Home Financing

What Is Unearned Revenue? Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. What is the meaning of unearned revenue? When a customer pays for products or services in advance of their receipt, this payment is…

What is the lowest credit score allowed for a mortgage? around 620 The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable rate mortgages (ARMs). Can you get…

Houston-Sugar Land-Baytown, TX Data Series July 2022 Nov 2022 Unemployment Rate(2) 4.8 4.0 Nonfarm Wage and Salary Employment Total Nonfarm(3) 3,267.7 3,340.0 12-month % change 6.2 5.7 What is the current unemployment rate in Houston? 3.80% Houston, TX Unemployment Rate is at 3.80%, compared to 4.00% last month and 4.70%…

With a loan backed by the government like an FHA loan, you can qualify for a mortgage even with a 500 credit score. It might be tempting to buy a home as soon as possible, but it’s better to take the time to assess available options and interest rates while…

A mortgage loan originator can be either a bank or financial institution that makes and sells mortgages, but the term can also apply to a person employed by them that helps you get a mortgage. Individuals who act as mortgage loan originators are also referred to as loan officers. What…

In general, it’s easier to qualify for an FHA loan than for a conventional loan, which is a mortgage that isn’t insured or guaranteed by the federal government. Here are some key differences between FHA and conventional loans: Credit score and history: FHA loans allow for lower credit scores than…

Who qualifies for low income Washington? INCOME ELIGIBILITY GUIDELINES It is acceptable to consider total household income at or below 200 percent Federal Poverty Level (FPL) or 60 percent State Median Income (SMI), whichever is greater. What is considered poor in Washington state? Explanation. In 2021, the federal poverty threshold…

Forbearance can also be known as patience. Patience really comes into play when dealing with children. Sometimes it looks like baby cousins in the family and sometimes it can be babysitting little tots.  What does it mean to be in forbearance? : a refraining from the enforcement of something (such…

This law helps the producer in increasing sales. The producer reduces the price of the product for the purpose of increasing sales. The consumers purchase more quantity of that product to obtain maximum satisfaction given their income. As they buy more quantities the marginal utility of the last rupee diminishes.…

How do I request a FHA loan? So the first thing you need to do is choose a lender you want to apply with. Find a lender. The first step to getting an FHA home loan is finding an FHA-approved lender. Apply for an FHA loan. After finding a lender,…

When it comes to calculating mortgage insurance or PMI, lenders use the “Purchase price or appraised value, whichever is less” guideline. Thus, using a purchase price of $200,000 and $210,000 appraised value, the PMI rate will be based on the lower purchase price.  What determines the amount of PMI? How…

Loan officers are the main point of contact for borrowers throughout the mortgage application process at almost every mortgage lender. That’s an important job, right? In return for this service, the typical loan officer is paid 1% of the loan amount in commission. On a $500,000 loan, that’s a commission…

So how much should mortgage rates fall before you consider whether refinancing is worth it? The traditional rule of thumb says to refinance if your rate is 1% to 2% below your current rate. Make sure to factor in your current loan term when considering refinance though.  How do you…

What debt is included in debt-to-income ratio? Your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn. Specifically, it’s the percentage of your gross monthly income (before taxes) that goes towards payments for rent, mortgage, credit cards, or other debt. Do mortgage lenders look…

Lenders do factor in the Loan to Value (LTV’s) on these loans as well as the investor’s financial wherewithal, but the biggest concern is with the property’s ability (income) to afford the loan payments. Debt Coverage Ratios (DCR’s) are now at the forefront in determining how much the lender will…

A home equity loan could be a good idea if you use the funds to make home improvements or consolidate debt with a lower interest rate. However, a home equity loan is a bad idea if it will overburden your finances or only serves to shift debt around. Is there…

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans 1 such as credit cards. How do you tell…

Homeowners with FHA, VA, and USDA loans should look into Streamline refinancing options, including the VA IRRRL for VA mortgages. Is the HARP replacement program legitimate? Yes, HARP replacement programs FMERR and HIRO are run by legitimate mortgage agencies regulated by the Federal Housing Finance Agency. Is HARP a real…

Programs to Help You Pay for a Home FHA Loans for First-Time Homebuyers. … Homeownership Vouchers. … Indian Home Loan Guarantee Program. … Programs for Service Members and Veterans. … Programs for Rural Residents. … State Programs. … Foreclosure Properties. How can I get money for a downpayment? 5 ways…

Right to Cancel a Timeshare in Florida. If you buy a Florida timeshare, you can cancel the timeshare contract up until midnight of the 10th calendar day following the date you signed the contract or the day on which you received the last of all required documents, whichever occurs later.…