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…
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Travel Insurance: What It Covers, Costs, and Common Exclusions
Travel insurance can help cover eligible losses if an unforeseen event disrupts your trip. The benefits available will vary by…
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Home Improvement Projects That Add Value to Your Home
Home improvement projects that add value are generally those that address worn features, improve the property’s day-to-day functionality, or fix…
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Remote Wage-Earner Mortgage Guidelines: How Lenders Verify Remote Employment
Yes. A remote W-2 employee may qualify for a mortgage, including when buying a primary residence in another state. In…
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Exempt Debts of Co-Signed Loans: How Mortgage Lenders Exclude Payments From DTI
A co-signed loan payment may be excluded from your mortgage debt-to-income (DTI) ratio when the applicable loan program’s requirements are…
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Two FHA Loans Due to Expanding Family Size: HUD Guidelines and 75% LTV Rule
Can I qualify for two FHA loans due to expanding family size? Yes, you may qualify for two FHA loans…
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California FHA 203(k) Loans: Requirements, Limits, and Renovation Rules
California FHA 203(k) loans allow eligible buyers to finance a home purchase and approved renovations with a single FHA-insured mortgage….
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Defaulted Student Loans and Mortgage Approval: FHA, VA, USDA, and Conventional
Borrowers cannot qualify for a mortgage with defaulted federal student loans until the student loans are out of default.
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Closing a Mortgage Under LLC: Loan Options and Transfer Rules
Is closing a mortgage under LLC possible? An LLC can get a mortgage if the loan program allows business entities…
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How Do Mortgage Lenders View Charge-Offs When Applying for a Home Loan?
How do mortgage lenders view charge-offs? Unpaid charge-offs not related to a mortgage typically won’t prevent you from getting a…
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The Role Of The Loan Officer Assistant In Mortgage Process
The role of the loan officer assistant is to help organize and manage your mortgage file to ensure a smooth…
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Declining and Irregular Income: How Mortgage Underwriters Calculate Qualifying Income
Irregular income may be eligible for a mortgage if a reliable monthly income history can be demonstrated. Income that is…
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Mortgage Processing And Underwriting | Income And Employment | Qualifying & Getting Pre-approved | Videos
How Underwriters Analyze Bank Statements for Mortgage Approval
How underwriters analyze bank statements comes down to one main question: are the funds in the account acceptable, documented, and…
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FHA Guidelines on Mortgage After Loan Modification: Purchase and Refinance Rules
A prior loan modification does not automatically prevent FHA approval. FHA guidelines on mortgage after loan modification depend on the…
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Buying a House Near an Apartment Community: Property Value, Financing, and Buyer Checks
Buying a house near an apartment community does not automatically lower its value or prevent mortgage approval. What matters is…
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Refinance Mortgage When House Is Still Listed for Sale: What Lenders Require
You may be able to apply for a refinance mortgage when house is still listed for sale, but the listing…
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Mortgage Payment Shock: Can You Qualify With a Higher Payment?
Quick answer: What is mortgage payment shock? Mortgage payment shock means your new monthly housing payment is higher than what…
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TSAHC DPA Mortgage: Texas Requirements and Assistance Options
A TSAHC DPA mortgage can help eligible Texas homebuyers pay their down payment and allowable closing costs. Assistance ranges from…
