When getting ready to purchase a home, a buyer needs to get a prequalification or preapproval letter from their lender. The thing to remember, is that these “prequalifications and preapprovals” are just that…the beginning stage of the loan process. These letters DO NOT mean that a buyer is 100% approved for the home loan. As […]
Home loans
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Sticky Wickets When Purchasing a Property with a Government-Backed Loan
FHA, VA and USDA Property Guidelines
Government-backed home loans, such as FHA, VA and USDA, are great options for eligible buyers. These loans offer low rates, low down payment options and can make it a bit easier for first-time buyers or buyers with credit issues. All that said, the rules on property condition can get tricky. Because these loans offer low […]
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Don’t Have the Cash for a Traditional Loan?
You could consider seller financing options
The housing crisis provided many opportunities for investors to purchase distressed properties at bargain prices and hold them as rentals or flip them at a higher price to a buyer unable to qualify for a loan at the time. This was evident with the increase in rent-to-buy homes and other seller financing options. In a […]