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Conventional To Fha

First, FHA only requires a 3.5% down payment. A conventional loan may require a 5% down payment, or it may require as much as 20% down depending on various factors. There are a few down payment assistance programs available throughout the country for qualified borrowers. However, these programs can only be used for an FHA purchase.

If the appraisal was ordered for conventional lending or government guaranteed loan purposes but was performed by a FHA Roster Appraiser, the mortgagee must ensure that the appraisal was performed in accordance with FHA appraisal reporting requirements as detailed in Handbook 4150.2, CHG-1, Valuation Analysis for Home Mortgage Insurance for.

Interest Rates Fha Loans Mortgage points are a fee you can pay at the start of the mortgage to lower your interest rate for the duration of your fixed-rate mortgage. Each point costs 1% of your total loan amount. The interest rate reduction depends on the lender, but it is common to lower your interest rate by 0.25% in exchange for every point purchased.

FHA vs Conventional Loan Types. In general, an FHA loan is more forgiving when it comes to credit scores and can be easier to qualify for. On the other hand, a conventional loan tends to allow for lower down payments.

Va Loan Rates Vs Conventional VA Interest Rates vs. conventional interest rates. This is the ever-changing, elusive question that borrowers often ask and rarely get a straight answer to. In this article, we’re going to do our best to paint a very clear picture of how VA loan interest rates generally compare to conventional interest rates.

FHA loans are not available for second homes or investment properties. In most counties, the FHA loan limits are less than conventional loans. fha Loans and Mortgage Insurance. Mortgage insurance is an insurance policy that protects the lender if the borrower is unable to continue making payments.

Fha Loan Vs Conventional Mortgage FHA.com Reviews. FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier.

Conventional Vs.Fha Loans With conventional loans, however, the lender only needs to certify that the condominium project meets certain industry standards, then a loan can be made in that project. Even though both FHA loans and conventional loans provide the same product, the specifics as to how they do it are very different.

FHA loans are popular among first-time homebuyers and those with lower. We looked at FHA vs conventional mortgages to help answer the.

There are many types of loans as conventional loans, VA loans and FHA loans. Now it depends on the borrower which type of loan he wants to.

It was the first month that conventional loans were dominated by refinancing. It accounted for 55 percent of the total as purchases dropped to 35 percent. Refinances made up 28 percent of FHA.

Conventional mortgages generally present fewer hurdles in terms of processing and inspections. For example, the FHA has minimum property standards, and if the property doesn’t meet them, the seller.

FHA vs. Conventional Which One is Better? differences of conventional and fha loans. choosing the right kind of mortgage loan is an essential step in the homebuying process. While there are numerous.

With conventional loans, however, the lender only needs to certify that the condominium project meets certain industry standards, then a loan can be made in that project. Even though both FHA loans and conventional loans provide the same product, the specifics as to how they do it are very different.

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Difference Between Conventional And Fha Loan

Veterans United is the nation’s largest VA home purchase lender but also offers an excellent selection of other government and conventional. offers custom fixed-rate loan terms that are between.

While conventional mortgages are the most popular type of home loan used today. FHA loans are the most popular type of mortgage used by first-time homebuyers. Mainly because of the low credit and down payment requirements. Also FHA allows you to use gift funds for 100% of the down payment while most conventional loans do not.

Interest Rates Conventional Loan You may end up receiving a better rate on a Conventional than an FHA loan. Kate wants to get the best interest rate possible. She will likely get a better rate with a Conventional loan because her credit score is above 720. In closing, an FHA loan is more flexible to obtain, but no matter what you will have to pay mortgage insurance.Non Purchasing Spouse Conventional Loan A non-borrowing spouse can be a co-owner. Applying for a loan solo does not need to affect ownership of the home. All borrowers on the mortgage application typically must be on title as an owner.

FHA vs. Conventional Loan Calculator Let Hard Numbers Guide Your FHA or Conventional Loan Decision Many borrowers qualify for both government and conventional mortgage programs, and choosing between the two can be complicated. When you’re looking at different upfront charges, interest rates and mortgage insurance costs, finding the cheapest option can be a challenge.

Fha Vs Conventional Home Loan Q: I have good credit of about 730. I meet the requirements for both FHA and Conventional 97.I plan to live in the home for 6+ years. Which has lower payments and what is the difference between the FHA loan and conventional loan?Home Loans With 5 Down The Home in 5 Program offers up to 4.5% of the loan amount towards your down payment in Maricopa County only. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum fico score requirements and FHA guidelines. Maximum purchase price shall not exceed $300,000.

Fha Loan Vs Conventional Mortgage Interest Rate On Conventional Home Loan The 15-year fixed rate averaged 3.76 percent. payment because Fannie’s loan had an interest rate that was 1.875 percent lower than the non-prime loan we were seeking. Hallelujah! It used to be that.When exploring mortgage options, it’s likely you’ll hear about Federal Housing Administration and conventional loans. Let’s see, FHA loans are for first-time home buyers and conventional mortgages are.

· For most mortgage borrowers, there are three major loan types: conventional, FHA and VA. Each loan type comes with. Understanding the difference between FHA and conventional loans can help you avoid unnecessary time and expense when you try to qualify for a mortgage. FHA, or the Federal Housing Administration.

In fact, government-backed borrowers with fair or so-so credit might be able to tap into the same or similar interest rates as a conventional buyer. They Don’t Take Forever to Close Another common.

Differences Between FHA , VA, CONVENTIONAL , USDA Mortgage Loans FHA vs Conventional Loan Types. In general, an FHA loan is more forgiving when it comes to credit scores and can be easier to qualify for. On the other hand, a conventional loan tends to allow for lower down payments. So in the end, the benefit of one over the other comes down to the individual needs of the borrower.

[Read: The Best FHA Loans of 2018.] An FHA loan is a mortgage issued by a federally approved bank or financial institution that, unlike a conventional mortgage, is insured by the Federal Housing Administration. This mortgage insurance provides the security that qualified lenders need in order to take on a riskier loan.

FHA and VA loans help borrowers who might not otherwise qualify for conventional financing. fha and VA insure mortgages funded by approved lenders, such as credit unions, banks and mortgage companies.

