Buying a home is exciting—but figuring out the best loan option  can feel overwhelming. Two of the most popular low down payment programs are the FHA Loan  and the Conventional (HomeReady/Home Possible) Loan . Both are designed to help first-time homebuyers, but they have key differences. Let’s break it down. 💰 FHA Loan (3.5% Down) ✅ Credit score as low as 580 ✅ Only 3.5% down ✅ Flexible debt-to-income ratio (up to 54% ) ⚠️ Mortgage insurance require

Have you ever opened your escrow statement and wondered why your monthly mortgage payment suddenly went up or even down? You’re not alone! Many homeowners are surprised by these changes, but the explanation is simpler than you think. 🔎 What Is an Escrow Account? An escrow account is set up by your lender to cover property taxes and homeowner’s insurance  on your behalf. Each month, part of your mortgage payment goes into this account, and when tax

When applying for a mortgage, one of the most important numbers lenders review is your Debt-to-Income Ratio (DTI) . Simply put, DTI measures how much of your monthly income goes toward paying debts. The lower your DTI, the stronger your application and the better your chances of securing a great interest rate. Here’s what you should know: ✅ Conventional Loans  – Most lenders allow up to 43% DTI  (some may stretch to 49% ). ✅ FHA L

If you’re shopping for a home loan, you’ve likely heard the term “buying down your rate.” But is it really worth it? Let’s do the math together. Say you lock in a 6.5% interest rate  — your monthly principal and interest would be around $3,160 . Now, if you decide to buy down the rate  to 6.25% , it’ll cost you roughly $6,200 upfront . Your new monthly payment would be $3,079 , saving you just $81 per month .

🏡💰 Mortgage Broker vs. Bank—Why Choose LJ Mortgage?  💡 When it comes to home financing, a mortgage broker  gives you more options,...