You have found your dream house but it will take significant work to make it a home. You do not have cash in savings to pay for both a down payment and the repair costs. Not to worry - this is not a hopeless situation. Fortunately, there are two types of mortgage loans available for just this scenario: The Federal Housing Administration (FHA) 203(k) rehabilitation loan or Fannie Mae HomeStyle Renovation Mortgage. FHA 203(k) Mortgage The Federal Housing administration has provided a home loan that allows buyers to borrow enough money to cover the price of the home plus the estimated...
February 13th, 2019 | FHA Loans, Purchasing a Home, What is the Right Mortgage for Buying a Fixer-Upper?
Buying a home for the first time is a very exciting adventure, but as with any new experience it can be easy to make plenty of mistakes. In order to make a satisfying purchase, try to avoid these 5 big first-timer blunders. 1. Get Pre-Approved before looking for a home If you are truly ready to make a home purchase, start with first things first. Contact The Mortgage Source, LLC to get pre-approved for a mortgage. This will give you a good idea of how much home you can afford and it will make you a viable buyer when you find the right house. Otherwise, you run the risk of falling in love with...
January 16th, 2019 | Purchasing a Home, First-time Homebuyers, Preapproval, First-time Homebuyers should avoid these 5 Mistakes
All of us at The Mortgage Source, LLC would like to wish you a Merry Christmas and a Happy New Year! We would like to thank you for making 2018 a great year and for the privilege of helping you purchase or refinance your home. We hope that 2019 is a year full of happiness, health and prosperity for you and your loved ones. All the best, The Mortgage Source, LLC
December 19th, 2018 Happy Holidays from The Mortgage Source, LLC
Thanksgiving is a time to express gratitude to those who make a difference in our lives. Thank you for your continued support of our business; it’s always a pleasure to help you and your family with your mortgage. All of us at The Mortgage Source, LLC would like to wish you a safe and Happy Thanksgiving. All the Best, The Mortgage Source, LLC
November 21st, 2018 Happy Thanksgiving from The Mortgage Source, LLC
Mortgage lenders love to see borrowers with consistent, steady incomes. But not all borrowers have jobs that send a paycheck every two weeks. Of course there are plenty of self-employed entrepreneurs, but there are also people who are depend on tips for income, those who get paid by contract and also individuals who work per diem or on call. All of these situations can make it very challenging to provide proof of the steady income that mortgage lenders adore. Fortunately, those with more creative incomes can still qualify for a home loan and it is getting easier. For example, in recen...
October 10th, 2018 | Purchasing a Home, Conventional Loans, How to Qualify for a Mortgage When Your Income Isn’t Steady