Homebuyer Education Course: Who Needs One and Where to Go
A homebuyer education course is required for some first-time buyer loans and most down payment assistance programs. Here is who needs one, which courses count, what they cost…
Category
Home Buying
Buying a home takes a budget, a pre-approval, an offer and a closing. These guides walk through each step, with help on down payments, loan choices and negotiation. New to buying? Start with our first-time buyer’s guide.
Mortgage Overlays: Why Lenders Add Rules and What to Do
Mortgage overlays are a lender's own rules that go beyond what FHA, VA, USDA, Fannie Mae or Freddie Mac require. If one lender turned you down, another lender…
Should You Use a Bridge Loan to Buy Before You Sell?
A bridge loan borrows against the home you own now so you can buy the next one before it sells. Here is how it works, what it costs,…
What Is a Loan Origination Fee, and Can You Negotiate It?
A loan origination fee is what the lender charges to make your mortgage, and it sits in Section A of your Loan Estimate. Here is what it covers,…
What Happens in Mortgage Underwriting?
Mortgage underwriting is the lender's check that you, your income and the home meet the loan program's rules. Here is what underwriters look for, what a conditional approval…
How Do Lenders Calculate Student Loan Payments?
Mortgage lenders calculate student loan payments with a different rule for each loan type. Here is the payment Fannie Mae, Freddie Mac, FHA, VA and USDA count when…
FHA vs Conventional Loan: Which Is Better for You?
A buyer with a 730 credit score qualifies for both FHA and Conventional 97. Here is how the payments, mortgage insurance and closing-cost rules compare, with the math.
What If a Home Fails FHA Minimum Property Standards?
An FHA loan can still work on an as-is home that fails FHA minimum property standards, but someone has to fix the safety items first. Here is what…
Gift Letter for Mortgage: Free Template and Sample Wording
A gift letter for a mortgage tells your lender that gifted money doesn't have to be repaid. Get the free template, sample wording and the rules on who…
Fannie Mae HomePath: What It Is and How to Buy a Home
A Fannie Mae HomePath property is a home Fannie Mae owns after a foreclosure and sells through HomePath.com. Here is who can buy one, how offers work and…