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Can I Rent My House With A Conventional Loan

Whats Fha Loan What Is The Conventional Loan Conventional Mortgages and Loans. Conventional loans are often (erroneously) referred to as conforming mortgages or loans; while there is overlap, the two are distinct categories. A conforming mortgage is one whose underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac.MORE: What is a USDA loan? Am I eligible for one. ask lenders to give you Loan Estimate forms for a USDA loan and an FHA mortgage. If you are eligible for a U.S. Department of veterans affairs loan.Va Loans Vs Conventional Conventional vs VA Loan See the unique advantages of a VA Loan. As a result of changes to the mortgage industry, options for a conventional loan with $0 Down have evaporated and a VA Loan is one of the only $0 Down home loan options. Some people believe a VA Loan involves red tape and is more work.

Can I Rent Out a House That Still Has a Mortgage and Purchase Another Home?. Keep in mind that such a transaction might trigger your mortgage’s "due on sale" clause and cause your mortgage lender to demand a lump-sum payment of the balance remaining on your loan. However, most lenders choose.

With the cost of rent rising across the country, renting out your home can be a great way to earn income. Being a landlord isn’t always easy, though. For homeowners looking to make the move to landlord, consider these factors. Contact your insurance company – As a non-owner occupied home, your current homeowner’s insurance policy no.

Assuming you have already closed on the home, and you truly expected to occupy the home when you completed the loan documents, you should have no problems converting it to a rental. It’s actually very common. The only risk as I see it is if you intentionally mislead the lender at the time of application.

Can I refinance my FHA loan into a conventional loan so I can rent out my house and buy a condo? I bought my house in 2007 with an FHA loan. I believe the terms of the loan state that the house must be my primary residence for 5 years before selling it or refinancing.

In other cases, the lender may call the loan due as soon as you rent out the property. This can force you to refinance at a higher interest rate.. that 35 percent of single-family homes in the United States were occupied by renters.. Conventional loans backed by Fannie Mae and Freddie Mac also require at.

If you are planning on renting out the house you currenty live in, there are some. Depending on the loan program, the minimum down payment needed for an. Non-owner occupied mortgage loans can have interest rates that are .5.. Conventional Refinance, VA Streamline Refinance, FHA Streamline.

Answer: You can use the expected rental income to offset the monthly mortgage payment of the property you are buying! The market rent is determined by the appraiser, not by the amount on a lease (you don’t even need a lease or renter in place).

But lately, I read a lot of arguments against it in favor of renting. house poor is-when you can’t afford to make ends meet, because you’ve spent everything on a house. Obviously, you should have.

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Max Dti For Conventional Loan

What Are Conventional Loans Figure Out the conventional loan amount. PMI rates generally range between .3 percent and 1.15 percent. Therefore, on a typical conventional loan, it can cost from $50 to more than $100 per month. Say you want to purchase a $200,000 house with a fixed-rate loan and a 10 percent down payment.Conventional Mortgages Conventional Vs.Fha Mortgage Reverse mortgages are home loans available to older homeowners. No payments have to be made until the entire loan comes due when the borrower is no longer living in the home. reverse mortgages can be.Va Or Conventional Loan Conventional Loan Debt To Income Ratios Mortgage Debt Ratio (DTI ratio) Calculator – Mortgagefit – Mortgage lenders/companies consider 2 ratios – Housing Ratio and Mortgage Debt Ratio (Mortgage Income to Debt ratio or Mortgage Debt to Income ratio) before they offer you the loan. Often both the Housing Ratio and Mortgage Debt to Income ratio are collectively known as the DTI Ratios or Mortgage Ratios. The standard dti ratios for conventional.Discover the distinct advantages that may be available to you by learning more about VA loans vs conventional loans.. To begin, you may be eligible to secure a VA home loan with low, fixed rates as well as no (or regulated) closing costs and no monthly mortgage insurance. Down payments aren’t required except in cases where the mortgage amount exceeds the VA limit for your county.[Read: Best Mortgage Refinance Lenders.] Generally, any type of refinance loan will require closing costs, including conventional mortgages, USDA loans, VA loans, adjustable-rate mortgages and FHA.Jumbo Vs Conventional “It’s very different from six years ago,” he said. “I popped in there one night after work, we faxed a few documents, and we had a jumbo mortgage.” Just as for a conventional mortgage, jumbo.

A conventional loan is a mortgage that is not backed by any Government agency such as the Federal housing administration (fha) or Veterans Administration (VA). conventional loans meet the lending requirements of Fannie Mae and Freddie Mac, the two largest buyers of mortgage loans in the US.Conventional Loan Dti Disclaimer: This article explains.

High DTI Mortgage Lenders If you are buying a home or looking to refinance, the first thing you need to determine is whether you will be able to qualify based upon your current income level. For a conventional loan, you must make enough so your back-end DTI ratio does not exceed 43%. I will take you through the basic income requirements, so you know how much is needed to qualify for a mortgage.

Conventional loans are known as a conforming loan because they meet the criteria set by Fannie Mae and Freddie Mac. Why Conventional Loans are so Popular. Conventional loans are the most popular type of mortgage used today. A conventional mortgage is a conforming loan because it meets the standards set by Fannie Mae and Freddie Mac.

Conventional minimum credit score requirement is 620 whereas minimum credit score requirements for FHA loans is 580: Conventional loans have different waiting period requirements after a bankruptcy, foreclosure, deed in lieu of foreclosure, and short sale than FHA loans

Conventional Loan Debt To Income Ratios To determine your DTI ratio, simply take your total debt figure and divide it by your income. For instance, if your debt costs ,000 per month and your monthly income equals ,000, your DTI is $2,000 $6,000, or 33 percent.

Lenders and investors far & wide continue to adjust their conforming conventional offerings. Wells Fargo updated its LTV/TLTV/CLTV matrix for Prior Approval Loans to reflect Fannie Mae’s 90% maximum.

Chenoa Fund is provided through CBC Mortgage Agency (CBCMA), a federally chartered government agency. CBCMA’s mission is to increase affordable and sustainable homeownership, specifically for creditworthy, low and moderate-income individuals. CBCMA partners with quality mortgage lenders on a Correspondent basis.

