Qualifying for a Mortgage When Moving to a New Home
Quick Answer: Qualifying for a mortgage when moving to a new home is possible. The lender will, of course, look…
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Subprime Loans: Today’s Non-QM Mortgage Options for Borrowers With Bad Credit
Quick Answer: Are subprime loans still available? Subprime loans are mortgage loans designed for borrowers with higher credit risk or…
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Job Loss After Mortgage Closing: What Homeowners Should Do Next
Job loss after mortgage closing does not automatically cancel your mortgage or give the lender the right to foreclose on…
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Using Overtime Income to Qualify for a Mortgage: FHA, VA, and Conventional Guidelines
Can I Use Overtime Income As Qualified Income To Qualify For A Mortgage? You can use overtime and part-time income as qualified income as long as those other income has been seasoned for at least two years.
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Freddie Mac Bankruptcy Guidelines: Chapter 7 and Chapter 13 Waiting Periods
Quick answer: Freddie Mac bankruptcy guidelines are dependent on the underwriting path. The recovery periods for manual underwriting are as…
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Can You Use Your Realtor Commission to Buy Your Own Home?
Quick Answer: If you’re a licensed real estate agent, using realtor commission to buy your own home might be possible….
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FHA Property Standards: HUD Minimum Property Requirements for FHA Loans
HUD Guidelines On FHA Property Standards is the home needs to be safe, secure, and habitable. No need to be alarmed if the home is old. As long as the home is secured, safe, and habitable, it will pass FHA Home Appraisal.
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Self-Employed Mortgage With One-Year Tax Returns: Fannie Mae and Freddie Mac Guidelines
Self-employed borrowers are now eligible to get an approve/eligible per automated underwriting system with one-year income tax returns.
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Mortgage Lender Complaints and Bad Reviews: What Borrowers Should Check
Quick Answer: Lender complaints and bad reviews can be red flags, but neither the star rating nor the number of…
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FHA Appraisals Versus Conventional Appraisals: Key Differences
Quick answer: The difference between FHA appraisals versus conventional appraisals is essentially down to the property requirements and the range…
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Bad Credit Mortgages | Credit Scores | FHA Loans | Mortgage Processing And Underwriting | Qualifying & Getting Pre-approved | Re-Establishing Credit | Videos
FHA Loan With Low Credit Scores: 500–579 vs. 580 and Above
Quick answer: An FHA loan with low credit score may be available if your score is 500 or above. For…
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FHA Guidelines on Late Payments After Bankruptcy
Quick Answer: FHA guidelines on late payments after bankruptcy vary depending on the account in question, how late the payment…
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FHA Loans | Manual Underwriting | Mortgage After Bankruptcy and Foreclosure | Mortgage Processing And Underwriting | Qualifying & Getting Pre-approved | Videos
FHA Mortgage After Bankruptcy: Chapter 7 and Chapter 13
Quick answer: You may be eligible for an FHA mortgage after bankruptcy, but it will depend on the chapter of…
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Bad Credit Mortgages | Credit Disputes | Credit Scores | FHA Loans | Re-Establishing Credit | Videos
Re-Establishing Credit to Qualify for FHA Loan
Quick Answer: Re-establishing credit to qualify for FHA loan means building a record of responsible debt management. First, review your…
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Understanding the VA Funding Fee: Rates, Exemptions, and Refunds
Quick Answer: The VA funding fee is a one-off charge on most VA loans (unless you qualify for an exemption)….
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Credit and DTI Guidelines on Conventional Loans
Quick Answer: Credit and DTI guidelines on conventional loans depend on the underwriting system and loan product. Fannie Mae DU…
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Home Mortgages | Credit Disputes | Credit Scores | FHA Loans | Qualifying & Getting Pre-approved | Re-Establishing Credit | Videos
Understanding FHA Guidelines On Credit Scores Versus DTI
Borrowers who have credit scores under 620 FICO need a lower debt to income ratio to get an approve/eligible per automated underwriting system.
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How Credit Scores Impact DTI When Applying for a Mortgage
Quick answer: Understanding how credit scores impact DTI begins with the distinction between the DTI calculation and the DTI approval…
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Acceptable Sources of Verifiable Funds for Closing: Mortgage Asset Guidelines
Quick Answer: Acceptable sources of verifiable funds for closing can include checking and savings accounts, eligible gifts, investment and retirement…
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HUD Reserve Requirements for FHA Loans
HUD reserve requirements depend on the property type and how the FHA loan is underwritten. A standard one-unit FHA loan…
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Boarder Income Mortgage Guidelines: FHA, VA, HomeReady and Home Possible Rules
Boarder income mortgage guidelines may allow established roommate rent to help you qualify for an FHA, VA, Fannie Mae HomeReady,…
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Loan Officer Document Checklist: Mortgage Pre-Approval and File Submission Guide
A loan officer document checklist helps make sure the file is complete before pre-approval, processing, and underwriting. The exact documents…
