Home Ready by Fannie Mae is a specialty American Pacific Mortgage Program designed to serve your unique needs. It is an alternative to the Federal Housing Administration (FHA) program, with even more flexible income qualification guidelines and 3% needed for the downpayment.*
The mortgage industry is constantly changing. New laws are signed, which then affect buyers—sometimes in their favor, sometimes against them. With a new president in office, there have been recent changes to the Federal Housing Administration (FHA) loans. We simplify those changes below and let you know how they could affect you if you are looking to buy a home.
Condominium properties can offer many benefits for first-time homeowners. They can often be more affordable and require less maintenance than traditional single-family homes. If you are considering buying a condo, make sure and ask these seven questions first.
If you’re looking to purchase a home, you may have heard that discount points can help lower your interest rate and monthly payments. Lenders offer discount points through a one-time, upfront fee. The points lower your monthly payment and can help make the mortgage more affordable for the life of the loan.
Knowing what your credit score is can be empowering to you as a first-time homebuyer. Your credit score is an important factor in getting a loan and securing a competitive interest rate when buying a home.
If you’re looking to purchase your first home, then make sure you look into and consider an Adjustable Rate Mortgage (ARM). An ARM can be a powerful tool for first-time homeowners.
New maximum loan limits were announced by the Federal Housing Finance Agency for conforming loans. The loans will vary by county, but for most of the United States, the 2017 maximum loan limit for one-unit properties will be $424,100, an increase from $417,000 (the level set back in 2006).
There are so many different terms and phrases when it comes to buying a home. We want to simplify this process for you and help you understand the different terms that come with the homebuying process.
Buying a home is an exciting process. You get to put your own spin on how you’ll decorate. You decide what plants you will put in your garden. And you get to make decisions on wall colors and changing out flooring.
There’s nothing quite like coming home daily to your very own home. It’s important to plan appropriately when you’re thinking of buying a home. Planning your finances will help prepare you for any unknowns that could come up as a homeowner.
FHA loans are a popular term in the mortgage industry and one you have probably heard of before. Find out everything you need to know about FHA Loans and if this home loan meets your needs.
Is it better to rent or buy a home? It’s a question that most adults will ask themselves at one point or another. Before deciding which option works for you, consider the following factors.
There are several components to consider when deciding whether to rent or buy. Things like your personal situation, taxes, investment opportunities, financial stability and long-term goals all play a role in whether renting or buying is more beneficial.
Your credit score is a number between 350 - 850 on a scale created by the Fair Isaac Corporation (FICO). This number is known as your FICO® score, and it is used by lenders as a snapshot of your credit history and a summary of risk involved to lending to you. The score is calculated based on an analysis of a person's credit history and files.
The higher the credit score, the lower the risk to the lender and generally means a lower interest rate to you as a borrower. A lower credit score equates to more potential risk to lenders and generally higher interest rates to you as a borrower.
At American Pacific Mortgage we are fully committed to doing what it takes to get your loan funded on or before the close of escrow. That’s why we created our Keys on Time Program. Our specialty program gives you a 20-day close and backs your offer by the purchasing power of a full loan approval.
Like most things in life, everyone has their own opinion about the homebuying process. When you start thinking about making your dream of owning a home a reality, you learn that there is a lot of competing information out there.
Getting pre-approved for a home loan is the first step on your path to becoming a homeowner.
So, here you are. You decided to take a dive into homeownership. First of all, we want to say, congratulations. We know that being a homeowner will give you a sense of pride and security, both to you and your family. Like they say, there's truly no place like home.
You are ready to take the next step. You have decided you are ready to buy a home. Before you open up that web browser and tackle the home listing websites, there are a few things you should be doing.
Whether you are just finishing up college or have been out for a few years, getting your feet underneath you with a new career is typically priority number one! But as time moves forward some millennials could consider making a financial investment in their futures by becoming a home buyer. It’s not as intimidating as some may think.
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