For conventional, you wont get approved if your DTI is greater than 45%.. For FHA, you can get approved up to 55%-57%. Anyone telling you differently is just trying to get you to apply with them..

"For instance, the maximum size for an FHA loan is generally $729,750 while the limit for conventional financing is $625,500. Unfortunately, the 43-percent debt-to-income (DTI) standard leaves many.

Down Payment Assistance Programs For Conventional Loans Down payment assistance (DPA) programs are available county-by-county to offer first-time homebuyers relief from the costs of purchasing a home. How do down payment assistance (DPA) programs work? Down payment assistance is provided in the form of a loan or grant-secured as a lien against the property-and is often forgiven over time.

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Fha Loan Rate

“We do require that there be a benefit to the buyer,” Stevens says. That means the FHA is looking for you to reduce your term or lower your mortgage interest rate – or both. The FHA used to mandate.

Refi From Fha To Conventional Basic Types of Refinance Cases. There are two basic types of refinance cases: FHA to FHA and conventional refinance. FHA-to-FHA Refinance: The prior loan was FHA-insured and the new loan is being FHA-insured.This type of loan is processed as a refinance case for upfront mortgage insurance premium (MIP) payments.Conventional Home Difference Between Fha And Conventional Home Loans The primary difference between conventional loans and FHA loans is that conventional loans are not government-insured. FHA loans are guaranteed with government funds that provide extra protection for lenders.So here’s the good news: The national delinquency rate on home loans hit the lowest level it’s been in 18 years as of the final quarter of 2018, according to data compiled by the Mortgage Bankers.

The Federal Housing Administration (FHA) Footnote 1 and the U.S. Department of Veterans Affairs (VA) Footnote 2 offer government mortgage loans that have features (such as low down payment options and flexible credit and income guidelines) that may make them easier for first-time homebuyers to obtain.

Conventional Loan For Land Rather, loans to enable the purchase of land are typically referred to as lot loans. Some lenders also refer to lot loans as land loans or vacant land loans to distinguish them from traditional.

Dave Ramsey Breaks Down The Different Types Of Mortgages FHA loans are designed for people like you: With FHA backing, which protects the lender in case you default on your mortgage, lenders can broaden their credit standards. If you qualify, you can get a mortgage with as little as 3.5% down.

If you fail to make your mortgage payments, FHA compensates your lender with. FHA charges the U.S. Treasury’s current interest rate. FHA rates for UFMIP do not apply to all types of FHA loans, so.

FHA Loans- APR calculation assumes a $153,918 loan ($150,000 base amount plus $3,918 for prepaid mortgage insurance) with a 3.5% down payment and borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable.

Today’s Mortgage Rates and Refinance Rates. 30-Year Fixed Rate 4.625% 4.706% 30-Year Fixed-Rate VA 4.5% 4.808% 20-year fixed rate 4.625% 4.706% 15-year Fixed Rate 4.25% 4.352% 7/1 ARM 4.25% 4.779% 5/1 ARM 4.25% 4.869% 30-year fixed-rate jumbo 4.625% 4.634% 15-Year Fixed-Rate Jumbo 4.375% 4.391% 7/1 ARM Jumbo 4.125% 4.649% Rates, terms,

While you don’t have to have an excellent credit ranking to qualify for an FHA loan (a minimum score of just 580 is needed to put down the low down payment requirement of 3.5 percent), you will receive a better interest rate if your score is considered good to excellent.

Comparing the current average 30- year FHA loan rate of 4.27% to the average conventional mortgage rate of 4.62%, we saw spreads widen relative to last year’s mortgage rates, demonstrating that FHA rates have generally become more expensive versus conventional mortgage loans.

Debt To Income Ratio Conventional Loan Fha Vs Va Conventional Loan Debt To Income ratios tame student loan debt to afford mortgage – . loans Whether student loans are included in debt-to-income ratio depends on the type of loan and whether the payments are current or have been deferred. If the buyer applies for a conventional.HUD, VA, and FHA News From the Government, Investors, and Lenders The U.S. Department of Housing and Urban Development (HUD) announced it is charging the owner and landlord of several rental. · For example, if you had a 29% housing ratio and applied for a conventional loan, you may still get approved. The lender will look at the big picture’ or all of your qualifying factors. If you have great credit and disposable income each month, they may let the 29% housing ratio slide.

The mortgage rates listed above are some of our lowest available for these popular loan options. These aren’t necessarily the rates you’ll get when you apply. Your rate depends on many factors such as your credit, your loan amount and your down payment.

View today’s mortgage rates for fixed and adjustable-rate loans. Get a custom rate based on your purchase price, down payment amount and ZIP code and explore your home loan options at Bank of America.

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Whats Fha Loan

developments were told that their FHA mortgage applications violated the “free assumability. s even if anyone at at FHA or HUD cares enough to craft exceptions for what is admittedly a small.

Getting a mortgage in your 20s allows you to start building equity in a. easier to get a mortgage through the Federal Housing Administration (FHA) or Veterans Affairs (VA). What Is a Mortgage? In.

See today’s FHA mortgage rates. Use this FHA mortgage calculator to get an estimate. An FHA loan is a government-backed conforming loan insured by the Federal Housing Administration. FHA loans have lower credit and down payment requirements for qualified homebuyers. For instance, the minimum required down payment for an FHA loan is only 3.5%.

An FHA insured loan is a US Federal housing administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.

A Federal Housing Administration (FHA) loan is a mortgage insured by the FHA, designed for lower-income borrowers.

FHA Loan Calculator. FHA loans are perfect for first time buyers, experienced buyers desiring a low down payment, or anyone with less than perfect credit. Calculate your FHA loan payment. VA Loan Calculator

The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family homes, multifamily properties, residential care facilities, and hospitals.

Which Of The Following Is Considered A Conventional Loan? What Is A Conventional Loan Vs A Fha Loan Difference Between Conventional And Fha Loans Let’s see, FHA loans are for first-time home buyers and conventional mortgages are for more established buyers – is that it? Not necessarily. Actually, the differences between FHA loans and.For a conventional mortgage, borrowers may use the home as their main residence or as an investment property or as a second home. As long as the person(s) qualify for the loan, there are no restrictions on how the property is used. Down Payment. There are several differences between an FHA loan vs conventional mortgage in the area of down payment.

