As the name implies, these loans required little, if any, documentation to evaluate your creditworthiness and your ability to repay the loan.
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Private mortgage insurance, or PMI, is one expense that most homeowners would rather live without. While you can ask your lender to cancel PMI once you’ve accumulated 20% equity in your home, that could take a while. So, to sidestep PMI, many borrowers have decided to take out an 80-10-10 loan -- effectively taking out two mortgages at once in order to avoid mortgage insurance altogether.
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An interest-only loan is a mortgage in which a borrower only pays the interest (not the principal) on their loan for a set period of time, usually between 5 and 10 years. Then, the borrower will either begin paying down the principal, make a lump sum payment, or sell the house.
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Yes, it is possible to buy a home with no money down or down payment. There are a variety of loans in the market that cater to home buyers with different needs. To qualify for a no money down home loan you will need to have a good credit score and credit record
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A conventional loan is a loan that is not insured or guaranteed by the government. A conventional loan may be a fixed rate mortgage, variable rate mortgage or a hybrid ARM. Conventional loans are either conforming or non-conforming loans.
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