Why Fall Is a Good Time To Buy a Home - Quicken Loans Zing Blog

Why Fall Is a Good Time To Buy a Home

The leaves are falling, the kids are chowing down on apples, and everyone is trying to drink as much cider as humanly possible. This time of the year is great for a lot of things: spending time with family, playing some football in the front yard, enjoying the playoff hunt for baseball, and buying a house.

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Home Buyers Can Afford More Than They Think

Home Buyers Can Afford More Than They Think

Not to beat a dead horse here or anything, but you should know by now that mortgage rates are crazy low. They’re not at record lows like they were last month, but they are still insanely low given how high they were last year at this time. Combine low mortgage rates with home affordability being slightly lower than the record set last quarter, and you’ll be surprised with some of the numbers you can find.

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Repaying the 2008 First-Time Homebuyer Tax Credit

Repaying the 2008 First-Time Homebuyer Tax Credit

Did you take advantage of the first-time home buyer tax credit in 2008? If so, you have to pay it back. I wish I was lying, but like George Washington, I can’t tell a lie. Also like George Washington, I have wooden teeth. But all the wooden teeth in the world can’t get me out of paying back this interest-free loan. If you’re in the same boat, read up on the details of this credit and the repayment requirements.

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Mortgage Applications

Mortgage Applications

Be Prepared! Applying for a mortgage for the first time can be intimidating and sometimes overwhelming. But if you have all the right documents prepared ahead of time, it will make the process go much smoother and faster. First, lenders will need to know your date of birth and Social Security number in order to pull a credit report. They do this to find out how risky you are as a borrower. Generally, the higher your score, the less risky you are and the better rate you’ll qualify for. Then, you’ll need to give your lender: Documents you will need: The signed purchase agreement Copies of your W-2 forms Proof of income (original pay stubs, verification of employment, or two years’ worth of tax returns) Proof of assets (bank statements, investment statements, etc.) to show you have money to cover closing costs Copy of the earnest money deposit Copy of your homeowners insurance It may take some time to gather all of them, but it will be worth it when it comes time to close your loan. Not everyone will be able to document everything and that’s ok. There are very flexible loans available with little documentation. But generally speaking, the more documentation you provide, the better interest rate you’ll get on your loan. A Quicken Loans home loan expert can help you figure out exactly which documents you’ll need to prove your income and assets. They can also tell you whether you’ll need other documents other than the ones…

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FHA Mortgages

FHA Mortgages

The Federal Housing Administration (FHA) doesn’t make or guarantee loans, but it’s been insuring home loans since 1934. The insurance on FHA loans removes or minimizes the default risk lenders face when borrowers put down less than 20% of the purchase price. FHA-approved lenders are authorized to process loan applications, underwrite, and close FHA loans. Why Is an FHA Loan a Good Option for Single or First-Time Homebuyers? First-time and single homebuyers should explore FHA loan options for several reasons. First, it will be easier to qualify for an FHA home mortgage because your loan will be insured by the government, thereby making your application more attractive to lenders. Second, an FHA loan often costs less than a conventional mortgage and is more forgiving of issues with credit and payments. Third, FHA home loans don’t require a large down payment at closing time, which is a huge plus for first-time homebuyers or an unmarried person seeking to buy a home on a single income. Since January 1, 2009, FHA borrowers can finance 96.5% of the purchase price and put down only a low 3.5% down payment! Yet another advantage to FHA loans for single or first-time buyers is that FHA mortgage terms may allow you to wrap closing costs into your mortgage. Because typical closing costs for FHA home loans are around 2% or 3% of the total mortgage, this option can allow you to get a loan that would otherwise be cost prohibitive if you don’t have stacks of…

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