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Blog Image: How to Cancel FHA Mortgage Insurance

How to Cancel FHA Mortgage Insurance

Mortgage loans made by the Federal Housing Administration can be a huge help to homebuyers without a large down payment. FHA loans require down payments of as little as 3.5%. Traditional loans often require 20%. Yet FHA mortgages come with some strings attached, namely FHA mortgage insurance. Almost all mortgage loans made with less than a 20% down payment require some form of mortgage insurance. This insurance protects the lender against losses from the borrower defaulting in the first several years of the loan. It is typically paid monthly and is tacked onto the mortgage payment. With con...

December 4th, 2019 | Government Loans, FHA Loans, How to Cancel FHA Mortgage Insurance

Blog Image: Energy Efficient Mortgage Program

Energy Efficient Mortgage Program

The federal government has aimed to help increase homeownership for decades. One of the Federal Housing Administration’s many programs to help Americans in their homeownership dreams is the Energy Efficient Mortgage program (EEM). Many homes, especially older ones, could be much more affordable if they were updated to be more energy efficient. The EEM allows borrows to make those updates and save money as new homeowners. The Department of Housing and Urban Development (HUD) first created the Energy Efficient Mortgage program in 1992 and piloted it in five states. It was extended to al...

July 17th, 2019 | FHA Loans, Government Loans, Energy Efficient Mortgage Program

Blog Image: 4 Loan Programs With Zero-Down Payment

4 Loan Programs With Zero-Down Payment

Are there ways to get a mortgage loan without making a down payment? While the options are not as plentiful as they used to be, there are still at least four government-backed programs that allow borrowers to buy a home with no down payment. Over a decade ago, home prices were skyrocketing month-to-month, giving homebuyers “instant equity.” Mortgage lenders offered “zero-down” home loans to most of their customers, with confidence that those borrowers would soon own a significant stake in their homes. However, the housing market crashed, and home prices began plungin...

May 22nd, 2019 | Purchasing a Home, First-time Homebuyers, Government Loans, FHA Loans, VA Loans, USDA Loans, 4 Loan Programs With Zero-Down Payment