014 indicate that lenders are gearing up for a spring cleaning of deferred distress in the first half of 2015 in some local markets.” more