This guide covers mortgage guidelines for buying a new house when starting a new job or facing an employment gap. Getting a new job does not mean you cannot buy a home. You do not have to work for the same employer for two years to qualify for a mortgage. Lenders mainly want to see…
Getting a mortgage after retirement involves qualifying based on income, assets, and credit, even if those come from retirement. Many lenders consider social security, pensions, retirement account distributions, and rental income. Some potential borrowers can qualify for the mortgage by using assets in either conventional or Non-QM mortgage loan programs. Many factors can affect a…
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.
Understanding how credit scores impact DTI starts with one important fact: your credit score does not change the mathematical calculation of your debt-to-income ratio. DTI is calculated by dividing qualifying monthly debt payments by gross monthly income. However, mortgage underwriters and automated underwriting systems review your credit history alongside your DTI, income, assets, reserves, loan-to-value…
Verified assets for home loan approval are funds that lenders can verify are available for the down payment and closing costs, and for holding in reserve. Verified assets may include checking and savings accounts, investments, eligible retirement accounts, gifts, or other approved sources. Underwriters need to review recent transactions and account activity. This helps determine…
In this guide, we will cover HUD FHA 203k loans manual underwriting guidelines for renovation loans. An FHA 203k renovation mortgage can be manually underwritten when the loan receives a Refer recommendation from FHA TOTAL or when FHA rules require downgrading an automated approval to manual underwriting. HUD FHA 203k loans manual underwriting guidelines vary…
FHA Bankruptcy Waiting Period: Chapter 7 and Chapter 13 Guidelines The waiting period for an FHA loan after bankruptcy depends on the type of bankruptcy filed, the case’s resolution, and the timing of the lender’s request for the FHA case number. For Chapter 7 bankruptcy, applicants must wait two years after discharge before applying for…
Oklahoma mortgage loans include FHA, VA, USDA, conventional, jumbo, and Non-QM financing for eligible homebuyers and property investors. The right program depends on your credit, income, debts, down payment, military eligibility, property location, and intended occupancy. Oklahoma buyers may also qualify for assistance through OHFA, REI Oklahoma, or local programs. A mortgage preapproval can help…
Borrowers in Chapter 13 bankruptcy may still be eligible to buy or refinance a home with an FHA loan. FHA guidelines permit applicants to obtain an FHA-insured mortgage while making payments under a Chapter 13 repayment plan. Wendy Lahn, a senior mortgage loan originator at Gustan Cho Associates says the following about FHA Chapter 13…
How Bankruptcy Affects Mortgage Approval: FHA, VA, USDA, Conventional, Non-QM Guidelines Bankruptcy does not prevent potential homeowners from qualifying for a mortgage. Many people with a bankruptcy history may qualify for FHA, VA, USDA, conventional, or non-QM loans. In some cases, borrowers can secure home financing while fulfilling Chapter 13 bankruptcy requirements. The impact of…
Mortgage underwriters qualify borrowers by verifying the income, employment, credit, debts, assets, and property information used in the mortgage application. They also confirm that the loan meets the selected program’s eligibility and documentation requirements. An automated underwriting recommendation can guide the review, but it is not final approval. The lender must validate the submitted data,…
How to Improve Credit to Qualify for VA Loans in 2026 How to increase credit to become eligible for a VA loan in 2026 would help potential borrowers understand how to utilize their options to strengthen their VA loan applications and qualify for lower interest rates. An advantage of VA financing is that the The…
In this article, we will be comparing FHA loans vs VA loans. VA loans are by far the best mortgage loan program in the nation. The U.S. Department of Veterans Affairs is the federal government agency administering the mortgage guidelines for VA loans. The role of the Veterans Administration (VA) and the U.S. Department of…
Waiting period mortgage guidelines describe the period of time, usually after bankruptcy, foreclosure, short sale, or deed in lieu, that is required before a borrower is eligible to apply for a new mortgage. The waiting period may vary depending on the credit event, loan programs, and how the file will be underwritten. Different loan programs,…
FHA Case Number: Assignment, Transfer & Cancellation Guide This guide will cover and discuss what an FHA case number is, how it works, and how to transfer it from one lender to another on new FHA loan applications. We will also discuss transfers from one lender to a new lender. FHA loans are the most…
This guide covers FHA DTI guidelines on manual underwrites. The key distinction between manual and automated underwriting system guidelines lies in the debt-to-income ratio cap applied during manual underwriting. As per FHA DTI ratios on manual underwrites, the allowable DTI ratios are subject to specific caps, and these limits are influenced by the number of…
This guide covers solutions for when things go wrong during the mortgage process. The mortgage process can be very stressful. This holds especially true for borrowers with credit issues or higher debt-to-income ratios. Every mortgage loan application is different from the next. Some mortgage files can be tricky. The most important phase is the pre-approval…
High-balance mortgage loans help qualified borrowers finance more expensive homes, but FHA, VA, and conforming programs define “high balance” differently. FHA and conforming high-balance loans depend on county loan limits. VA borrowers with full entitlement do not have a VA-imposed loan limit, although income, appraisal, entitlement, and lender approval still determine how much they can…
Can you buy a house while in Chapter 13 bankruptcy? Yes, buying a house while in Chapter 13 bankruptcy is possible with an FHA or VA loan while the repayment plan is ongoing. Borrowers usually need to have made at least 12 months of on-time payments and get written approval from the bankruptcy court or…
HUD forbearance guidelines allow homeowners with FHA loans experiencing a temporary financial hardship to request assistance from their mortgage servicer. Forbearance may temporarily reduce or pause mortgage payments, but it does not erase the amount owed. Once the hardship ends, the servicer may review the borrower for options such as a repayment plan, an FHA…
2026 Mortgage Guidelines: FHA Loans with Low Credit Scores FHA loans make it possible for people with low credit scores to buy a home. If your score is 580 or above, you could qualify for the full loan with just a 3.5% down payment. If your score falls between 500 and 579, you may still…
California mortgage loans include conventional, FHA, VA, USDA, jumbo, and non-QM financing. The right program depends on the property’s county loan limit, required down payment, qualifying income, credit history, occupancy, and property type. Lenders also evaluate the total housing payment, including principal, interest, property taxes, homeowners’ insurance, mortgage insurance, HOA dues, and special assessments. Approval…
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