Two influential housing industry trade groups voiced alarm this month about the fees borrowers must pay when they take out a mortgage backed by the Federal. help them to avoid enforcement actions.

What Is The Conventional Loan Conventional Mortgages and Loans. Conventional loans are often (erroneously) referred to as conforming mortgages or loans; while there is overlap, the two are distinct categories. A conforming mortgage is one whose underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac.

MORE: What is a USDA loan? Am I eligible for one. ask lenders to give you Loan Estimate forms for a USDA loan and an FHA mortgage. If you are eligible for a U.S. Department of veterans affairs loan.

Each state has different limits, so be sure to look up your state to understand what is available for your FHA home loan. Down Payment Grants for FHA Loans. Paying the upfront costs of buying a new home can be challenging. To help overcome this hurdle, many local and state agencies offer down.

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Jumbo Versus Conventional Loan

Fha Loans Virginia How Much Down Payment For Conventional Loan Fha Loan Vs Conventional Loan First Time Home Buyer Conventional home loan. conventional home loans have a lot of their own advantages despite the requirement of a higher credit score. First, there is no required up front mortgage insurance as there is with an FHA. Secondly, if the home buyer borrows less than 80% of the value (20% or more down payment) then a mortgage insurance premium isn’t.Conventional Loan. You can put just 10% down on a conventional loan, despite the popular belief that these loans require 20%. This option requires private mortgage insurance (pmi), which is typically very affordable. In many cases, opting for PMI is a better strategy than trying to come up with 20% down.Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are common homebuyer choices, but these loans must meet certain requirements. FHA home loans Federal Housing Administration (FHA) loans provide fixed-rate and adjustable-rate financing with down payment options as low as 3.5%.

Conventional loans that exceed the conforming loan limit are called non-conforming, or jumbo loans. Jumbo loans have higher interest rates because Fannie and Freddie do not provide the funding for these conventional loans, private investors do.

Jumbo vs. conventional mortgage rates. To determine the different rates among mortgages, it’s best to understand what conventional loans are. Unlike jumbo loans, these mortgages, also considered conforming loans, follow the standard requirements of both Fannie Mae and Freddie Mac. Conventional mortgages usually have both fixed terms and fixed rates.

If you need to take out a mortgage loan to buy a home with a large price tag, you might not be able to get a conventional home loan. You may instead have to apply for a jumbo loan. Those two loan types are different not only in size, but in requirements. Lenders are stricter when passing out jumbo mortgage loans.

 · This so-called “spread” between conforming loan amounts and jumbo loan amounts will vary from time to time, but historically the difference is anywhere between one-half to one percent. Remember, so far we’re talking about conventional loan amounts, not jumbo VA loan rates. Jumbo VA loan rates are treated a bit differently and it’s all.

What is a jumbo loan? A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $484,350 in most.

Conventional Vs Fha Home Loans A Jumbo Loan is a loan that’s used to purchase a home with a price above traditional loan limits. You can get a conventional jumbo loan or an FHA jumbo loan, but the requirements may vary from standard conventional and FHA loans.

Compare the advantages and disadvantages of FHA vs conventional home. loan limits, a so-called jumbo loan which is obtained through a conventional loan ,

What Downpayment Is Required For A Home Loan Is A Down Payment Required For A VA Loan? Traditional home loans on average require a down payment of 20 percent of the total loan amount, as stated by Ellie Mae, the mortgage provider software.According to the mortgage bankers association, this down payment represents a sum of $48,179 for the average American.

Mobile home residents live under the radar — literally zoned out of sight and segregated from conventional housing. In 2015.

California jumbo loans are mortgages that exceed conforming loan limits. This articles covers the specifics and how it may affect your financial.

What is CONFORMING LOAN? What does CONFORMING LOAN mean? CONFORMING LOAN meaning & explanation Jumbo Mortgage A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the federal housing finance agency (fhfa). Unlike conventional mortgages, a jumbo loan is not. Jumbo Mortgage Rates Vs Conforming Determining whether a mortgage is a conforming or jumbo loan depends on the type of loan

Conventional Mortgage Loan Limit Each Massachusetts county loan limit is displayed. Check to see what the loan limits are for each county in your state. View the current FHA and conforming loan limits for all counties in.

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Difference In Fha And Conventional Loan

Jumbo Vs Conventional  · Jumbo vs. conventional mortgage rates. To determine the different rates among mortgages, it’s best to understand what conventional loans are. Unlike jumbo loans, these mortgages, also considered conforming loans, follow the standard requirements of both Fannie Mae and freddie mac. conventional mortgages usually have both fixed terms and fixed.

While conventional mortgages are the most popular type of home loan used today. FHA loans are the most popular type of mortgage used by first-time homebuyers. Mainly because of the low credit and down payment requirements. Also FHA allows you to use gift funds for 100% of the down payment while most conventional loans do not.

Refinancing Conventional Loans A conventional refinance is any refinance loan that conforms to guidelines set by Fannie Mae or Freddie Mac. This type of refinance is available with as little as 3% equity with the 97% conventional refinance program. For a conventional refinance the lender requires an appraisal and documentation regarding the borrower’s income and assets.

Explaining the Difference between FHA, Conventional & VA loans Believing the trend of rising prices would never end, financial analysts poured money into repackaged mortgage loans. Then,

FHA loans allow borrowers to use money that is a gift from a relative, nonprofit organization, or government agency to pay 100% of the down payment at closing. Conventional loans, on the other hand, place some limits on this.

When you’re thinking about your mortgage options, it’s important to understand the difference between conventional loans and government-backed loans. government-backed loans include options like VA loans -which are available to United States Veterans-and federal housing administration (FHA) loans .

