Is It Possible to Get a Mortgage With Less-than-Perfect Credit? Yes – and Here’s How

Are you thinking about buying a new house? Whether you’re a first-time or experienced buyer, if your credit score isn’t looking too hot it can affect how much mortgage financing you receive – or whether you’re approved at all! But don’t fret. It’s still possible to get a mortgage approved, even with credit issues. Below we’ll share a few ways that you can get a mortgage loan even if your credit is less than perfect. Consider An FHA-Guaranteed Mortgage For many individuals with credit issues, the Federal Housing Administration’s guaranteed loan programs are a good choice. In essence, the FHA guarantees your mortgage with select lenders, which allows them to worry less about the risk of lending to someone with past credit problems. It’s worth...

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NAHB: Builder Sentiment Surges in August

Home builder confidence in housing market conditions surged in August after sagging to an eight-month low in July. The National Association of Home Builders reported a July reading of 68 in August after analysts expected a one- point increase from July’s Housing Market Index reading of 64. Any reading over 50 indicates that more builders consider housing market conditions positive than those who do not. Component readings of the Housing Market Index also improved in August. Builder confidence in current housing market condition rose four points to 74; Builder confidence in housing market conditions over the next six months rose by five points to 78. Builder confidence in buyer traffic in new home developments rose one point to an index reading of 49. Positive Economy...

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You Ask, We Answer: What Kind of Fees Are Involved When I Get a Reverse Mortgage?

If you are approaching your golden years and seeking a bit of financial flexibility, you might want to look at a reverse mortgage. This unique financial product is only open to individuals over 62 years of age. It allows you to convert some of your home’s equity into cash which you can use as needed in your retirement. Of course, a reverse mortgage isn’t without its costs. Let’s explore the fees that you will encounter when you take out a reverse mortgage loan. Upfront And Pre-Closing Costs The first step in getting a reverse mortgage (also known as a Home Equity Conversion Mortgage or “HECM”) is to visit with a third-party HECM advisor. These advisors are approved by the Department of Housing and Urban Development....

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What’s Ahead For Mortgage Rates This Week – August 14, 2017

Job Openings, New Jobless Claims Rise Job openings rose in June to 6.20 million as compared to May’s reading of 5.70 million job openings. Analysts said that increasing job vacancies show that employers are unable to find qualified workers. Business services, construction, health care and professional job sectors had the most job openings. Slow wage growth could be contributing to widespread job openings. Average wage growth has been running at approximately 2.50 percent, which is lower than the average of 3.50 to 4.00 percent typically seen during economic expansion. First-time jobless claims rose to 244,000 as compared to expectations of 242,000 new claims and the prior week’s reading of 242,000 new jobless claims. Mortgage Rates Lower Freddie Mac reported lower mortgage rates last week. The...

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The Quick and Easy Guide to Determining How Big of a Mortgage Your Family Can Afford

Are you shopping around for a new house or apartment? One of the key considerations you will need to make is figuring out how much you want to invest in your new home. Below you’ll find our quick and easy guide to determining just how much “house” you can afford. Let’s get started! Start By Making A Proper Budget The first thing you’ll want to do is sit down and get a full budget put together. The easiest way to get the process started is to begin with two lists: income and expenses. For the income list, write down the amount of money your family brings in each month after taxes. If you have side income sources or extra income that tends to fluctuate over...

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