How to Get a Loan When You Are Self-Employed If you own your own business and are self-employed, you may be wondering how hard it is to get a mortgage. I am going to review loan program options, qualification, and requirements for self-employed borrowers. Traditional W-2 wage earners are generally able to qualify for a… Continue reading How to Get a Mortgage if You’re Self-Employed
Author: Richard Wood
8 Things You Didn’t Know About USDA Home Loans
8 Things You Didn’t Know about the USDA Home Loan USDA loans are low-interest home loans with zero down payments designed for low-income Americans who don’t qualify for traditional mortgages. You must use a USDA loan to buy a home in a designated area that covers several rural and suburban locations. 8 things you didn’t… Continue reading 8 Things You Didn’t Know About USDA Home Loans
FHA Minimum Property Standards
Understanding FHA Minimum Property Standards When you move into a home, you have every right to expect it to be safe and ready for you to inhabit. Borrowers and lenders both benefit from FHA minimum property standards. While some are pretty basic, having these spelled out sets a minimum livability standard. The FHA’s minimum property… Continue reading FHA Minimum Property Standards
How to Live Well in Retirement
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Buying a Home with a Reverse Mortgage
You’re a senior, and you’ve discovered that your current home is no longer meeting your needs. You’d love to move to make life easier, but with home prices reaching historic highs, you simply can’t afford it. Fortunately, there is a way to double your purchasing power and move into a newer home. A reverse mortgage,… Continue reading Buying a Home with a Reverse Mortgage
Common Mis-Conceptions about a Reverse Mortgage
Here are some of the most common misconceptions about reverse mortgages. You do not have to give up the title of your home. You remain the owner, and you don’t have to own your home outright to qualify for a reverse mortgage. A reverse mortgage is not a loan of last resort for broke or… Continue reading Common Mis-Conceptions about a Reverse Mortgage
Children of Senior Homeowners
As a child of a senior homeowner, you have a growing concern about your parents as they age. One issue is that the configuration of your parents’ home may no longer meet their needs at this stage in their lives. So what are your alternatives? Your parents could move in with you, but that may… Continue reading Children of Senior Homeowners
Why is it Called a “Reverse Mortgage”?
Let’s examine exactly what the term reverse mortgage means and how it works differently from a traditional mortgage. When you make a payment on your traditional mortgage, the balance goes down up an infinitely small amount each month. But with the reverse mortgage, you don’t need to make a principal and interest payment, so each… Continue reading Why is it Called a “Reverse Mortgage”?
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Mortgage Rates are Up
What are Closing Costs?
What Are the Closing Costs for Buying a Home?If you are in the market to purchase a home, you may be wondering who pays for closing costs.Typically, buyers and sellers each pay their own closing costs. Oddly enough It can change bycounty … by tradition not rules! Buyer’s Closing CostsWhen you buy a home there… Continue reading What are Closing Costs?