Attention first-time homebuyers in Virginia Beach, Norfolk and Chesapeake residents! Lenders want to see a two-year work history at the same company and with a consistent schedule. If a person changes companies but stays in the same industry, there should be no problem. Further, if the person continues to advance in income or benefits within Read more about How Does Employment History Impact My Mortgage?[…]
I often hear first-time homebuyers say they don’t think they can afford to buy a home — especially millennials who may have a lot of debt (ex: student loans). If you live in Hampton Roads (Virginia Beach, Norfolk and Chesapeake), you have options to get a mortgage that are easier than you think. You might have Read more about How Much is a Down Payment for a Mortgage?[…]
First-time homebuyers in Virginia can tell within two seconds if your website is “professional” enough. They grew up with the Web and know what a “nice” website looks like versus one that hasn’t been updated or redesigned in years. Aside from the look and feel, your website should also contain an updated bio and an explanation on Read more about First-Time Homebuyers Will Judge Your Website — Harshly[…]
PMI and MIP insure the lender for any losses suffered if the borrower defaults on the payment. They are typically included in a monthly mortgage payment.Private Mortgage Insurance (conventional loans): The lender cancels PMI when LTV (loan to value) reaches 78% or 22% equity in the property. Loan to value means the amount borrowed in proportion to the current Read more about Complicated Terms, Simple Definitions: PMI and MIP[…]
Nowadays, it is nearly impossible to obtain a home loan for a non-warrantable condo. The reason: those loans cannot be sold to Fannie Mae or Freddie Mac. Due to the higher risk, most lenders will not consider these loan scenarios. Tidewater Home Funding has an investor (bank) with a mortgage product for non-warrantable condos with competitive prices.Here Read more about Mortgage Program for Non-Warrentable Condos[…]