Homebuyers Frequently Asked Questions (FAQ)

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Preparation How to prepare for a home purchase? There are three main financial objectives you need to accomplish to prepare for a home purchase: Save money for the down payment, closing costs, and other home-buying expenses.  Maintain and improve your credit score. Reduce your debt-to-income ratio. These are the primary criteria that your lender will … Read more

What is an FHA Loan?

An FHA loan is a type of mortgage insured by the Federal Housing Administration (FHA). The most attractive features of the FHA loan are the lower minimum down payments (e.g., 3.5% of the loan amount) and credit score requirements. On the downside, FHA loans have a lifetime mortgage insurance, called Mortgage Insurance Premium (MIP), which … Read more