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If you’re thinking about adding a passive income stream to your household income by purchasing investment or rental property, one of the first questions you might have is what down payment you’ll be required to put down. Many federally-backed home loan programs like FHA and VA loans require very little to no down payment, but can you use those loan programs for investment property; or must you have 20% to put down in order to buy a home you’ll rent out and use to generate income?

 

 

Can you buy investment or rental property with an FHA or VA loan?

Generally,  no. Federally backed and insured loan programs like FHA and VA loans are not available for the purchase of investment or rental properties which won’t be your primary residence. There

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FHA Financing GuideFinancing a home has become more difficult than it was in previous years. Even though lenders have relaxed a little since the housing crisis several years ago, it is still harder to get the home of your dreams. This is especially true for buyers who are just trying to get a foot in the door.

If you are considering loans backed by the Federal Housing Administration (FHA), this guide shows you all the things you need to know before you can start house-hunting.

Note, we are not mortgage lenders. For mortgage advice specific to your home-buying needs & financial situation, always consult with a licensed mortgage professional.

What is the FHA?

The Federal Housing Administration is under the umbrella of the Department of Housing and Urban

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If you are in the market to buy a home this year, you probably already know that one of the most important factors affecting whether or not you’ll qualify for a mortgage (and secondarily what sort of interest rate and loan terms you’ll qualify for) is your credit score. So, what credit score is needed to buy a home? Well, that depends on a lot of factors, which is why we suggest reaching out to an experienced mortgage lender with any questions you have.

Some of the most popular mortgage loan programs backed by the federal government, including USDA loans, VA loans and FHA have very low or no minimum credit score requirements, but that minimum requirement can be misleading as lenders won’t generally lend to individuals with credit scores in the low

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Tips for Buying a Home Together

Tips for Buying a Home Together

There comes a point in time in every serious relationship where the topic of buying a home together will come up. While this is very exciting, there are some important factors that need to be considered before both people make the decision together to move forward with the process.

All homebuyers will have different priorities when it comes to what kind of home they want to find. These might include bedroom and bathroom count, commute time, what type of home you want, neighborhood quality, good schools in the area, or having a large kitchen. It’s so important that both people in the relationship can agree on priorities. Chances are both people will not agree on every single thing, but both partners need to be

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10 Most Popular Home Styles in America

10 Most Popular Home Styles in America

10 Most Popular Home Styles in America

 

When you’re looking for a home, or even building one, you may have a visual of what you want. As you’re working with a realtor or a builder, it is important to know what different types of home styles there are that you can accurately describe what you want in the most efficient way possible. Here is a guide of the 10 most popular styles in America, along with descriptions of each.

If you’re seeking something more natural looking than modern, the style of your home you’re looking for is a Craftsman home. The look of a Craftsman style home really hints to a smooth transition between nature and the construction. The idea behind this style is to evoke cozy living

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Mortgage Lending Terms

Are you are actively looking to buy a home in the near future? It pays to educate yourself as much as possible. Your real estate agent and mortgage advisor may throw around words, phrases, and abbreviations that are as familiar to you as astrophysics, making you uncomfortable and unsure.

Here are seven common mortgage terms you will undoubtedly hear on your path to home ownership, what they mean, and how they affect your chances of landing a mortgage loan.

1. LTV Ratio

There are a variety of ratios lenders use in their loan decisions, one being the Loan-to-value (LTV) ratio. This takes the amount of the loan and the home's actual total value. For example, if you're buying a $180,000 home, and have a $40,000 down payment, your loan

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A Greener Home Made Simple

A Greener Home Made Simple

The trend of “going green” with everything we do in our daily lives is ever-growing. Homeowners have even been interested in learning about ways to make their homes greener as well. Maintaining an eco-friendly home is attractive not only because it’s better for the environment, but also because it will reduce your energy bill. However, a lot of people think this idea appears unrealistic and complicated, and costly. Here are some really simple ways to make your home greener.

We all know that one of the main things in our houses that we use energy for is turning on the lights. This is an area where a huge effort towards conserving energy can be made. Most of us use what is called incandescent lighting around the house.

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First-Time Homebuyer Common Mistakes

First-Time Homebuyer Common Mistakes

The home-buying process can be complicated and stressful, and especially intimidating for first-time homebuyers. There is a lot of thinking and planning ahead involved in the process of buying a home that some people might not realize.

Something important that you will want to make sure you’re aware of as a home buyer is your credit score. In most situations, a credit score of at least 620 is needed to qualify for a mortgage. A lot of sellers will want any buyers who see their home to be pre-qualified before a showing takes place. If your credit score is high, there’s a chance you may be qualified for a large mortgage. Before you choose to go with that large mortgage, make sure the monthly payments are

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How to Interview a Real Estate Agent

How to Interview a Real Estate Agent

When going through the process of buying or selling a home, choosing an agent is the most important thing you can do. As a seller, you want to make sure you choose someone to represent the sale of your home who has the same goals and motives as you do, as well as someone who you know will have you in their best interest. As a buyer, on the other hand, you will want to find an agent that has experience servicing your market as well as one that you know will listen to you and consider your wants and needs to the best of their ability. There are several important questions that should be asked when interviewing agents to make sure you are choosing the best one.

The first thing you'll want to find out when

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New Construction Home-Buying Tips

New Construction Home-Buying Tips

If you are in the market for a new home, perhaps you are considering buying a newly-constructed home. When buying a home that was just built, there are a lot of things to consider. In this week's blog entry, we have included information about this to help guide you in making the decisions that are best for you. 

There are both positives and negatives when it comes to buying a newly-built home. One of the good things about going this route is that you get full customization. However, since it will be fully customized from the beginning, there will be no more updating to do. Therefore, the resale value will decrease and you will not earn any equity if you ever sell your home. Aside from this, a couple more

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