Credit

The 5 Cs of Credit

5 C’s of Credit When applying for a home loan there are five things mortgage lenders looks at in evaluating your application. They are known as the 5 C’s of credit. Credit Profile This is generally measured by your credit score, payment history, & balances on accounts compared to credit limits. Capacity to Repay Employment…

home mortgage loan

8 FHA Loan Facts

FHA loans are popular with mortgage borrowers and brokers but why? First, FHA loans offer borrowers lower down payments and have less stringent requirements to be qualified. FHA loans are insured by the Federal Housing Administration (FHA). Borrowers are able to get FHA loans by paying for a mortgage insurance that protects lenders in case…

FAQs

FHA LOANS – FAQ’s Can the seller pay my closing costs? Yes. The seller can pay up to 6% of your recurring & non-recurring closings costs. What is the FHA up front mortgage insurance premium (UFMIP) for? HUD requires two mortgage insurance policies on FHA loans to protect against losses in the event of a…