FHA Home Loans

FHA Home Loans An FHA loan is a mortgage loan with flexible underwriting guidelines backed by the Federal Housing Administration (A Department of HUD).  FHA loans are extremely popular with first time home buyers because they allow down payments as low as 3.5% and allow the seller to pay the borrowers closing costs. FHA has …

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VA Home Loans

VA Home Loans

VA Home Loans The VA Loan was originally created to offer long term financing to eligible veterans or their surviving spouses. The VA loan offered financing opportunities for Veterans in locations where financing was not readily available. By guaranteeing mortgages, VA opened up lending in more rural communities that needed it most. The original Servicemen’s …

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Mortgage Application Preapproval

Mortgage Preapproval

The mortgage pre-approval is an important first step in the home buying process. The pre-approval is not the same as a pre-qualification and is a much stronger representation of your ability to purchase a home. Know what documents you need to get pre-approved The Mortgage Preapproval Process A mortgage prepapproval means that the lender had …

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Mortgage Broker Plattsburgh NY

Find a Plattsburgh Mortgage Broker

A mortgage broker is a third party that arranges for home financing by working with investors or mortgage companies to close your mortgage loan. A mortgage broker offers the standard home loan programs but also has more creative loan programs. Because a mortgage broker in Plattsburgh, NY is not lending their own money, they can …

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Mortgage Appraisals

The Appraisal

One of the first steps in obtaining a mortgage loan is getting the appraisal. The appraisal is an independent report completed to determine the subject properties value. If you are applying for 100% financing and the purchase price is $150,000, in theory you should be able to borrow $150,000. One exception to this is of …

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Closing Costs Explained

When purchasing or refinancing a home, you will undoubtedly run into a complex list of closing costs. These costs can range from ten dollars to thousands of dollars. So how do you know if the closing costs are fair or necessary? This guide should help you amswer all of your questions. If you would like a …

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Conventional vs FHA Mortgages

FHA VS Conventional Mortgage

FHA vs Conventional Mortgage Loans FHA and Conventional mortgages have different advantages and disadvantages. Mortgage lenders have reduced minimum credit score requirements for the FHA’s popular 3.5% downpayment loan; and, Fannie Mae and Freddie Mac have re-introduced a popular 3% downpayment program, called the 97 program. Add to these two programs the 100% VA loan backed …

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