Eligible borrowers can use their VA loan benefits to purchase a condominium rather than a single-family home. For first time homebuyers, a condo or townhome can have multiple benefits compared to a standalone house. However, to use your VA loan on a condo property, the property must be within a VA-approved development. Here's a guide to the basics...
When preparing for a new home purchase, it’s crucial to plan for the average closing costs for buyer hopefuls on a budget. Closing costs are made up of various service charges associated with the entire home buying process, including appraisals and title paperwork. Because closing costs can add up to thousands of dollars, it’s helpful to prepare for...
PITI is an acronym for principal, interest, taxes and insurance. In real estate, it's used by lenders to estimate your qualifications for a mortgage. One of the key variables in the formula is property taxes, which vary by location and individual home. But how do property taxes affect your PITI ratio? Here is a basic explanation to help:...
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