Before you study up on the types of home loans available, we always recommend determining how much house you can afford first. Once you know what you can afford to pay for a house, then you can focus on which loan type is best for you. This mortgage calculator is also a great tool to estimate your monthly mortgage payment. If you know what you can afford, the following will cover the four main types of home loans: Conventional loan, FHA loan, VA loan and USDA loans. Chances are you qualify for more than one type so spend a little time getting to know the pros and cons of each.
Category: Finance and Credit
What Is a Good Credit Score to Buy a House or Refinance?
When you are a first time home buyer or want to refinance for the first time, you may ask yourself what’s a good credit score to buy a house, or what is the minimum credit score to refinance? To get approved for a mortgage when buying a house or refinancing, your lender will look at how you use credit and manage debt to determine if you are financially responsible. This is important because the type of loan and interest rate you receive for your mortgage loan depends largely on your credit score and your credit history report. Here is some information about credit scores to help you answer those questions, as well as some credit repair tips to keep your financial health strong.
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“What Is a Good Credit Score to Buy a House or Refinance?”
How Much House Can I Afford? | Home Affordability Calculator
One of the first questions to ask yourself when starting your home buying journey is, how much house can I afford? Just because you get pre-approved for a loan doesn’t necessarily mean you can afford to make the monthly payments, and still do everything else you want. This is where budgeting, personal finances, staying on top of your credit, and other financial responsibilities come in to play. It also helps to have a home affordability calculator to determine how much you can afford to pay each month on a home mortgage and remain financially responsible.
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Zero Down Mortgage: Can I Get One to Buy a House?
Did you know that it’s possible to buy a house without putting any money into a down payment? That’s right; there are fantastic zero down payment home loans available to finance your new home. Read on to learn more about some terrific zero down payment home loans and how you can get one to buy a house.
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Understanding How Credit Works
Your credit score is one of the most important factors in getting qualified for a home mortgage loan. But what is a credit score, and what makes it go up and down? What is a good credit score to buy a house? Get ready to learn all about how credit works!
Home Improvement Loans Available to Heroes
If you are looking for ways to make improvements on your home, whether it be an addition, renovation, or upgrade like a new HVAC system, you need to know about the different types of financing you can get. No matter how you choose to make changes, you’ll need financing to start your project. To look for financing, homeowners will turn to a bank in order to get a home improvement loan. Luckily, there are several options including a personal loan, home equity loan, or a short term loan. Read More “Home Improvement Loans Available to Heroes”
What is Form 4506 and Will I Need it to Buy a House?
Congratulations on looking for a new home. During this process, you may need to fill out the Internal Revenue Service Form 4506 or the Form 4506-T.
This form is used to get access to your previous tax transcripts that the IRS has on file. With this form, you can order your individual 1040 tax transcripts, your business 1120 or 1120S transcripts, 1041 and 990 transcripts, as well as your Wage and Income transcripts. Using the 4506 Form, you can order up to the last four years of transcripts.
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The Pros and Cons of Loan Modification
Are you suddenly struggling to pay your mortgage? A loan modification can save your home if you have had a sudden loss of income. It can be a great tool if you need some time to get back on your feet. If you are interested in taking out a mortgage speak with a mortgage company to find out if they allow loan modifications with their services.
Homes for Heroes wants you to be in affordable housing at all times. If things aren’t adding up, there is help available.
