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This guide covers VA guidelines on seller concessions to cover closing costs. VA loans is hands down the best mortgage loan program available today for owner occupant home buyers. Unfortunately, not everyone can qualify for a VA loan. Only veterans with a Certificate of Eligibility (COE) can qualify for a VA loan. One of the…
This guide covers the five C’s of mortgage underwriting leading to clear-to-close. With mortgage loans, the risk analysis is critically important, so it is a good idea to review the file in detail before even submitting it. It is the responsibility of the mortgage underwriter to analyze the layered risk of the lender and the…
In this article, we will address the steps to take if you face mortgage denial following conditional approval. The home loan application and approval involve various stages, and this holds for both home purchase and refinance borrowers. Regardless of the type of borrower, the mortgage application process remains consistent. Before prospective mortgage applicants sign any…
This guide covers how to fix bad credit to qualify for a mortgage. How to fix bad credit to qualify for a home mortgage for homebuyers and homeowners: Mortgage borrowers can have prior bad credit and qualify for a mortgage. This holds true as long as they have been timely for the past 12 months….
This guide covers the frequently asked question can I get denied for FHA loan with good credit on home purchase. You can qualify for an FHA loan with credit scores down to 500 but you will not get an FHA loan approval with a 700 credit score if you have late payments in the past…
The initial loan approval from the mortgage loan approval lists a set of conditions from the mortgage loan underwriter. Once the loan conditions are satisfied, the mortgage underwriter will issue will issue a clear to close.
In this article, we will cover and discuss when am I committed to mortgage lender for a home loan. Mortgage loan officers do a lot of work in order to get a clear to close from the mortgage underwriter. A loan officer nor a lender can charge any fees, costs, or commissions up front until…
This guide covers buying a second home and renting the exiting home. Many hard-working folks plan on retiring and moving out of state to states like Florida and California. However, many will have a hard time qualifying for both mortgages. The mortgage on the exiting property and the mortgage on their new owner occupant property….
This guide covers about the third-party search by mortgage lenders during the underwriting process. Mortgage lenders will pull three credit reports on every mortgage loan applicants during the mortgage process. The first step in the mortgage process is for lenders to look at borrower’s credit scores. The credit scores are what decides whether the loan…
In this blog, we will cover why lenders need credit reports and credit scores to get borrowers a mortgage loan approval. We will also discuss how mortgage underwriters analyze borrowers’ credit reports during the mortgage process. A consumer’s credit score is probably the most important factor that comes into play when applying for credit. When…
When saving money buying a house, remember one key thing, low rates with FICO credit scores. This article will cover how to get low rates with high FICO for mortgages. It is possible for a homebuyer to qualify for a home loan with bad credit. Borrowers who do not meet the minimum credit scores to…
In this blog, we will cover and discuss the difference when qualifying for a mortgage after bankruptcy dismissal versus bankruptcy discharge mortgage guidelines. There are waiting period differences when qualifying for FHA loans after bankruptcy dismissal versus bankruptcy discharge. Bankruptcy, whether a dismissal or a discharge, can have significant implications for your mortgage and financial…
This guide covers how solid is your pre-approval for a home purchase mortgage. A mortgage pre-approval letter means that a loan applicant has submitted an initial mortgage loan application, called 1003, and the loan originator has run credit and fully qualified borrowers: The pre-approval letter is issued after the loan originator has reviewed the following:…
This guide covers tips and advice selling home fast by real estate professionals. Many homebuyers have an existing home and need to sell the existing home to purchase the new home. Other homeowners need to sell their homes fast due to a job loss, job transfers, or immediate relocation due to expanding family. Enhance curb…
This guide covers qualifying and getting approved for a home mortgage moving to new home. Moving to new home is a very exciting time for your family. As I take you on a daily journey of my life, and if you have been following along, you will know that I just moved into my current…
This guide covers how does FHA define family member. In this blog post, we’ll explore FHA’s criteria for defining a family member in the context of non-occupant co-borrowers. HUD, which oversees FHA, enforces guidelines that outline the definition of a family member. This definition becomes significant when considering the inclusion of non-occupant co-borrowers. According to…
In this blog, we will discuss and extensively cover everything you need to know about the loan estimate. The Loan Estimate, also known by mortgage industry professionals borrowers as the GFE, was created by the United States Department of Housing and Urban Development in 2010. The Good Faith Estimate is being replaced by the newly…
This guide covers manual underwriting versus automated approval. There are two types of Automated Underwriting Systems (AUS): Fannie Mae’s Automated Underwriting System is referred to as Desktop Underwriting (DU) and Freddie Mac’s AUS is known as Loan Prospector (LP). All government and conventional loans need to go through either DU and/or LP Automated Underwriting System…
In this blog, we will cover and discuss getting a fully underwritten TBD mortgage approval as pre-approvals. Fully Underwritten TBD Mortgage Approval on home loans is geared towards borrowers who may or may not meet agency mortgage guidelines. In most cases, loan officers will issue pre-approval letters if they are sure borrowers will definitely get…
This guide covers the mortgage process leading to closing for borrowers. The home buying and mortgage process leading to closing is a process. It takes time. Most closings take an average of 30 days from the time the buyer has an executed real estate purchase contract. There are times where homebuyers can close in less…
This guide covers getting a mortgage with student loans with high debt-to-income ratio. Getting a mortgage with student loans can often be challenging. Student loans and auto loans are the two biggest barriers affecting borrowers getting a mortgage with student loans due to high debt-to-income ratios. Professionals such as doctors, dentists, educators, lawyers, and business…
This guide covers the importance of job stability when buying a house with a mortgage. Income is the most important factor when qualifying for a mortgage. You can have the highest credit scores in the world but without documented income, you will not qualify for a mortgage. You can have credit scores down to 500…
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