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Blog Image: How to Get a Small Dollar Mortgage Loan

How to Get a Small Dollar Mortgage Loan

Buying a house is a straightforward process, right? You line up a lender, you find the right house and you get a mortgage to buy it. While this is the case in much of the country, there are plenty of regions where the home prices are too low for traditional home loans. How can a loan be “too small?” And where can buyers find alternate funding options? Small Dollar Mortgages Defined Most home loans under $100,000 are considered to be small dollar mortgages. In 2019, less than 10% of all U.S. single-family or condominium home purchases were for $100,000 or less. That’s a ...

October 7th, 2020 | First-time Homebuyers, Purchasing a Home, How to Get a Small Dollar Mortgage Loan

Blog Image: Do You Have Enough Money to Buy a House?

Do You Have Enough Money to Buy a House?

When potential buyers are ready to begin their dreams of homeownership, they often start by looking at real estate listings. The asking prices are the starting point for determining how much home a buyer can afford, but there are plenty of other costs and fees not spelled out in that one number. By looking at all the associated expenses, you can decide if you have enough money to buy a home. Down Payment Most mortgage loans require at least some down payment (VA loans for military are one big exception). A conventional loan an require as much as 20% down. For a $250,000 home, a 20% dow...

August 12th, 2020 | Purchasing a Home, Do You Have Enough Money to Buy a House?

Blog Image: Buying a First Home in an Expensive Area

Buying a First Home in an Expensive Area

For Americans living and working in the nation’s most expensive real estate markets, homeownership can seem like the impossible dream. Prices are high and options can be limited. It may feel like home values rise faster than your ability to save up for a down payment. Although the process may look different than in other parts of the country, becoming a first-time homebuyer in a pricey area is possible. Here are some suggestions for making that dream a reality: Determine Your Budget First, you need to figure out how much home you can afford. That number needs to be determined by yo...

July 1st, 2020 | Purchasing a Home, Buying a First Home in an Expensive Area