Mortgage programs are becoming more flexible for different scenarios. Although guidelines are strict and offer little variance from the rules, at least we are starting to see rule changes. Some of these may help you get approved for a loan when you couldn’t before. Others might present obstacles. Let’s take a look at a few […]
These days it seems offers are everywhere online to get an approval and complete a loan. Many of these offers seem great and easy to complete. And in some cases they are. What is important to know is how it works, what the risks are, and how to go about determining which offers are legitimate and […]
Both Fannie Mae and Freddie Mac reintroduced conventional 3% down programs this year. A few key differences to note: Fannie Mae requires at least one of the borrowers to be a first time home buyer. Freddie Mac Home Possible has income limits you can look up by clicking here. The Home Possible program also has […]
We have had many clients lately that have needed or wanted to sell their current home and buy another, so we wrote up some tips about buying and selling your home in a seller’s market. Selling Your Home in a Seller’s Market The sell side is generally the easier part (though it may not seem […]
The Furlong Team is pleased to offer the FHA Streamline 203(k). A few quick things to know about 203(k): Find your contractor early. They need to be licensed and should be organized with their paperwork! Repairs should not require large structural changes. The timeline for closing is longer than standard mortgage programs. The underwriting process […]
When I talk about documenting assets with new borrowers, I often get questions like: “why do I need to document funds for closing” or “why do I need to show where this deposit into my account came from?” It is required of borrowers to source all deposits into documented asset accounts over a certain amount […]
Fannie Mae and Freddie Mac have recently reintroduced the 3% down payment conventional programs. Many benefits are available for home buyers with these programs including reduced rates, reduced mortgage insurance and, of course, a lower down payment! Some differences between Fannie Mae and Freddie Mac are as follows: Fannie Mae 3% Down Payment: Purchase or […]
The FHA Streamline Refinance program waives the requirement for an appraisal, allows for the new, lower FHA mortgage insurance rates, and can save homeowners a lot of interest and insurance fees over the life of the loan. Not to mention, your payment will be reduced without needing to add additional time onto your loan term! […]
About Mortgage Insurance Private mortgage insurance is required for borrowers of conventional loans with a down payment of less than 20% of the purchase price. Mortgage insurance is an insurance policy for the lender that provides coverage to the lender in the event that the borrower is unable to repay their mortgage. There are several […]
As a company, we find a variety of causes to get behind and help, from Habitat for Humanity to Spare Key. This year we made an extra push to collect some holiday gifts for those who don’t have the means on their own. Each of our offices piled up things for kids, dads, moms and […]
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