Refinance From Fha To Conventional . to members of the generation in November were for FHA loans, with an average loan size of $186,454, up from $178,862 in November 2017 and $170,167 in November 2016. Comparatively, Conventional.Seller Concession Limits Non Conventional Mortgage Lenders Jumbo loans are also non-conventional because they are not required to follow the guidelines and exceed the loan amounts set by Fannie Mae, Freddie Mac, FHA, VA, and USDA. In general: FHA loans are aimed at borrowers who can’t afford a sizeable down payment, have high debt-to-income ratios or less than stellar credit.Seller concessions may exceed the FHA’s 6 percent limit, but result in a dollar- for-dollar reduction to the loan amount. Also, the 6 percent max applies to the lower of the home’s appraised value or the sale price. Seller concessions may be used to pay the FHA’s Up-Front Mortgage Insurance Fee (UFMIP), which is 1.75 percent of the loan amount.

It’s the difference between getting an option from a world class oncologist who has observed. it felt like one of those.

Understanding the difference between these two types of loans can make it easier to determine which is the right fit for you. This article will explain what FHA and conventional loans are, the difference between the two, and what the pros and cons are of each.

FHA loans require a lower down payment, typically between 3.5 percent and 4 percent of the purchase price. conventional loans require higher down payments, which can range anywhere between 10 percent and 30 percent of the purchase price.

Difference between FHA and Conventional Loans. 1. Much less down payment is required in case of FHA loans. Generally, the down payment required hovers around 3.5%, whereas in case of conventional loans, this is 10%-20%. This means that it is better to go for an FHA loan if you have little money in your account. 2.

Conventional Home Loan With 5 Down Difference Between Conventional And Fha Loans It typically has a fixed rate and term, the most common being 30-year fixed. Conventional loans are the most popular home mortgage product. fha loans are backed by the federal housing administration, so lenders have more flexibility to offer loans to borrowers, using less stringent qualifications.5. Save for a Decent Down Payment Those borrowers who pose the least risk to lenders will receive a better rate, all things.

The mortgage insurance premium is comparatively higher in conventional loan and the seller is allowed to pay 3 percent of the purchase price in buyer’s closing cost. Unlike a conventional appraisal, FHA appraisal insures a mortgage by providing backing on behalf of eligible and approved borrowers.

Actually, the differences between FHA loans and conventional mortgages have. FHA and conventional loan guidelines allow wide latitude for borrowers in.

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Fha What Is

Va Loan Vs Conventional Thanks for the question. First let’s start with the main difference between the FHA and conventional loan programs. FHA: This is a government-backed program that requires a 3.5% down payment. FHA loans are best for borrowers who have lower credit than it takes to qualify for a conventional loan.

HUD homes are sold as is-meaning what you see is what you get. If the leaky roof or electrical needs repairs, it’s all on you, the prepared home buyer, to cover the costs. And if you’re aiming.

The U.S. Department of Housing and Urban Development (HUD) has proposed reforms to its section 202 project rental assistance contract (prac) program. The portfolio represents a sizable chunk of the.

U.S. Department of Housing and Urban Development (HUD) Mid-Atlantic Regional Administrator Joe DeFelice stopped briefly in.

Conventional Loan Percentage Here are some of the most popular options. But before we get started, almost all ARM’s have an initial period whereby the rate cannot change. This can be compared to a conventional mortgage. Most of.

An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.

The Federal Housing Administration was created to help first-time homebuyers. The FHA will insure a mortgage, in the event a borrower defaults on a loan the lender is reimbursed. This makes FHA-insured mortgage loans much less risky and allows lenders to lower their minimum requirements.

However, this doesn’t influence our evaluations. Our opinions are our own. Sure, you can get a low down payment with an FHA loan, but that doesn’t mean you’ll avoid paying other fees at closing. You.

The Federal Housing Administration, a division of the Department of Housing and Urban Development, was created 80 years ago to help low and moderate income families borrow the money they need to buy a home. The FHA doesn’t actually make home loans. It guarantees that lenders will be repaid if you default on the loan.

Max Conventional Loan Amount For 2019 the conventional loan amounts will see another increase, following the pattern from the year 2018. Past Performances. The new conforming amount of conventional loans will be $484,350 which is higher than last year’s $453,100. This will be the 3 rd time the maximum loan amount has increased in the past 12 years. This is further proof.

[FHA] FHA loan | Whole FHA loan process explained | FHA Mortgage Loan For example, the new rule will allow certain individual condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA approved. (The condo unit needs to be in.

The Federal Housing Administration (FHA) The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs,

Debt To Income Ratio For Conventional Loan Every loan program has specific dti requirements. Your debt-to-income ratio shows lenders if you can afford the mortgage or not. Every program has different thresholds. For instance, conventional loans have much stricter debt ratio requirements than FHA loans have. Regardless of the strictness of the rules, they help you and a lender realize.

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Benefit Of Fha Loan

While business intelligence benefits from timely data. data is standardized across different products or systems(e.g. loans, deposits, mutual fund investments, etc.). This makes it so much.

The Federal Housing Administration (FHA) loan program offers two primary benefits to home buyers – a relatively small down payment, and more flexible guidelines: Borrowers who use this program can make a down payment as low as 3.5%.

Much has been written about the potential benefits of using an FHA loan to buy a house. (Google it, and you’ll see what I mean.) But less has been written about the potential downside of using this program.. In truth, there are some real disadvantages of FHA loans.

This clearly is great news for eligible borrowers because high fees often offset the benefit of refinancing for a lower interest rate. At the same time, however, the FHA is increasing its fees on.

Refinance Conventional To Fha Licensed in 11 states, the company offers a multitude of mortgage programs including conventional, FHA, USDA, Jumbo, Mass Housing, and New Hampshire Housing along with various portfolio products. To.

At a time when many community banks are determined to diversify their loan portfolios to avoid concentrations. noting that.

In fact, that “fair” credit score benchmark represents another significant benefit of VA home loans. The average credit score for a successful conventional purchase loan was 755 in February, according.

benefits of a Univest FHA loan. Available to first-time homebuyers and repeat borrowers; As little as 3.5% down payment; Available in a variety of fixed-rate and .

Advantages of FHA loans. There are a lot of reasons why FHA home loans are so popular. Among the main ones are: The down payment for FHA loans can be.

