This government program can help homebuyers with lower credit, higher debt and little money for a down payment qualify for an affordable mortgage. Here's everything you need to know about them and lots of good advice on how to qualify for an FHA loan.
Dodging these pitfalls will make you a happier homebuyer now and more satisfied homeowner down the road. You'll know that you got the best possible mortgage and won't be overwhelmed by unexpected costs.
Here's how to find a competent home inspector and put the report to the best possible use. But you can't expect an inspector to find every single flaw in the property you're planning to buy — or save you from making a terrible mistake.
It's not enough to find a good location at an affordable price. Condo buyers must consider lots of extra costs, from association fees and special assessments to how well the building is maintained and how strictly it enforces rules on everything from noise to pets.
If you don't make a 20% down payment, you'll be required to carry private mortgage insurance, or PMI. Although you're the one who must pay monthly premiums for this coverage, it protects the lender, not you.