Chenoa fund
The Chenoa fund is administered by the CBC mortgage agency. It is designed to facilitate home-ownership by providing down payment assistance to qualified buyers. The assistance can be used for FHA and conventional loans as well. FHA Loans Chenoa Fund DPA Edge: Soft Second product: The borrowers need to have a score of 620 at… Continue Reading
Homeready from Fannie Mae
The homeready program could be a good alternative for folks with limited funds. Unlike FHA or other programs, this program allows borrowers to put as little as 3% down. One of the highlights of this program is the fact that the mortgage insurance is cancellable once the balance falls below 80% of LTV, and cancelled… Continue Reading
Using a 203k Loan to purchase a property.
Sometimes finding the perfect home can prove to be challenging. IN fact, you might find it, however it might might be in dire need of work. What do you do. FHA alone, might not allow the purchase. Some conventional loan might not allow the purchase. Well, a 203k might be the solution. In fact, a… Continue Reading
Using FHA to purchase a multi-units building.
Multi-units properties might be able to allow you to live without paying a mortgage directly out of your pocket ( you still have to make payments lool). By owning a 2-4 units building, you are able to live in one unit and rent out the other units. If the other units rented provide enough funds… Continue Reading
Loans quick facts
Given that the majority of houses bought are financed, it is important to have an idea about the types of loans available. Conventional Loan: Widely used, it is a loan issued by a bank or a mortgage broker. This loan is not backed by any government agency. Even though most loans come with a… Continue Reading
