Emerging from Chapter 13 bankruptcy can be a challenging but transformative journey. Federal Housing Administration (FHA) loans provide a viable path forward for individuals eager to embark on homeownership. This comprehensive guide will delve into the FHA guidelines for obtaining a home loan after Chapter 13 bankruptcy, exploring the eligibility criteria, waiting periods, and steps…
In this blog, we will cover the HUD minimum credit score guidelines on FHA loans. HUD minimum credit score guidelines to qualify for a 3.5% down payment home purchase mortgage loan is set at a 580 FICO credit score. If your credit scores fall between 530 FICO and 579 FICO, you can still qualify for…
In this article, we will be covering qualifying for an FHA loan after foreclosure waiting period requirements. HUD, the parent of FHA, has mandatory waiting period requirements after a housing event. A housing event is a foreclosure, a deed in lieu of foreclosure, or a short sale. We will also cover other mortgage loan options…
If you’ve ever dreamt of owning a piece of paradise in the Caribbean, Puerto Rico may be your perfect destination. Buying a house in Puerto Rico is an attractive proposition with its stunning beaches, rich cultural heritage, and thriving real estate market. It is becoming increasingly popular among Americans in the mainland United States. Many…
In this blog, we will cover and discuss condotel and non-warrantable condo loans. We will also be discussing will the process of obtaining a mortgage loan for a condotel property. Buyers looking for a condotel property and non-warrantable condos and needing to qualify for condotel and non-warrantable condo loans will typically run into problems when…
In this blog, we will cover buying a home in North Carolina with bad credit. Buying a home is a significant milestone in life, and it’s one that many people aspire to achieve. However, when you have poor credit, it can feel like an uphill battle. The good news is that buying a home in…
In this blog, we will cover and discuss Renovation Mortgage Loans for purchase and refinance transactions. Today we will be covering FHA, VA, and Conventional Renovation Mortgage Loans. What Are Renovation Mortgage Loans? In this section of this guide to renovation mortgage loans, we will be discussing what are renovation mortgage loans and how the…
In this blog, we will be covering for homeowners how to buy a second home while owning first. We will cover some creative ways of keeping your first home and being able to affect a vacation home or investment home. owner-occupant primary home. Generally, most people will sell their home and buy a second home…
Homeowners with equity in their homes can do a cash-out refinance in Chapter 13 Bankruptcy repayment plan to buy out Chapter 13. Home prices have skyrocketed in the past four years. Home prices have gone up 43% nationwide. The coronavirus outbreak in 2020 did not make a dent in the housing market. While the housing…
In this blog, we will cover and discuss qualifying for VA loans with low credit scores. Homebuyers do have the opportunity for VA loans with low credit scores. VA mortgage loans do not have a minimum credit score requirement nor do they possess a maximum debt-to-income ratio limit as long as the borrower can get…
This guide covers what is verification of rent required for a mortgage. Borrowers must have made all rental payments for the past 12 months timely—no 30-day late payments with any rental payments. If the borrower has paid their rental payments online, then 12 months of bank statements will be required to validate the verification of…
In this blog, we will cover and discuss how to qualify and how get FHA condominium loans approved. Condominiums are becoming increasingly popular. Many folks of all age groups are interested in condo living. Condominiums have condo homeowners associations. The condo HOA runs the exterior and common areas of the condominium community. What Does The…
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