Real Estate Topics and Tidbits

                      Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) Let's continue the discussion of types of mortgage loans. Two other types of mortgages that are commonly available are VA loans and ARM loans.   VA loans are mortgages backed by the US Department of Veterans Affairs. These mortgages are specifically purposed for military veterans, servicepersons and their surviving eligible spouses.  VA loans are considered a very favorable option if available. Some characteristics of VA mortgage loans are low interest rates, no down payment requirement and no PMI requirement. Another positive characteristic of VA home loans is no minimum credit score requirement, though lenders can evaluate the potential borrower's overall creditworthiness. ARM loans (Adjustable Rate Mortgages) are mortgage loans with a low introductory interest rate that generally increases after the ini...

Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com)   There are many different types of mortgages to choose from in today's home financing markets. Each type has pros and cons, depending on the homebuyer's desires. In this article we will only discuss three common types of home loans, out of the many. FHA loans  are mortgage loans backed by the Federal Housing Administration. This type of mortgage usually is attractive to first time home buyers. The minimum FICO score (used by lenders to determine creditworthiness) is about 580 or higher, which allows the buyer to take advantage of a lower down payment requirement of about 3.5%. The debt-to-income ratio (DTI) can vary around 43% according to lender requirements.  Conventional loans  are mortgage loans backed by private lenders. They are sometimes called conforming loans because they meet (or conform to) the Freddie Mac and Fannie Mae funding standards. These home loans usually have higher...

  Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) Here are a few suggestions to keep in mind when you have decided that you are ready to become a home buyer. Check your finances Check your credit score Choose the right Realtor      Checking your financial standing is an important first step to the home buying process.  Pay attention to your debt-to-income ratio (DTI). Basically, you will need to evaluate your total monthly debts divided by your gross monthly income, then multiply that answer by 100. This will be your DTI ratio used by lenders. Checking your credit score prior to beginning your home search helps you know beforehand whether any issues may need to be corrected or resolved. Pay attention to your FICO score because lenders use this to determine your creditworthiness. Choosing the right Realtor can be a key component to your overall satisfaction with the home buying process. A Realtor that is not only knowledgeable,...