Are you considering owning a new home? Trying to decide how to choose the best mortgage lender for your needs? Did your real estate agent give you three names? Then start here!
So you want to buy a fixer upper.
There is a fine line between a home that needs a little work and a home that is not financeable.
Fannie Mae released a new version of their automated underwriting system in July. Improvements should benefit self-employed borrowers, those with disputed accounts, borrowers with new jobs, and those with higher debt to income ratios.
When you negotiate a purchase agreement with a seller, you'll be asked to put down earnest money. Earnest money is a deposit that shows the seller you're serious. And like any money that you plan to use to purchase your home, you'll be asked to "source" your earnest money.