Max Conventional Loan Amount The maximum mortgage amount for a conforming home loan in California has been increased for 2018. Depending on the county in which you reside, the new conforming loan limit will fall somewhere between $453,100 and $679,650.. Usda Vs fha loan Also, mortgage insurance is necessary with US Department of Agriculture (USDA) and federal housing administration (fha) loans.Standard Mortgage Down Payment There are a lot of ways to get a mortgage with a low or no down payment, with obvious advantages – and disadvantages, too. find out more, and compare lenders who make it an option.

CREATED DURING the depths of the Great Depression, the Federal Housing Administration has a long history of supporting homeownership in the United States. In recent decades, its mission has been to.

The benefit of SPMI is that your monthly payment will be lower. used with loans underwritten by the Federal Housing Administration, better known as an FHA loan or FHA mortgage. The FHA insurance is.

Types of FHA Loans Fixed Rate FHA Loan. An FHA loan benefits those who would like to purchase a home. Adjustable Rate Mortgage (ARM) The FHA adjustable rate mortgage is a HUD mortgage specifically. fha secure refinance loan. Many homeowners with adjustable rate mortgages find themselves in.. Who specifically will benefit.

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Fha Vs Conventional Loan Interest Rates

I contacted my credit union bank (MCU) because their website states they offer 5 % conventional loans (at the time 5.00% slightly lower than the.

On FHA loans the annual premium is equal to 0.85 percent of the base loan amount, which means that you will pay a premium of $1,700 per year – or about $142 per month – on a $200,000 loan. PMI on conventional loans varies, due to your credit score, the loan type, and the size of your down payment, so there is no general rate.

For example, FHA loan rates are often lower than conventional rates because FHA loans are insured against loss by the government. This government-guarantee is the same reason why VA mortgage rates.

See the table below for an example of the costs associated with an FHA loan versus a 30-year fixed loan. Keep in mind, interest rates are dependent on the market and the borrower’s credit. Private Mortgage Insurance for FHA and Conventional. Of course, the FHA vs conventional loan debate doesn’t end there.

Conventional Non Conforming Loan The higher of one-half percent (.50%) of the loan balance OR the actual payment reflected on the credit report must be used as the monthly payment in the debt to income ratio. No additional.

Which Is Better Fha Or Conventional Mortgage Borrowers: This is how the FHA mortgage insurance premium suspension impacts you – It’s important to remember that while FHA interest rates tend to be lower than some conventional mortgages, the insurance premiums normal house down payment could cost you more over the life of the loan. With both an upfront.

What Downpayment Is Required For A Home Loan Mortgage financing secured from a lender such as a savings and loan, bank or mortgage broker is referred to as a conventional loan. Typically, a down payment between three and 20 percent is required .

FHA vs Conventional: Which mortgage is right for you?. Because conventional loans are only available to better-qualified borrowers, you only.

Fha Jumbo Rates annual percentage rate (apr) on Conventional 10 year and 15 year fixed rate loans assumes a 25% down payment on a loan amount of $175,000 *Annual Percentage Rate (APR) on FHA loans assumes a 3.5% down payment on a loan amount of $175,000 for term indicated.Non Purchasing Spouse Conventional Loan FHA Home Loans and Non-Purchasing Spouses August 31, 2015 – When it’s time to apply for an FHA home loan, spouses often want to buy together–it’s a logical financial step for many couples, old and new.

FHA mortgage rates are lower than conventional ones for applicants with "dinged" credit, and FHA loans allow credit scores down to 580. 2) Down payment: You get a lower down payment option with.

Dave Ramsey Breaks Down The Different Types Of Mortgages FHA loans also require a lower down payment than conventional loans. If your credit is at least 580, you may only have to put forth a down payment of 3.5%. And while you can score a down payment rate on a conventional loan for as low as 3% with outstanding credit, typical rates range from 5-20%.

Non Conventional Mortgage Lenders Non Qualified Mortgages are mortgage loans that do not fall into the qualified mortgage category Non Qualified Mortgages are not riskier loans But these loans are often called out of the box

FHA loans are for either 15 or 30 years, while conventional mortgages can be for any term from 1 to 30 years, with either fixed or adjustable interest rates. A lender, not the FHA, sets these. What Are interest rates today For Home Loans Mortgage Rates Today | Compare Home Loans Find and compare today’s mortgage rates from several lenders.

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Fha Seller Contribution

Jumbo Vs Conventional Fha Vs Va Conventional Loan vs. FHA Loan.. Technically, any mortgage can be assumable, but such transferring of conventional loans is virtually unheard of. FHA and VA loans are typically the only loans that are assumable. However, even FHA loans are less likely to be assumable in recent years.What Is A Conventional Loan A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate.In North Carolina a jumbo mortgage loan – or more accurately, a non-conforming mortgage – is one that exceeds $424,100. In areas of the.Refi From Fha To Conventional Basic Types of Refinance Cases. There are two basic types of refinance cases: FHA to FHA and conventional refinance. FHA-to-FHA Refinance: The prior loan was FHA-insured and the new loan is being FHA-insured.This type of loan is processed as a refinance case for upfront mortgage insurance premium (mip) payments.

FHA seller contributions. For all FHA loans, the seller and other interested parties can contribute up to 6% of the sales price or toward closing costs, prepaid expenses, discount points, and other financing concessions. If the appraised home value is less than the purchase price, the seller may still contribute 6% of the value.

Conventional Mortgage Loan Va Loan Seller Disadvantages VA loans are hands-down the best loan choice for an eligible borrower when a low or no money down loan is needed. Another benefit to the borrower is the limits placed upon the types of closing costs that the veteran is allowed to pay. · For borrowers who can qualify, a conventional loan will typically will cost much less than an FHA loan. Consider the following: No upfront mortgage insurance premium (ufmip) fha loans require that an UFMIP premium equal to 1.35 percent of the base mortgage amount be added to the loan balance.

As a result, FHA is under the gun – from Congress and from within the Obama administration – to get its house in order, cut insurance claims and rebuild its reserves. The coming squeeze on seller.

Supreme Lending has established relationships with all major investors, is an approved FNMA, FHLMC, and GNMA seller/servicer, and offers a full range of mortgage programs, including conforming and non.

