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Homestead Financial Mortgage

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Buying a Home with No Money Down – USDA

Buying a Home with No Money Down – USDA

Years ago, it was very easy to purchase a home with no money down, or 100% financing. Then this little thing hit called the “mortgage meltdown” hit in 2007 and everything changed where almost every program requires a borrower put some type of down payment on a purchase. However, there are still certain types of mortgages that will finance 100% of the purchase price of your home, they are a US Department of Agriculture(USDA) mortgage and a Veterans Administration(VA) mortgage. We will cover those today. Continue reading “Buying a Home with No Money Down – USDA”

Difference Between Homeowners & Mortgage Insurance

While often confused, Mortgage Insurance(MI) and Homeowners Insurance are greatly different types of insurance that cover greatly different things.

Here’s the cleanest summary:

Homeowners Insurance covers you, and your home, you will always need this type of insurance. MI covers the bank, get rid of this as soon as you can. Continue reading “Difference Between Homeowners & Mortgage Insurance”

What’s the Minimum Down Payment I Need to Buy a Home?

For anyone trying to save enough money to buy a home, especially their first home, the question always comes up about home much does a person need to put down on a home. This amount varies based on loan type. Here is a summary along with the pro’s and cons of each. Continue reading “What’s the Minimum Down Payment I Need to Buy a Home?”

What to Avoid When Shopping for a Mortgage

Everyone wants the best rate possible, we all do, we want the best for us and for our family to free up as much money for the important things in life. Yet, when you are shopping for a mortgage, before application, make sure to keep these things in mind that are some of the mistake we’ve seen many borrowers make. Continue reading “What to Avoid When Shopping for a Mortgage”