A 2-1 Buydown Loan Explained

November 22, 2022

A 2-1 buydown is a mortgage loan option where the seller or builder reduces the homebuyer’s interest rate for the first two years of the loan. This means that for the buyer, the interest rate is two percentage points less…

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2-1 Buydown Loan: What is it, how does it work, and who does it benefit?

November 8, 2022

The current rise in interest rates has created a large affordability issue when it comes to buying a home. As a result, temporary buydowns have become an option that some buyers and sellers are considering.  A 2-1 buydown is a…

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USDA Loans: Eligibility and Income Limits 2022

October 18, 2022

To get approved for a USDA loan, there are eligibility requirements a borrower must meet. In addition to the typical mortgage approval requirements such as income and credit score verification, eligibility is also based on a combination of household size…

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Qualifying for USDA Loans

October 4, 2022

USDA Loans are low interest rate and no down payment mortgages for eligible rural homebuyers. This program is ideal for low income borrowers who can’t get a traditional mortgage.  When it comes to a government-backed loan such as a USDA…

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FHA Loans: Qualifications and Benefits

September 20, 2022

An FHA loan is a home purchase and refinance loan, similar to a conventional mortgage.  The difference between the two is that FHA loans feature mortgage insurance from the Federal Housing Administration. So rather than making mortgage loans to home…

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FHA Loan Requirements Make Home Buying Easier

September 6, 2022

Federal Housing Administration (FHA) Loans are a lot more flexible than many other programs.  An FHA loan is an affordable way for first-time and repeat home buyers to buy or refinance a home. Since the federal government insures FHA loans,…

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Debt Service Coverage Ratio (DSCR) Loans: Requirements and Benefits

August 16, 2022

A Debt Service Coverage Ratio (DSCR) mortgage, allows investors to purchase or refinance a rental property without having to provide tax returns, W-2s, pay stubs, or any other personal and financial information.  To qualify for a DSCR loan, the rental…

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Debt Service Coverage Ratio (DSCR) Loans: What Are They?

August 2, 2022

Debt Service Coverage Ratio (DSCR) loans allow real estate investors to qualify for a loan based entirely on the cash flow generated by the investment property, rather than their personal income.  It can be used to close the mortgage on…

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VA IRRRL: Eligibility and Benefits

July 19, 2022

If you currently have a VA-backed home loan and are looking to reduce your monthly mortgage payments, an interest rate reduction refinance loan (IRRRL) may be right for you.  Refinancing lets you replace your existing loan with a new one…

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Matt Lillquist

July 6, 2022
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