About FHA Closing Costs FHA rules prohibit down-payment gifts from sellers. However, sellers can still help buyers with the purchase. fha guidelines permit seller contributions equal to as much as 6% of the sale price.

fha seller contribution limits | Academiaperuanadelalengua – Seller fha contribution limits – Boothewalshlaw – Summary: This article explains the 2015 limits for FHA seller concessions or contributions toward a buyer’s closing costs.It was updated and fact-checked at the time of publication, using HUD Handbook 4155.1, Chapter 2, Section.

FHA Seller Concession Limits. conventional loan vs fha loan calculator refinance mortgage from fha to conventional An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, fha loans require a.

eRomman is excellently placed to contribute to the thrust areas of the NESR by accelerating seller adoption of digital commerce and promoting national brands through cross-border ecommerce. A.

FHA Seller Contributions. The seller (or other interested third parties such as real estate agents, builders, developers, etc., or a combination of parties) may contribute up to six percent of the property’s sales price toward the buyer’s actual closing costs, prepaid expenses, discount points, and other financing concessions.

Third St. The branch will staff four employees and is projecting to contribute $25 million in new business in 2020. The.

Contributions (Manual)” in FHA Handbook 4000.1, for specific guidance on interested party contributions for FHA loans. Continued on next.

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Non Conventional Mortgage Lenders

Va Vs Fha Loans Conventional Mortgage Fha Vs Va Conventional Loan Debt To Income Ratios tame student loan debt to afford mortgage – . loans Whether student loans are included in debt-to-income ratio depends on the type of loan and whether the payments are current or have been deferred. If the buyer applies for a conventional.HUD, VA, and FHA News From the Government, Investors, and Lenders The U.S. Department of Housing and Urban Development (HUD) announced it is charging the owner and landlord of several rental.A fully amortized conventional loan is a mortgage in which the same amount of principal and interest is paid every month from the beginning of the loan to the end. The last payment pays off the loan in full.The key difference between a conventional loan and a FHA or VA loan is that the former is not insured, backed, or guaranteed by the federal government, however the latter two are. So what does it mean for you?

Conventional vs. Non-Conventional Loans. Buying a new home con be an exciting time in your life. However, in order to make the purchase, most people need to finance the new home. In order to do this, you need to understand the types of mortgage loans available to you to see which one best suits

Second-largest private sector lender ICICI Bank on Saturday reported a 6 per cent decline in the. up from Rs 15,350 crore a year ago. The bank has no material exposure to a mortgage major in.

Conforming Loan Requirements A jumbo loan is a loan that exceeds the conforming loan limits that the FHFA sets for loans acquired by Fannie Mae or Freddie Mac. This is common in high cost areas and for investment properties. A jumbo loan generally has stricter borrower qualifications and requirements than a conforming loan because of its high loan limit.

Wells Fargo & Co., the largest U.S. home lender, has assigned about 400 underwriters to originate mortgages for the bank to hold, with as many as 40 percent of those loans likely to fall outside.

We offer Non-Agency real estate loans, Non-Prime loans, Non-QM loans, non-conventional home loans, Alt-A loans, private equity loans, hard money loans, private money loans, and Small Business Loans. These are cutting-edge, industry-leading lenders and loan programs. Since 2001, we have provided a noteworthy insight into the mortgage broker.

fannie mae conventional loan Requirements Fannie Mae Conventional Loan Requirements. According to Fannie Mae guidelines, lenders must follow certain criteria when originating loans for sale on the secondary market. In addition, applicants must also fulfill certain qualifications in order to receive this type of loan. Generally, eligibility requirements cover a number of different topics including, but not limited to:

Conventional loans have a higher bar for approval than other types of loans do. They tend to be good for borrowers with good credit and a low debt-to-income (DTI) ratio who can make a down payment of 20%, as this allows them to avoid paying for private mortgage insurance (PMI). However, conventional loans also allow down payments as low as 3%.

Non Qualified Mortgages are mortgage loans that do not fall into the qualified mortgage category Non Qualified Mortgages are not riskier loans But these loans are often called out of the box

Private Mortgages and Non-Traditional Lending NASB understands that for some folks, getting a mortgage loan can be difficult when you don’t meet conforming loan requirements. Certain life circumstances – a change in income, job loss, bankruptcy, short sale – can often make it hard to obtain a home loan. That’s where seeking a non-conforming loan from NASB could be the solution.

Traditional Versus Non-Traditional Home Financing. Some families find it difficult to qualify for a traditional loan, however, and choose to.

There are non-bank mortgage lenders with national footprints, such as PennyMac, but just like their local counterparts, they are built more for phone and face-to-face transactions than for a.

Max Conventional Loan Amount The maximum mortgage amount for a conforming home loan in California has been increased for 2018. Depending on the county in which you reside, the new conforming loan limit will fall somewhere between $453,100 and $679,650.. Usda Vs fha loan Also, mortgage insurance is necessary with US Department of Agriculture (USDA) and federal housing administration (fha) loans.

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Refi Fha Loan

Interest Rate For Conventional Loan Conventional loans typically have fixed interest rates and terms. An FHA loan is a loan that’s insured by the federal housing administration. The FHA does not lend money, it just backs qualified.

Qualifying For FHA Loan With Recent Late Payments. Advice In Qualifying For FHA Loan With Recent Late Payments Was UPDATED On September 19th, 2018. One of the most common inquiries I get on a daily basis is if you can qualify for FHA Loan With Recent Late Payments.

Conventional Conforming Loan Va Loan Vs Conventional Mortgage Homebuyers who need a mortgage and homeowners who want to refinance an existing loan have many options from which to choose. Among them are conventional loans and VA loans.. VA loans, which the U.S. Department of Veterans Affairs (VA), are available only to U.S. military servicepeople, veterans, some surviving military spouses and others who have served their country in specific ways.What Is The Difference Between Fha And Conventional Home Loans A USDA and a VA loan have very specific differences but. a USDA loan than for conventional mortgage loans and rates are competitive. A USDA loan may have an upfront premium due to being 100%.Non-conforming loans that are larger than loan limits set by the GSEs are often referred to as "jumbo" mortgages. All non-conforming mortgages are also conventional mortgages. conventional loans held by mortgage lenders on their own books are called "portfolio" loans.

