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ByGustan Cho
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How Underwriters Calculate Debt-to-Income Ratio (DTI) – 2024 Guide When it comes to buying a home, there are a few numbers that can make or break your mortgage application. One of the biggest? Your debt-to-income ratio (DTI). Understanding how underwriters calculate DTI can help you better prepare for mortgage approval, increase your chances of getting…
ByGustan Cho
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Verification of Employment (VOE): Why It’s Crucial for Securing Your Mortgage in 2024 Whether you’re ready to purchase your first home or refinance an existing mortgage, understanding the importance of Verification of Employment (VOE) is essential. In the mortgage world, lenders need to know you have a stable income and can keep up with monthly…
ByMike Gracz
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Boarder Income Mortgage Guidelines for 2024: Boosting Your Income to Buy or Refinance a Home Are you wondering if the rent you collect from a roommate or boarder could help you qualify for a mortgage? With rising home prices, every bit of income can make a big difference. Let’s dive into how boarder income works…
ByGustan Cho
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Mortgage Guidelines for Remote Workers in 2024: How to Qualify for a Home Loan Remote work has changed how people live, work, and—most importantly—buy homes. If you’re one of the millions of remote workers looking to buy or refinance a house, understanding mortgage guidelines for remote workers is key. With more flexibility to live anywhere,…
ByGustan Cho
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Home Loan with Income Increase: Everything You Need to Know in 2024 Are you thinking about buying a home or refinancing your mortgage? Wondering if a recent income increase can help you qualify for a better loan or higher loan amount? You’re not alone! Many people are curious about how a new job, a promotion,…
ByGustan Cho
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Understanding Exempt Debts of Co-Signed Loans in 2024: A Guide for Homebuyers Co-signing a loan can feel like helping a friend or family member take a big step toward their dreams, whether it’s buying a car or a home. But what happens when you’re the co-signer? And it’s time to purchase your own home? One…
ByAnngelli Abenes
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FHA mortgage guidelines have strict rules for calculating borrower’s wages. This article explains the different types of income and the income documents needed for an FHA mortgage.
ByGustan Cho
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This guide covers FHA continuation income requirements on second job and other income. FHA continuation income requirements state borrower’s income will likely to continue for at least three years. FHA have specific employment and income requirements and guidelines. Borrowers can have employment gaps and qualify for FHA loans. Can have part time jobs and use…
ByAnngelli Abenes
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Are you looking for a big loan while running your own business? You’re in the right spot. Getting a big mortgage, called a jumbo mortgage, can be tough without regular paychecks like other workers get. Right after the 2008 Real Estate and Credit Meltdown, self-employed home buyers had a difficult time trying to qualify for…
ByAnngelli Abenes
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Buying a home represents a significant achievement in one’s life that many high school graduates might view as somewhat of an elusive dream, particularly given their limited work experience at this stage. However, armed with the right information and insightful guidance, even those freshly out of high school can skillfully navigate the mortgage process. This…
ByGustan Cho
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This guide covers no tax returns mortgages. We will discuss W2 income mortgages and no-doc mortgage loans for self-employed borrowers. Income is the most important factor in qualifying for a mortgage. Borrowers can have the most perfect in the world, but with no qualified income documentation or declared low income, borrowers may not qualify. Mortgage…
ByAnngelli Abenes
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This Article Is About Home Loan With Declining And Irregular Income Mortgage Guidelines. There are ways on how mortgage underwriters qualify borrowers who need a home loan with declining and irregular income. Although home loan with declining and irregular income can be done, it all depends mainly on the mortgage underwriter underwriting the file. Many…
ByAnngelli Abenes
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This guide explores the updated Freddie Mac part-time income mortgage guidelines for 2024. The new year has introduced significant changes in the mortgage industry. Freddie Mac has recently made a major announcement regarding its income calculation rules. This blog will outline the new guidelines, their effective date, and how they differ from previous rules. Additionally,…
ByAnngelli Abenes
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In guide covers buying house with new job and gaps in employment. Many homebuyers are concerned about qualifying for a mortgage and buying house with new Job and gaps in employment in the past two years. Many are under the impression that you need to be on the same job for the past two years…
ByGustan Cho
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In this blog, we will discuss and cover using FHA loans for self-employed borrowers on a home purchase. Using FHA Loans For Self-Employed Borrowers on a home purchase is very popular because of the high debt to income ratio caps. FHA loans allow up to a maximum of a 46.9% front end and 56.9% back…
ByGustan Cho
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This guide covers excluding debts from co-signed loans to qualify for mortgage loans. Mortgage borrowers who are co-signers on debts often have a hard time qualifying for mortgage loans because the monthly payments of the main borrower are included in the calculations of their debt-to-income ratios. John Strange, a senior loan officer at Gustan Cho…
ByAlex Carlucci
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Lenders can offer 100% with no mortgage insurance at competitive low mortgage rates on VA loans due to the government guarantee against loss or foreclosure on VA loans. VA loans have no maximum debt-to-income ratio cap on VA loans.
ByGustan Cho
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This blog will cover and discuss how to calculate income for mortgage with multiple jobs. Homebuyers can qualify for a mortgage with multiple jobs and employment gaps. However, there are rules and restrictions regarding qualifying for a mortgage with multiple jobs. There are also regulations on gaps in employment. If you have an extended gap…
ByGustan Cho
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In this blog, we will cover and discuss how mortgage underwriters view the declining and irregular income of borrowers. There are certain ways lenders view declining and irregular income. There are many case scenarios where declining and irregular income can disqualify borrowers from obtaining a mortgage. There are case scenarios where a worker works 40…
ByGustan Cho
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A two-year employment history does not necessarily mean two consecutive years at the same job. You can have gaps in employment and/or multiple jobs in the most recent two years and still qualify for mortgage approval. In some cases, you can qualify for a mortgage with 12 months employment history.
ByAlex Carlucci
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In this guide, we will cover self-employed mortgage borrowers with no income tax returns required on a home purchase. Many lenders consider self-employed individuals to pose a greater risk of defaulting on a mortgage. This is because their incomes often vary from month to month and from year to year. In general, mortgage lenders want…
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