Home Mortgage Blog
For some buyers, an FHA loan may work when others can’t.
The FHA loan program is designed to help promote homeownership. Loans distributed through this program are insured by the Federal Housing Administration. For many buyers, FHA loans make it easier to qualify for a mortgage.
When it comes to FHA Loans, here are a few of the features that can be beneficial:
- Low Down Payments – As little as 3.5% down will work in most instances, and 5% covers most others.
- Higher Loan Amounts – In some areas, FHA maximums can exceed conventional loan limits.
- Lower Total Cash to Close – Sellers can help pay closing costs, and borrowers can receive gift money toward their down payments.
- Streamlined and Cash Out Refinancing – Subsequent refinancing can be far easier and more lenient than with conventional loans.
- Purchase and Rehab Financing – The FHA 203k loan can be a great option for the purchase of homes in need of a quick spruce up or even major remodeling when you don’t have sufficient funds to do it on your own.
Not connected with a Loan Officer yet? Find one at a branch near you.
USDA loans are a type of loan backed through the Rural Housing Division of the U.S. Dept. of Agriculture. They are available to millions of eligible primary home buyers with low to moderate incomes or scarce funds for down payments.
Features, benefits and things you need to know:
Zero Down – No down payment is required for USDA loans. Thirty-year, fixed-rate loans with no pre-payment penalty are the norm. Rates are very competitive with conventional loans.
Eligible Property – These loans are limited to “rural” areas, though you might be surprised by some of the suburbs of major metropolitan areas that qualify as rural. Homes should be modest in size and cost and constructed per local codes and regulations.
Eligible Borrowers – Funds are available for qualified borrowers who earn up to 115% of the area median income. Even candidates who have had past credit issues with late pays, bankruptcies or foreclosure may be eligible. Borrower’s income must support the proposed payments and meet the program requirements for approval. Primary occupancy is required. This program is not for investment properties.
Benefits – Minimum cash is needed to close. The USDA Guarantee Fee and eligible closing costs may be financed. Gift money, grant money, and seller contributions are allowed.
Program details sourced from Top of Mind Networks, LLC. All rights reserved.
If you have questions or want to learn about areas that meet the rural designation criteria, please don’t hesitate to reach out. We’re happy to help.
They say that the first step is always the hardest, and that can definitely be true when it comes to buying your first home. Many people know that it makes more sense for them to buy than it does to rent but are not sure where to begin.
It is understandable that purchasing a home may seem daunting but you shouldn’t let intimidation get the best of you. You don’t need to know the finer details of the process to get started, and once you begin you will have experts to guide you. If you are considering becoming a homeowner, here are some simple first steps to get you on your way.
Step 1: Reach Out To A Loan Officer
Unless you are buying a home with cash, the first and most important step toward becoming a homeowner is to meet with a licensed mortgage Loan Officer. A Loan Officer will serve as your guide through the financial side of the home buying process. They will help you with everything from reviewing your credit and loan options, to securing pre-approval and financing.
If you don’t already have a Loan Officer in mind, and would like to work with Marketplace Home Mortgage, you can visit the “Find A Loan Officer” page on our website. Choose a branch near you, and then browse the websites of mortgage professionals who are available to help you at that location.
Once you have found a Loan Officer you would like to work with, call or email to set up an initial appointment. During this appointment, they will help you review your current financial standing by looking at things such as your credit score and income. They can help you determine if there are any credit issues you should work on before you start your house hunt. If you are ready, your Loan Officer will work with you to determine what you can afford and help you get pre-approved.
Step 2: Select A Realtor®
Once you have found and met with a Loan Officer, the next step is to find a licensed REALTOR® that you trust. Your Loan Officer may be able to recommend an agent that their past clients have worked with, or you may have friends and family who have referrals from within their sphere. There is also an abundance of sites that can help you find an agent.
Just like with a Loan Officer you can browse their website, read reviews and meet with them to determine if they are someone you would like to work with.
Step 3: Find Your Dream Home
Once you have your home buying team in place you can start in on the adventure of choosing a home. Your Realtor® will help you find the perfect home and navigate the purchase process, while your Loan Officer helps with the remaining steps required to secure financing and make the purchase.
Although the home buying process may seem daunting, with the right team in place, you will have experienced professionals there to guide you through every step. The only one you have to take on your own is the first.
Give a Marketplace Home Mortgage Loan Officer a call and get started today.
Lending services may be provided in certain states by Marketplace Home Mortgage, L.L.C. (NMLS#1082). This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal, and title report.
If you are interested in learning more about becoming a homeowner, our loan officers can help you get started.
Homeownership has many benefits, one of which is the valuable tax deductions that come each spring. Although they may require a little extra work, claiming these deductions can create significant savings. So if you bought a home this year, or are considering becoming a homeowner in 2017, here are some deductions you should know about.
For the first time in years, maximum conventional and FHA loan amounts have increased. Refer to the table below for the new conventional limits on loans closed in 2017 (even if originated prior to 1/1/2017). In addition to the changes in the table below, the high balance limits have also increased. READ MORE
We are excited to announce that Marketplace Home Mortgage, LLC is expanding into Michigan markets as MPH mortgage.
Novi, Mich. (Oct. 19, 2016) – MPH Mortgage’s offices in Ann Arbor and Novi are open for business, with a dedicated team of loan officers and support staff already assisting home buyers achieve their dreams. READ MORE
The last thing a home buyer wants when making their big move is a surprise. That’s why we promise to help make purchasing a home even simpler.
Marketplace Home Mortgage has rolled out a closing guarantee, which ensures that a loan officer will close out a loan before the new home’s closing date, or the home buyer and seller will be entitled to compensation. READ MORE
Across the US this month children got ready to go back to school, but some students don’t have access to the supplies they will need to succeed. In an effort to support these children, Marketplace Home Mortgage branches and Loan Officers in South Dakota, Minnesota, & Wisconsin held school supply drives. We were overwhelmed by the support and generosity of our co-workers, clients, friends, and families, who pulled together donating money and supplies to help kids start the school year off right. READ MORE