Real estate financing is a need-to-know topic. It's only fair—and practical—for people to learn what to expect up front.
Find grants and down payment assistance in your local community in the 50-state resource directory.
About the Author
Anna DeSimone is a nationally recognized expert on the topic of mortgage lending compliance. Her professional guidebooks have served as the go-to resource for understanding mortgage regulations and best practices.
About Housing Financing 2020
Owning a home is even more affordable due to sweeping changes by America’s largest mortgage enterprises. Housing Finance 2020 introduces a new vocabulary of buying-power options such as sweat equity, soft seconds, and forgivable down payment assistant loans.
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A New Year’s resolution that’s definitely worth keeping is to get ready to buy your first home in 2020. The most important thing you can do is begin organizing your financial paperwork. Mortgage lenders will ask you for a long list of verification documents to prove your income, savings, and…
Down payment assistance can be a free grant, or it can be a loan that is enough to cover a 3.5% or 4% down payment on a home. Many housing agencies offer higher amounts to also cover closing costs and/or home repairs. Loans might be in the form of a…
Twenty-two million people in America live in manufactured homes. According to the Manufactured Housing Institute’s 2018 Manufactured Housing Facts, such properties now represent about 10% of new home construction, with an average sales price of $70,600. The median household income of homebuyers is $30,000. The Institute states that–for the same size…
Non-traditional credit is a category of documentation that supplements, or sometimes replaces, the need for a consumer credit report. Non-traditional credit procedures are used for people who have no credit score or minimal credit history. Fannie Mae and Freddie Mac now accept loans from borrowers with no credit score, and…
The Federal Housing Administration (FHA) Section 203(k) program enables homebuyers to finance both the acquisition and repair costs together in one mortgage. For example, if you are able to purchase a home “as is” for $150,000 and it will cost $50,000 for renovations, you can obtain a mortgage for $200,000.…
Thank you for visiting the Housing Finance 2020 blog! I have been receiving a number of requests from readers, asking about where they can find grant money and financing assistance. I am happy to send you free information, but need to know what state you live in, and the name…
A FIFTY PERCENT DISCOUNT is available to law enforcement officers, school teachers, firefighters, and emergency medical technicians when buying a HUD-owned property under HUD’s Good Neighbor Next Door Program. The U.S. Department of Housing and Urban Development (HUD) offers this unique program to persons who are employed in certain professions that…
What to do when you have no credit score or minimal credit history As consumers, we have no control over the rate of interest or the cost of housing. However, we do have some control over our credit rating. If you are willing to take a pro-active approach and complete…
Commonly known as “in-law” or “mother-daughter” units, accessory apartments are small living spaces within a single-family home that are rented out. In the past, rental income on apartments within a single-family home could not be counted as qualifying income for a mortgage. The newest programs from Fannie Mae and Freddie…
Housing industry studies have shown that the number one barrier to buying a home is the lack of down payment funds. Interest rates are at their lowest in years, and home prices keep rising. Down payment assistance can make a difference between buying a home how– or waiting years. Across…