Finding a new home is an exciting experience for all. Whether the process is overwhelming or pleasant simply rests on getting things in order to ensure a smooth transition. One of the main steps in that process is being aware of the factors which makes you eligible for a home loan.

Buying a home is a dream for most of us, and it is hard to get one. From the tedious paperwork to the people and fees involved, there are tons of important things that go into buying a home. Additionally, if you’re a first-time home buyer, there is a whole list of queries.

You do not have to build castles in the air anymore. If you have been dreaming about owning your own home, and are worried about your low credit rating or non-availability of funds for a down payment, FHA loans are the ideal solution for you. Helping the first time homeowners realize their dreams is FHA, the Federal Housing Administration, offering mortgages that are insured, for 15 or 30 year terms with fixed or adjustable interest rates.

Launched by the Federal Housing Finance Agency or FHA in the United States in the year 2009, the HARP – Home Affordable Refinance Program – is a home loan initiative targeted specifically at homeowners who have negative equity and are looking for options to refinance their mortgages. That is, for those people who own property and are continuing to pay the regular mortgage and the property has a value below the outstanding balance on the mortgage that was used to purchase it.

Refinancing is a good option when you feel that the loan you have taken is becoming a big burden on your head. But the factor that is being a burden is the interest rate of the home finance. But you could certainly opt for a lower rate of interest by going forward with the option of refinancing.

If you are a first time home buyer, you might get cowed down by the zillion procedures that need to be done regarding purchasing a new property. Of course, financing your home might be the first of your concerns. Here is a guide to the various mortgages available to first time home buyers.

As soon as you purchase a home, you are eligible for a home equity loan. However, since equity is built slowly over the years, it can take a couple of years for you to qualify for a loan against it. For the home equity loan to be approved, the homeowner must be in ownership of at least an 80% loan-to-value ratio remaining after the home equity loan.

Buying home is a task, and in today’s world where the prices of homes are going sky high, and the income still remains the same, it becomes difficult to buy the first home with full down payment. People have been struggling everywhere to make a living and buy a home for themselves.

A good credit score equals easily obtainable loans from banks when you need it. Right? Yes, but does that mean people with bad credit scores because of unforeseen circumstances can never get loans again? There are private mortgage lenders who provide home equity loans and asset-backed loans to those who have low credit ratings.

WHAT IS A HOME EQUITY LOAN? The home equity loan is a type of loan that can be considered as consumer debt. With the help of a home equity loan, a consumer may raise fund by keeping his home as collateral. By this way raising funds the borrower gets the amount of the home at the present date and further subtracting owing to the owner on the collateral after calculating home equity loan closing costs.

Are you one of those who hates monthly installments? Would you rather prefer living in a rented apartment, not wanting to worry about availing home loans, repaying them and maintaining your home? Here are a few important reasons that could possibly change the way you look at this situation and probably decide on buying a home.

Many dream of home ownership, which they fulfill through years of hard work. Fortunately, housing aid from the government and reputed financial institutions is available. The Department of Housing and Urban Development (HUD) is one such body. HUD, which is also responsible for overseeing the Federal Housing Administration (FHA), runs many loans and programs to increase home ownership, make safe and affordable housing widely available, reduce homelessness, and fight housing discrimination.

Buying a house is an expensive affair. With property costs rising year on year, home loans offer a handy option for quick access to cash to support home purchases. But, such loans also come with stringent creditworthiness requirements, and banks charge a huge interest on loan repayments. Fortunately, there are some ways and tips to find home loan providers that offer affordable interest rates and flexible credit requirements, helping first-time home buyers.

A mortgage refinance is a process where a person pays off an existing mortgage with a new one. The new mortgage will have better terms, a lower interest rate, and other advantages. That said, the mortgage refinance procedure can be daunting, especially for those who have never been through it before.