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Ali Klein

NMLS ID 41552

804-424-2200 aklein@tidewaterhomefunding.com

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Blog Image: Can you a Buy a Home with Bad Credit?

Can you a Buy a Home with Bad Credit?

Mortgage interest rates are at record lows and it could be a really good time to get into the housing market. Of course, to get a mortgage loan for a home purchase lenders will look at your credit score. If you’re scared of what they’ll find when they check, can you still buy a home? Credit Scores Explained Three separate credit reporting bureaus keep track of all your credit history – Equifax, Experian, and TransUnion. They use a scoring system to give you a FICO number to reflect how responsible you are with repaying debts. The breakdown looks like this: Excep...

February 24th, 2021 | Purchasing a Home, Can you a Buy a Home with Bad Credit?

Blog Image: Two New Rules That Could Make Getting a Home Loan Easier

Two New Rules That Could Make Getting a Home Loan Easier

Two new mortgage lending rules could help some borrowers more easily qualify for well-priced home loans. In December, the Consumer Financial Protection Bureau made some final changes to its qualified mortgage (QM) definitions that affect which loans can be guaranteed by the government entities. If you meet the requirements for a QM, you’re more likely to be offered better rates and terms than those who don’t qualify.  A qualified mortgage is a designation given to loans that meet certain criteria and can then be repurchased by companies like Fannie Mae and Freddie Mac. Lend...

February 17th, 2021 Two New Rules That Could Make Getting a Home Loan Easier

Blog Image: Find the Right Budget for Building Family Wealth

Find the Right Budget for Building Family Wealth

Budgeting is one of the key concepts to improving personal and family wealth. Creating a plan to increase savings, emergency funds and prep for long-term needs is essential to everyone, but few families are doing this consistently. Budgeting is a habit. Find the right type of budget that works for your family. Here are some of the most popular budgeting options for families to increase wealth long-term. Envelope Budgeting The envelope budget focuses on assigning money to specific categories and not spending any more than what is in each “envelope”. This was a popular way ...

February 12th, 2021 Find the Right Budget for Building Family Wealth

Blog Image: The Little-known Mortgage That Doesn’t Require a Down Payment

The Little-known Mortgage That Doesn’t Require a Down Payment

A conventional mortgage loan requires a 20% down payment. If you are a first-time homebuyer however, saving up tens of thousands of dollars can seem like an impossible task. Of course, there are loan programs, like FHA mortgages, that allow for low down payments, but they often have stricter requirements. For some of those programs, you may have to pay higher interest rates, have better credit scores, or pay higher mortgage insurance fees.  Fortunately, there is a little-known mortgage loan that requires no down payment and minimal fees: the USDA loan. USDA Loan Defined These are mo...

February 10th, 2021 | Government Loans, USDA Loans, The Little-known Mortgage That Doesn’t Require a Down Payment

Blog Image: What’s the Difference Between a Jumbo and a Super Conforming Loan?

What’s the Difference Between a Jumbo and a Super Conforming Loan?

If you are hoping to buy a home in one of the country’s pricier markets, you may need a special type of mortgage. The main two are jumbo loans and super conforming loans. Here’s what you need to know about each one and which is right for you: Background on the Mortgage Market The U.S. government sets limits on how much of a mortgage it is willing to guarantee. There are two government-backed entities – Fannie Mae and Freddie Mac - that buy back home loans, package hundreds of them in bundles and resell them in small bits on the secondary market. Mortgage lenders like to...

February 3rd, 2021 | Jumbo Loans, What’s the Difference Between a Jumbo and a Super Conforming Loan?

Blog Image: Financing a Home Renovation: When Is It Worth It?

Financing a Home Renovation: When Is It Worth It?

The rise of TV shows like Fixer Upper and Flip or Flop have many homeowners and potential buyers considering renovation as an option to generate value and equity in their home. DIY projects can be exciting, but do they really add value to the home? How do you know when it makes sense to put the sweat and financial equity back into the home? Understanding how the process works, when to update, and how to fund can be the difference between pretty aesthetics with no value and an equity increase through renovation. What is A HELOC? A HELOC is a Home Equity Line of Credit that allows borrower...

January 29th, 2021 Financing a Home Renovation: When Is It Worth It?

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