Home Loan Learning Center

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VA Home Improvement Loan – Requirements for Renovation 2024

VA home improvement loans can help borrowers buy a fixer-upper or a home that requires renovation and roll the cost of the renovation, alteration, and repair into the original mortgage. VA home improvement loans can also be used as refinance loans. If you’re a veteran or serving member of the military considering home improvements, you’re in the right place. Are you looking to renovate, repair, or upgrade your home? A VA home improvement loan, also

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USDA Loan Maine: Requirements, Income Limits, and Eligibility

If you’re dreaming of homeownership but are struggling to find affordable financing options, USDA loans might be the solution for you. USDA home loans are backed by the United States Department of Agriculture and are geared towards helping people buy quality homes in rural areas of Maine. The USDA plays a pivotal role in promoting economic growth and stability in local communities across the nation by offering family housing programs and federal funding opportunities to

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Down Payment Gifts – Rules for Giving and Receiving

Buying a house can be difficult, particularly if you have to pay a down payment toward the value of the house. For first-time homebuyers, home affordability is even more challenging as they don’t benefit from the liquidity of selling a home. For most home loans, the down payment ranges between 3.5% and 20% of the home value, which makes it a significant expense. That’s where down payment gift money from relatives and family members is

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How to Buy a House with Bad Credit and Get Your Mortgage

Your credit score matters a lot when you’re trying to get a mortgage to buy a home. However, you still have plenty of mortgage options even with a below-average credit score. Lenders of conventional loans have a qualifying credit which is the minimum required for them to approve your mortgage application.  If you have a credit score that is above the qualifying minimum but still below average, you can still get a loan from various

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HomeReady® Mortgage Income Limit and Requirements for 2023

Buying a home in the current property market can be challenging. The Fannie Mae HomeReady® program is geared towards buyers who might be struggling to enter the property ladder. The mortgage is designed to help people on low income buy their home and it comes with other helpful requirements including low PMI and low credit scores.  The Fannie Mae HomeReady® program is similar to other programs offered by lenders, such as the Home Possible program

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USDA Loan Florida: Requirements and Income Limits

Miami, Orlando, Tampa, and Palm Beach, FL might catch people’s attention but did you know that Jefferson County, FL is 100% rural as is Lafayette County? In these counties, you can get a USDA loan to buy a home with favorable terms and low-interest rates. More than 80% of the State of Florida qualifies as a rural area, which means you can buy a home in these locations with USDA funding, whether you are a

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How Long Does a Home Appraisal Take in 2024?

A home appraisal timeline ranges between one and three weeks. In a hot licensed real estate market, you get an appraisal on the higher end of the range.  A home appraisal is required by your lender to check the real value of the home you plan to buy. The lender wants to know that the amount of money they are lending you accurately mirrors the final appraised value of the home based on the market

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Red Flags When Buying a Condo: What to Keep an Eye For

Purchasing a condo is a great way to own a new property. Condo estates are usually located in central areas with lots of amenities and opportunities. City centers, schools, shopping markets, entertainment areas, and amenities are often available just around the corner.  If you are interested in buying a home and you are not crazy about mowing the lawn or taking care of communal spaces, then condo communities are the best choice for you. Condo

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Home Possible Income Limits: 2024 Requirements

The Home Possible® Program from Freddie Mac helps low-income borrowers achieve homeownership on favorable terms. The program comes with a low down payment, which helps first-time home buyers climb on the property ladder.  The income limit set by Freddie Mac depends on the borrowers’ zip code and should be up to 80% of the area’s median income. There is a helpful guide from Freddie Mac that helps you determine the income eligibility criteria across all

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Male house buyer giving his contract to the loan officer for a USDA Loan in Texas.

USDA Loan Texas: Requirements, Credit Score, Application

Did you know that 97% of Texas in the United States is categorized as rural? That means that many prospective homeowners qualify for a USDA direct loan.  USDA home loans are backed by the Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program. The aim of this mortgage program is to help a new home buyer family with low or average income purchase a house in rural areas with the

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How Long is the Process To Buy a House (Timeline)

You typically need a few months for the whole first-time home-buying process. It often takes between 6 and 8 months of research in the local market on average to find a home, close a deal, and buy a home, from beginning to end.  First-time home buying can thus take between a few weeks and several months from home searching to signing title contracts. The type of home you’re interested in, the time of year, and

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When Are You Considered A First-time Home Buyer Again?

