When buying a house with financing, the lender must verify the home's value and condition. Usually through ordering an appraisal. Conventional and FHA appraisals have slightly different processes and may vary in their requirements.
Tip. Federal Housing Administration, or FHA, loans typically have strict appraisal inspection guidelines. A conventional appraisal and FHA appraisal may have different requirements for passing inspection.
Private mortgage insurance can add hundreds of dollars to a mortgage payment. Here’s how to remove PMI payments.
The first is that you have by now accumulated/accrued at least 20% equity in the home, and your home is now at 80% of its original appraised value. PMI means lenders are more likely to offer low down payment, high-ratio mortgage loans. That’s good news if you need to buy a home with anything less than 20% down. When the balance drops to...
Would a lender with an option to buy a home with no money down benefit you?
I bet your answer was YES, right? Because who wouldn’t like to get into a home with no money out of pocket? I know it might sound crazy, but it can happen. In fact, it happened for a recent client of mine, Stacey. Stacey and I actually met back in March at a park. As our sons became playground buddies, we started making small talk. We mainly talked about the neighborhood i...
One Republic Mortgage offers a variety of reduced documentation and alternative documentation loans for borrowers that cannot verify their income through traditional means such as bank statement loan program and assets as income loan program.
BANK STATEMENT LOAN PROGRAMS.
Our bank statement loan programs are designed for self-employed borrowers that are not able to verify their income with tax returns. We can verify deposits on business or persona...
We at One Republic Mortgage have heard your calls for a more consolidated first time home buyer program! There are close to half a dozen purchase financing options we offer, below is a basic and quick summary for our new Conventional product.