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Mortgage brokers are paid a commission, referred to as Yield Spread Premium Explained, from wholesale mortgage lenders or end lenders, for their services of originating a mortgage loan. Mortgage brokers are licensed mortgage loan originators who have relationships with multiple wholesale mortgage lenders. Mortgage Brokers are licensed professionals who have access to multiple wholesale lending…
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.
In this article, we will cover and discuss Self-Employed Relocation Mortgage Guidelines. Three primary categories of residential mortgages cater to different types of property ownership: Owner-Occupant Mortgages: For people who plan to live in the property they’re buying as their primary residence, mortgages are available specifically designed for them. These loans typically provide more favorable…
This blog will discuss qualifying for an FHA loan with judgment mortgage guidelines and requirements. A Judgment is probably the worst derogatory credit item on your credit report. A judgment is worse than a bankruptcy. This is because, with bankruptcy, consumers are wiping the slate clean. Creditors can no longer come after consumers. However, with…
HUD, the parent of FHA, does not require you to pay off the outstanding unpaid collection account balances in order to qualify for FHA Home Loans. However, FHA will count a percentage of any outstanding non-medical collection account balances.
This article is on delegated versus nondelegated mortgage underwriting by lenders. We will cover the main difference between delegated and nondelegated mortgage underwriting. Many experienced loan officers still need to fully understand the difference between delegated versus non-delegated underwriting and versus being a mortgage broker. Delegated underwriting is when the lender’s in-house mortgage underwriters underwrite…
This guide covers the impact of credit score changes during mortgage process and how it impacts borrowers. Credit Score Changes during mortgage process happen. There are minimum credit score requirements on mortgage loan programs. The impact of credit inquiries and new accounts is generally small and temporary. Your credit score can be subject to changes…
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In this blog, we will discuss and cover the FHA Mortgage Guidelines on Collection Accounts for qualifying for an FHA loan. Per FHA mortgage guidelines on collection accounts, borrowers can qualify for an FHA loan with outstanding collection accounts without having to pay them to qualify for an FHA home loan. The Federal Housing Administration…
In this blog, we will cover and discuss how homebuyers can qualify for a mortgage with new lenders after having a mortgage denied for late payments in Missouri after being pre-approved by a loan officer. Late payments in the past 12 months are very serious. Many borrowers will get a mortgage denied for late payments…
This guide covers the frequently asked question how do I qualify for a mortgage loan and get approved. Mortgage lenders do not just lend a home loan to anyone. Lenders need to make sure borrowers qualify not just in making their making their new mortgage payments but borrowers need to qualify and meet minimum mortgage…
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…
In this blog, we will discuss and cover social security income for mortgage income guidelines on government and conventional loans. Homebuyers can qualify for FHA, VA, USDA, and conventional loans with social security income for a mortgage. Under general FHA, VA, USDA, and conventional loan Social Security Income For Mortgage retired home buyers on fixed…
In this blog, we will cover and discuss using non-QM versus jumbo mortgages to purchase high-end homes. Using non-QM versus jumbo mortgages to buy high-end homes is becoming increasingly popular. Traditional jumbo loans have strict lending guidelines due to the risk layer lenders need to take. Most traditional jumbo lenders may require a 740 credit…
This guide covers about FICO credit scores to qualify for a mortgage loan. Every mortgage loan applicant who has applied for credit and has had credit, whether good or bad, has a credit score. The FICO score is a mathematical scoring formula that consists of several variable factors to determine a person’s credit risk level….
This guide covers how bankruptcy affects mortgage approval and the waiting period after discharge date. Bankruptcy is a great tool for people to utilize if they are drowning in debt and want a fresh financial start in life. Two of the most common types of consumer bankruptcy is Chapter 7 and Chapter 13 bankruptcy. Mortgage…
This guide covers saving money on mortgage on home purchase and refinance loans. A home purchase is a very happy and exciting time for homebuyers. Saving money on mortgage is the last concern buyers may have on their minds. However, mortgage borrowers do want to avoid home buyer mistakes and avoid future regrets. There are several…
This guide covers subprime mortgages and alternative financing for homebuyers and homeowners. Subprime mortgages are mortgage loans available to homebuyers who do not qualify for government and conventional loans. There can be many reasons why buyers do not qualify for traditional loans. It does not necessarily mean just due to bad credit. Some high-end buyers…
In this blog, we will cover and discuss the Jumbo mortgage with 10% down payment and no PMI. A jumbo mortgage is a residential mortgage loan that exceeds the conforming mortgage loan limits. The conforming mortgage loan limit for 2024 is capped at $766,550 in most parts of the United States with the exception of…
This guide covers getting a home loan approved after denied by a bank for your mortgage. There should be no reason why mortgage borrowers to be denied after getting pre-approved. The only reason why a pre-approved borrower gets denied for a mortgage loan after pre-approval is because they were not properly qualified in the first…
In this article, we will cover and discuss finding the best mortgage lenders for bad credit in Arkansas to qualify for a home loan as first-time homebuyers with bad credit. Arkansas is one of the most sought-after migration spots in the country due to affordable housing prices. Tens of thousands of people and businesses from…
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