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How do most first-time buyers get a down-payment?

Freddie Mac’s May Insight examines the perceptions prospective homebuyers have around down payments, the funding sources they use, and how families and others assist them. In addition to the common misbelief that lenders require a 20 percent downpayment on a mortgage, borrowers often mistakenly believe that a downpayment can only come from savings, says Sam …

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FHA clamps down on risky government-backed mortgages

The Federal Housing Administration (FHA) informed lenders that it will start flagging more high-risk loans. Those mortgages, many of which are extended to borrowers with low credit scores and high loan payments relative to incomes, will undergo a more rigorous manual underwriting process. The FHA worries that lenders are making loans to borrowers who cannot …

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Mortgages easier to get for the self-employed

WASHINGTON – March 19, 2019 – Self-employed and freelance or contract American workers have long struggled to qualify for a mortgage compared with those with W-2 forms or pay stubs that lenders can use to verify their incomes. For the self-employed, the mortgage process can be time-consuming and cumbersome. Lenders often require extra paperwork, such …

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FHA Loan Requirements

FHA Loan Requirements Important FHA Guidelines for Borrowers The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions …

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Home Loan Types

Whether you are a first time homebuyer, looking to refinance your home, or looking for financial solutions, we offer a wide variety of loans to fit your own unique needs. We offer loan types that have different interest rates, terms, down payments, and more. Here you will learn everything about mortgages from the type of …

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Conventional Loan

If you are looking for a home loan, considering a conventional loan is a great place to start. As America recovers from its’ economic turmoil, equity is slowly returning to the average homeowner. You might want to again consider a conventional loan as your vehicle of choice to the American Dream. Definition A conventional mortgage …

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