18 Dec 2024
By 24hr Mortgage

Exploring Down Payment Options for Homebuyers

Home Mortgages, ,
Saving for a down payment is a common hurdle for many homebuyers, but there are several ways to make it happen. Whether you’re tapping into savings, receiving a gift, or utilizing assistance programs, understanding your options can make the journey to homeownership smoother. Common Sources for Down Payments Gifts from Family or Friends Gifts can come from immediate family members, relatives by marriage, legal guardians, or close friends (with proper documentation). Lenders require a gift letter confirming that the money doesn’t need to be repaid. Eligibility rules vary by loan program, so check with your lender. 401(k) Funds Loan Option:…
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07 Nov 2024
By 24hr Mortgage

What Are Your Options When Funding Your Down Payment?

Home Mortgages, ,
Buying a home is a big milestone, and for many, saving for a down payment can feel like a major hurdle. Fortunately, there are several ways to make that down payment happen. Whether through savings, family gifts, 401(k) funds, or even second mortgages, understanding your options is key to making the best financial choice. Let’s break down each of these options so you can explore what works best for you. 1. Family Gifts for a Down Payment For many homebuyers, especially first-time buyers, gifted money from family members is a valuable resource. However, lenders have specific guidelines about gift funds,…
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05 Nov 2024
By 24hr Mortgage

Understanding “Cash to Close” in Your Home Buying Journey

Home Mortgages, ,
If you've received your Closing Disclosure from your lender, congratulations! You’re almost at the finish line of your home buying journey, ready to celebrate with keys in hand. The Closing Disclosure, or CD, is provided at least three business days before your closing appointment and details your loan terms, projected monthly payments, and the much-discussed “cash to close.” But what exactly is "cash to close," and how is it calculated? What is "Cash to Close"? "Cash to close" is the total amount you'll need to bring to your closing appointment to finalize your home purchase. It includes your down payment…
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24 Oct 2024
By 24hr Mortgage

Common Title Issues That Can Delay Your Home Closing

Home Mortgages, ,
When you're in the final stages of buying a new home, it’s easy to assume that everything will go smoothly from here on out. However, one of the most common obstacles that can arise in this final stage of the process is title issues. If not addressed, these can delay your closing or even derail the sale.  A "cloud on title" or "title defect" refers to any issue that prevents a property’s title from being transferred smoothly from the seller to the buyer. Title defects often surface during the title search, a standard process that ensures the property’s title is…
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23 Oct 2024
By 24hr Mortgage

Can I Buy a Duplex with an FHA Loan?

Home Mortgages, ,
If you're in the market to buy a duplex or similar multi-unit property, you may be wondering whether you can use an FHA loan to finance your purchase. FHA loans are well-known for helping first-time homebuyers, but they can also be used to purchase duplexes. Here's everything you need to know about FHA loans, how they work, and whether they're a good fit for your homebuying plans. What is an FHA Loan?An FHA loan is a mortgage insured by the Federal Housing Administration, designed to make homeownership more accessible. These loans come with lower down payment requirements, making them ideal…
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11 Sep 2024
By 24hr Mortgage

How to Handle Mortgage Payment Hardships

Home Mortgages, ,
Life can be unpredictable, and financial difficulties can arise when least expected. Whether due to job loss, medical expenses, or unforeseen circumstances, falling behind on mortgage payments can be a stressful experience for homeowners. This guide will help you understand the steps to take if you’re struggling to keep up with your mortgage payments. 1. Communicate With Your Lender Early The first and most important step when facing mortgage payment difficulties is to reach out to your lender as soon as possible. Many borrowers delay contacting their lender, hoping their financial situation will improve. However, the sooner you inform your…
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