Stated Income Mortgage Programs – Who Are They For?
Friday, September 30th, 2011
There are many different ways to get a mortgage loan or a refinance loan anymore and this can become very confusing for those that have never been in the mortgage business or dealt with finances at all. There are programs for just about anybody that has at least ok credit anymore and one of those programs is called the stated income mortgage program. Here is what it is and who it is meant for.
First, this program is one that allows you to basically write down how much money you make, sign it, and that is it. This is how you get your income documents, which typically consist of paycheck stubs and tax forms, but with the stated program you just write down a number and sign it. This allows you to use whatever you need to, as far as income is concerned, to qualify for your mortgage loan.
Sorting Through Mortgage Elimination Programs
Saturday, September 24th, 2011
Mortgage elimination programs are all the rage these days. In the event that you don’t know what they are, it’s a really basic concept. You apply more money to the principal balance on your loan or you make payments at times other than once per month, and ultimately you lower you balance and pay your mortgage off sooner than the original term. It sounds great, but be careful what you read, because there are a lot of these mortgage elimination programs that either don’t make sense or just plain scams.
Zero Down Mortgage Loans – First Time Home Buyer Loan Programs
Tuesday, September 20th, 2011
Because of a larger variety of mortgage loans available, first time home buyers may become easily overwhelmed with the home buying process. Understandably, those entering the housing market may not know which loan program best fits their needs. Working with a mortgage broker is helpful. They can guide you through the entire process and help you select a loan with the least out-of-pocket expense.
Main Setback of Purchasing a New Home
Mortgage Loan
Buying a first home is an American dream. The home buying process involves paying out-of-pocket cash for down payments and closing costs. Unfortunately, many families are unable to achieve this dream because of having a small cash reserve.