To qualify for an FHA streamline refinance loan, you must show a history of on-time mortgage payments. If you have had some late payments, you are not automatically disqualified. You can rebuild your history going forward and qualify 12 months after your second most recent late payment.

She has worked with teams of loan officers at both banks and credit unions during her career. Ideal Credit Union offers a full range of mortgage solutions to fit the needs of borrowers, including.

Conventional Mortgage Amount Va Loans Vs Conventional Mortgage current fha mortgage Rates vs. Current VA Mortgage Rates – Current FHA Mortgage Rates vs. Current VA Mortgage Rates.. and veteran affairs mortgage loans are backed by the government and both are good alternatives to conventional loans for people with lower incomes. While the rules of handing out these types of loans are written by the government, it is still up to the individual lender to decide if.Va Loan Vs.Conventional Difference Between Conventional And Fha Loans Let’s see, FHA loans are for first-time home buyers and conventional mortgages are for more established buyers – is that it? Not necessarily. Actually, the differences between FHA loans and.Usda Vs Fha Loan Calculator The mortgage insurance savings alone could be enough to push some FHA buyers to USDA, if the zero-downpayment feature wasn’t reason enough. Verify your home buying eligibility.About the author: This article on "FHA Loan vs Conventional Mortgage" was written by Luke Skar of MadisonMortgageGuys.com. As the social media strategist, his role is to provide original content for all of their social media profiles as well as generating new leads from his website.Fha Versus Conventional Mortgage In most cases, you can’t get rid of FHA mortgage insurance unless you refinance into a conventional loan. Borrowers with credit scores below 620 don’t qualify for conventional mortgages, so FHA is.

When you want an FHA loan to buy your home, you need an FHA-approved appraiser to inspect the home before the loan can be completed. A home appraisal is simply an estimate of the current market value of the home. When a property is refinanced or bought, an appraisal is required. FHA lenders use the home appraisal to determine the loan to value of the mortgage loan.

Like many American homeowners, your first mortgage may have been a loan with the Federal Housing Administration (FHA). Loans backed by the FHA are attractive to first-time homebuyers because FHA loans make it easier to obtain financing, requiring only minimal down payments and fair-to-good credit scores.

The FHA streamline refinance program is a way for homeowners with an FHA-insured loan to refinance their mortgage into a lower rate and get a lower mortgage payment. In order to qualify for the streamline program you must have had your fha home loan for at least 210 days. You will not be able to get any cash back using streamline refinancing.

Non Conventional Mortgage A non-conventional loan is a mortgage loan product that doesn’t conform to traditional loan requirements. When compared to conventional loans, non-conventional mortgage loan products tend to have more flexible eligibility requirements. Learn the five steps to take if you want to buy a home with a.

FHA & VA continue to evolve – more below. Last year, The Economic Growth, Regulatory Relief, and Consumer Protection Act established new requirements for Department of Veterans Affairs (VA).

The way to get rid of FHA mortgage-insurance payments is to refinance (or to sell the house). HARP, or the Home Affordable Refinance Program, allows homeowners who have little or no equity in their.

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Usda Vs Fha Loan

Va Loans Vs Conventional Differences Between VA and Conventional Loans. In addition to service eligibility requirements, VA loans and conventional loans differ in some fundamental ways: Funding Fee: The biggest and most costly difference between VA loans and conventional loans is the VA funding fee. The VA funding fee is a unique charge that does not apply to.

Evaluate Loan Types FHA vs CONVENTIONAL vs USDA vs VA Types of Loans  CONVENTIONAL V. FHA and usda loans differ regarding where the loans can be utilized. A USDA loan is intended mainly for borrowers who wish to buy in defined rural or farmable areas, while an FHA loan does not exclude specific geographic areas.

USDA vs FHA, Which Loan is Better For You? Explore the benefits of an FHA or USDA loan with walden savings bank.. enable you to obtain a mortgage using more flexible qualification standards vs those. Let’s see, FHA loans are for first-time home buyers and conventional. And if you live in a suburban or rural area, a USDA loan could be a.

Conventional Loan vs FHA Loan vs VA Loan vs USDA Home Loans. Posted on April 14, 2018 by Anthony Bird – First Time Home Buyer, Local Michigan, Mortgage Tips. When shopping for a mortgage it is a good idea to compare loan options. Many lenders offer a variety of home loans that might fit your needs.

Wells Fargo can help with FHA home loans and a dedicated team that. May allow you to use a gift or grant for all or a portion of down payment and closing costs.. housing Program, provided by the U.S. Department of Agriculture ( USDA),

Which Is Better Fha Or Conventional Mortgage After investigating both FHA streamline and conventional refinancing, Mr. Swett can figure out how long it will take him to recover the loan costs through savings in monthly mortgage payments. A good.

USDA vs. FHA Loans – Reasons Buyers Choose USDA As you will see in this article, both home loans are fantastic options for buyers and current homeowners, but USDA is often the preferred option (assuming the borrower qualifies for both programs).

Some mortgages insured by the federal housing administration, known as FHA loans, require just 3.5% down. Fannie Mae and.

 · Q: I have good credit of about 730. I meet the requirements for both FHA and Conventional 97.I plan to live in the home for 6+ years. Which has lower payments and what is the difference between the FHA loan and conventional loan?

5 Conventional Mortgage A conventional loan is a type of mortgage that is not part of a specific government program, such as Federal Housing Administration (FHA), Department of Agriculture (USDA) or the Department of Veterans’ Affairs (VA) loan programs. However, conventional loans are commonly interchangeable with "conforming loans", since they are required to conform to Fannie Mae and Freddie Mac’s.

But there is an income limit for USDA loans and borrowers who exceed this limit (approximately 80 thousand per year per house total for households up to four people) will not be approved for a USDA mortgage. FHA home loans, on the other hand, do NOT have an income limit and the 3.5% down can be supplemented by gift funds from family and friends, seller contributions toward closing costs (and closing costs ONLY, not the down payment) which can be a big help for a first-time home buyer.