Fix and flip loans have become a popular financing option for real estate investors looking to buy, renovate, and resell properties for a profit. These loans are specifically designed for individuals who plan to purchase, rehabilitate and resell distressed properties quickly. However, qualifying for a fix and flip loan can be challenging, especially if you’re…
Non-resident individuals from foreign nations can obtain a mortgage for buying US property. This is commonly known as a foreign national mortgage loan. Foreign national mortgages are often sought after by foreign nationals who wish to own real estate, either as a second home, vacation home, or as investment property. Intercontinental Ultimate Solutions sources mortgage…
How can money from a reverse mortgage be used? What are the restrictions? A reverse mortgage is a loan available to homeowners who are aged 62 or older, and it allows them to convert a portion of their home equity into cash. Unlike a traditional mortgage, a reverse mortgage does not require monthly payments, and…
Non-qualified mortgages, or non-QM loans, are becoming increasingly popular in the mortgage industry, as they offer more flexibility to borrowers who do not meet the strict guidelines of a traditional qualified mortgage (QM). If you are considering a mortgage and potentially you don’t fit the requirements for a traditional qualified mortgage, you might benefit from…
Mortgage interest tax deductions are a popular way for homeowners to reduce their tax liability. US tax code allows taxpayers to deduct the interest they pay on their mortgage from their taxable income, which can result in significant savings. To qualify for a mortgage interest tax deduction, the mortgage must be on a taxpayer’s primary…
Mortgages for self employed and unemployed borrowers can be difficult to come by. If you are in the market to buy a house as a person without a fixed bi-weekly salary, many financial institutions may not be willing to underwrite the mortgage. This is because many banks have lending programs that are designed to provide…
Reverse mortgages are becoming more popular as an alternative to traditional mortgages for those over 62 years of age. Reverse mortgages allow senior homeowners to borrow against the equity in their homes, which can provide them with a cash infusion during retirement or other financial challenges. Throughout the US, there are three major categories of…
The most common questions asked about reverse mortgages include “what happens to my reverse mortgage debt after I die?” and “how can my children inherit my home after I have gotten a reverse mortgage on it?”. Understanding reverse mortgages and inheritance is essential before taking out a reverse mortgage loan. People are concerned that the…
With record-breaking inflation and sharp increases in home values across the US, the Federal Housing Finance Agency (FHFA) in 2023 will raise home loan limits for conforming mortgages by $79,000 from $647,200 to $726,200 in baseline areas of the U.S. In 2023, homes in designated higher-cost areas can be financed by conforming mortgages of up…