Income verification is a basic part of applying for a home loan. But there's more to providing proof of income than just handing over a couple of paystubs. You need to be able to show your earnings are stable. When making a down payment, you may have to be able to show the source of that money as well.
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Want to get the best deal on a home? Pay cash. Want to outbid a bunch of other buyers seeking the same property? Pay cash. Want to buy a fixer-upper that the bank's leery of financing? Pay cash.
Like many types of loans that were easy to get years ago during the housing crisis, home equity loans and other loans to cash out on equity in rental properties were relatively easy to get. Now, not so much.
Your brother got a free ride for college on a basketball scholarship, and your best friend has a hefty inheritance. Will you have to attend the local community college, or just wash a lot of cars to pay for the university of your choice? Don't worry…no matter your situation, there are loans to fit your needs.
It's not uncommon for home buyers to get cold feet when it's time to sign the papers that make their mortgage loan official. Taking on a monthly mortgage payment is a serious financial responsibility. Seeing all that new debt on paper can make even the calmest home buyer sweat a bit.
Buying a "for sale by owner" home, or FSBO, can save you 6 percent of the cost of the house if neither side uses a real estate agent.
You can still qualify for a mortgage with a low down payment of just 1 percent of your home’s purchase price. Several lenders have been offering these low down payment loans since 2015.
If you're looking to buy a fixer-upper home and renovate it, you might be considering Fannie Mae's HomeStyle Renovation program. The program, like similar products offered by private lenders and with FHA loans, allow you to include both the costs of buying a home and those needed to renovate it all in one loan product.
Buying a home for your parents to live in is basically buying a second home with another mortgage added to your monthly bills. That can be difficult to do, though there are two other options if adding another mortgage bill to your finances isn’t possible.
Applying for a home loan can be an intimidating process. It's one of the things that can cause first-timers to drag their feet the feet on buying a home. Even homeowners who've been through it before may put off refinancing simply because they fear an extended and cumbersome process.