A loan is called “Jumbo” when the amount of the mortgage exceeds the loan-servicing limits set by Fannie Mae and Freddie Mac — set at $484,350 for a single-family home in 2019…
Homeownership is a challenge to many Nevada families, and many common misconceptions keep low- and middle-income families from pursuing this vehicle for growing generational wealth. The most powerful myth is that low- and middle-income families are on their own when it comes to buying a home – in fact, there are various state programs that can help families buy a home.
How do Veteran’s Affairs loans work? Like FHA loans, VA loans are partially guaranteed by the U.S. Department of Veterans Affairs, but not actually issued by them – loan terms may vary depending on the lender you choose to work with. However, the VA does impose some standards on the loans that they will guarantee […]
FHA stands for Federal Housing Administration; an FHA loan is one guaranteed, or “backed”, by the Federal Housing Administration. Learn more in this second installment of our series, The Ultimate Guide To Real Estate Financing Options.
203(k) loans, allow a buyer to borrow the cost of purchasing a rehabilitating a home that needs repairs or modernization. Instead of having to take out separate loans for purchasing and repairing the property, Section 203(k) “offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property.”
The term “Conventional” refers back to a time before the US government began insuring certain types of loans (such as FHA and VA loans) and loans were strictly between the borrower and the bank.
The USDA has financing programs to “give families and individuals the opportunity to buy, build, repair, or own safe and affordable homes located in rural America.”