You are typically considered first-time homebuyers when you haven’t owned a home before. However, the definition of a first-time principal residence buyer is not as straightforward as it may seem. There are several exceptions for a home loan that can make it easier for people looking to purchase a home to be considered as first-time buyers.  The simplest definition of a first-time home buyer is a person who has never owned a home before. First-time

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I Make $40,000 A Year How Much House Can I Afford?

You will assess how large and expensive a house you can afford depending on how much you make. The price of a home you can realistically afford depends on your income, the down payment, and your other financial obligations. If you are already paying a student loan or a car loan, you have less money available to repay a mortgage. That means you should aim at a smaller, cheaper home.  Let’s go through a helpful

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Do Lenders Look at Bank Statements Before Closing?

Underwriters want to check that you are a responsible borrower who’s financially able to repay the mortgage. They also need to make sure the money you use for your down payment comes from your income and other legal sources. Once they are satisfied that you are honest and straightforward, your home loan officer will be able to approve your mortgage application. What Documentation Do You Need? Applying for a mortgage can seem intimidating because of

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Are Condos Safe From Hurricanes?

During hurricane season, the safety of high-rise condos becomes a top priority. There are many misconceptions about hurricane damage and prospective apartment and condo buyers should have valuable insight about living in hurricane-prone areas.  When you intend to buy a condo in an apartment building, consider first several factors regarding your safety, including hurricane categories and building codes.  During an extreme weather event, people have to make the tough decision of whether to stay or

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Questions To Ask When Buying A Condo? Fees and Restrictions

Are you thinking of buying a condo as your new home? Condos mix convenience and community living, which sets them apart from traditional single-family homes. They can make life easy as they are found in bustling urban centers as well as quiet suburban neighborhoods.  The perks of condo living include shared maintenance responsibilities through a homeowners association, access to amenities like tennis courts and gyms, and a potentially shorter commute to essential services and work. 

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Approved mortgage for a USA Loan in Massachusetts.

USDA Loans in Massachusetts

In today’s property market, it can be difficult to imagine owning a home in Massachusetts. And yet, with a USDA home loan, many people can enter the property ladder by purchasing a home.  Did you know that 65% of Massachusetts is classified as rural? USDA loans are given to people wishing to purchase a home in rural areas. With such vast areas characterized as rural, prospective homeowners can find a house they can call home.

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Smiling couple and a loan officer going through the documentation for the USDA Loan in Georgia.

USDA Loans Georgia

Did you know that 120 out of Georgia’s 159 counties are rural? This gives plenty of opportunities for people looking to buy a new home in Georgia to apply for a USDA loan. Georgia USDA loans are backed by the US Department of Agriculture and are aimed at giving rural areas a boost with favorable loan amount terms.  Rural areas need help to keep their population, particularly in Georgia, and USDA loans make purchasing a

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Female hand operating calculator in front of villa house model. FHA Loan Missouri application.

FHA Loan Missouri

FHA Loans: The Path to Homeownership in Missouri Purchasing a home is many people’s most important lifetime investment. If you wish to call Missouri your home, then payment assistance programs such as FHA loans could be the way forward to homeownership for first-time home buyers.  When it comes to understanding FHA loans and buying a home in Missouri, Society Mortgage is your dependable FHA loan programs companion. From the buzzing streets of Kansas City to

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Wooden cubes assortment in front of a a house model. FHA Loan application in Virginia.

FHA Loan Virginia

FHA Loans in Virginia: Your Way to Homeownership It can be daunting to find an affordable home in Virginia in the current conditions. However, prospective homeowners have an excellent way to buy their forever home with an FHA loan from Society Mortgage. From the historic estates in Williamsburg to modern condos in Arlington, our team is here to offer services that help you with your journey to homeownership in the Old Dominion. FHA loans come

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