Home Loan Learning Center
What Is A Profit And Loss Statement? What About Balance Sheets?
An Introduction to Profit and Loss Statements and Balance Sheets For this blog update, we’ll be going into detail about profit and loss statements, Balance sheets, the differences between them, and when the first-time home buyer will be needing them for the home buying process. ...
Living Rent Free Letter for Mortgage: Needed Documentation
For the third and final part of this blog, we’ll be discussing some more documents as well as giving additional tips that may help the first time home buyer speed up the mortgage-lending process. In the last blog update, we talked a bit about some ...
What Is Escrow On A Mortgage?
For this blog update, we will be discussing the mortgage term “escrow,” and what it means for the first time home buyer’s mortgage lending process. Escrow in the mortgage lending process is essentially an account that is created during the lending process that holds items ...
FHA Loan Homeowners Insurance Requirements (2024)
FHA loans require that the property being purchased has homeowners insurance in effect, on the day of closing. In addition to homeowners insurance, certain properties may require additional insurance coverages, i.e. flood insurance, and that will be determined during the loan process. The insurance policies ...
USDA Mortgage Insurance
USDA loans are a great option for home purchases in a designated USDA Rural Development area. Offering 100% financing without a requirement for a down payment, competitive loan rates, and flexible credit requirements, these loans make homeownership accessible to a wide range of borrowers who ...
Fannie Mae Homepath Properties (REO) Real Estate Owned
Fannie Mae’s HomePath REO Program: An Introduction For this blog post, we will be talking about the Fannie Mae’s HomePath REO program in the eyes of the first time home buyer. Fannie Mae’s HomePath program is essentially for the selling of newly foreclosed properties that ...
The What, When and Why’s of a Foundation Inspection Certification
Introduction In the process of obtaining a mortgage, your lender may request a Foundation Inspection or a Foundation Certification. A Foundation Inspection Certification may be requested for several reasons, such as being requested by the appraiser due to his or her inspection, or the home ...
Asset Documentation For First-Time Home Buyers
One of the biggest sources of anxiety for the first time home buyer is the asset documentation needed for submission and for the final approval. First time home buyers can easily feel overwhelmed with the amount of documentation that is needed, especially when it comes ...
Mortgage Tips When Buying First Home: First-Time Buyer Advice
Understanding Your Budget For the first-time home-buyer, choosing the first home can be a daunting, intimidating process. There seems to be a lot of rules and regulations, many different loan programs to choose from, and a lot of fancy mortgage jargon that can leave a ...