Can You Get A Mortgage With Fair Credit?

Can you get a mortgage with fair credit?

Mortgage With Fair Credit: Yes, It's Possible

Many people with fair credit think they can't get a mortgage. After all, those with fair credit are not among the credit score elite -- those individuals with credit scores of 800 or more.

Instead, fair-credit borrowers are likely to have some late payments and maybe even a missed payment or two.

But there is some good news: You can get a mortgage with fair credit.

In fact, savvy lenders may be very interested in your business.

Click to see today's rates (May 5th, 2017)

Fair Credit Explained

Before you can figure out how to get a mortgage, you must understand what “fair credit” really means. This is a problem because the definition of fair…

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Financial Planning: 4 Reasons to Buy a House Today

Financial Planning: 4 Reasons to Buy a House Today

Homeownership will always be a part of the American Dream. There are advantages to owning your own home (educational, health, social) that far transcend any economic impact. However, we want to look at several of the financial advantages of homeownership in today’s post.

1. Buying is Cheaper Than Renting

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The report reveals that:

“Interest rates have remained low, and even though home prices have appreciated around the country, they haven’t greatly outpaced rental…

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3 Little-Known Facts That Help Military Home Buyers

3 Little-Known Facts That Help Military Home Buyers

Veterans Capitalize On Unique VA Loan Features

Home buyers often ask which type of loan is best for them.

FHA loans offer low downpayments, and the HomeReadyTM mortgage allows buyers to qualify based on income from all members of the household.

But for those who have served in the military, the best loan option is usually the VA home loan.

It is the only home loan that offers the unique combination of zero downpayment, no mortgage insurance, and rates that run more than a quarter percent lower than conventional rates.

Because the VA loan is unique, it incorporates features not found in any other loan type. These features are sometimes unfamiliar to home buyers, and that’s okay.…

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The Lowdown On Downpayment Grants

The lowdown on downpayment grants

Downpayment Biggest Obstacle For First Time Buyers

A recent survey by Trulia concluded that the top challenge for would-be homebuyers is the downpayment requirement.

Over half of potential buyers claimed saving a downpayment was a bigger issue than credit scores, income needed or housing prices.

Downpayment grants can help you meet this challenge.

Click to see your low-downpayment loan eligibility (May 5th, 2017)

Downpayment Assistance (DPA) Helps First Time Buyers

Downpayment grants are designed to help eligible buyers bridge the gap between their savings and the required downpayment for a mortgage.

This money doesn’t usually have to be repaid.

If you're in the market for a home and…

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Southeast a Popular Spot for Rental Investors

Southeast a popular spot for rental investors

Rental property investors are shifting their efforts toward the Southeastern U.S., with Florida, Texas, and Georgia making up the bulk of acquisitions, according to an RMBS research report released by Morningstar Credit Ratings on Friday.

According to the report, the shift is due to changing securitization trends—as well as investors being more selective in their purchases.

“In the infancy of securitized single-family rentals, institutional investors could acquire distressed properties at discounts through bulk purchases and auctions,” MorningStar reported. “However, a generally improved housing market, including sustained house price appreciation, has resulted in fewer of these buying opportunities.…

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How To Buy A House: 5 Home Buying Mistakes To Avoid

How To Buy A House: 5 Home Buying Mistakes To Avoid

Knowing What You Shouldn't Do

Owning a home is one of the most effective wealth-building tools available to the everyday consumer.

It's no wonder that first-time home buyers are out in force. One-in-three home sales today are to first timers, and many more are queuing up to be homeowners in 2017.

But when you've never done something before, it's difficult to know what you shouldn't do. Sometimes, new buyers make mistakes.

Fortunately, the mistakes, even if made, don't mean disaster. But if you can avoid them, you should.

Following are five common mistakes for first-time buyers -- and experienced ones -- to skip when you buy a home.

Click to see today's rates (May 5th, 2017)

1.…

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Buying A Condo With An FHA, VA, Or Conventional Loan

Buying a condo with an fha, va, or conventional loan

Low-Maintenance Living At A Reasonable Price

Buying a condo provides a number of advantages to home buyers.

First-time buyers can enter the housing market at a lower price point with condos.

Both new and repeat buyers enjoy more free time not spent on yard maintenance and outdoor projects. And many condominiums are available within major employment centers, making commutes easier.

But financing a condo is a little different than getting a mortgage for a single-family home.

Conventional loans from Fannie Mae or Freddie Mac, as well as VA and FHA home loans, must meet the corresponding agency's guidelines.

These entities back ninety-four percent of condominium mortgages according…

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Home Values in 2017: Are We Facing A Real Estate Bubble?

Are Rising Home Values Creating A Real Estate Bubble?

Is America heading for a new real estate bubble? It's hard to imagine, given the increasing home values in recent years. Housing markets are obviously making a strong recovery since the mortgage meltdown of a decade ago. But then again....

What Goes Up...

There's no doubt that the housing sector has been going full tilt for some time. The National Association of Realtors (NAR) reported that February existing home values were up 7.7 percent over the previous year. In fact, February was "the 60th consecutive month of year-over-year gains."

Not only are prices up, so are sales. During the past year existing home sales for February were 5.4 percent higher.

The story is much the same with…

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USDA Property Eligibility: You Don’t Have To Live In “The Sticks”

Usda property eligibility: you don’t have to live in “the sticks”

Check Your Address for USDA Property Eligibility

Zero down payment mortgage loans are always enticing. Even if you have the cash for a down payment, you may prefer to keep it on hand for emergencies, future renovations or to invest. USDA loans offer 100 percent financing for USDA-eligible homes.

USDA loans, formally known as the USDA Rural Development Guaranteed Housing Loan Program, are federally-insured loans. The program helps low-to-moderate-income borrowers and increases homeownership in underdeveloped areas.

The surprising thing about the USDA loan program is that the definition of “rural” is loose. You don’t need to buy a farm or live alone on a mountaintop to qualify…

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Housing Recovery Has Been Slight and Erratic

Housing Recovery Has Been Slight and Erratic

For all the talk of post-recession recovery, rising prices, and a brisk sellers’ market, barely a third of homes in the U.S. have values surpassing their pre-crash peaks. But even that recovery is far from even, according to a report released by Trulia Wednesday morning.

Trulia’s chief economist, Ralph McLaughlin, wrote that only 34.2 percent of homes nationally have seen their values surpass 2006 numbers. But that percentage belies wildly uneven pockets of recovery. Of large U.S. metros, some, such as Denver, San Francisco, Honolulu, and Dallas, have seen more than 90 percent of homes recover fully and surpass 2006 peaks. But then there are metros like Las Vegas and Tucson,  where fewer than 3 percent of…

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