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This article will cover and discuss refer-eligible per automated underwriting system findings. All mortgage loan applicants need to go through the automated underwriting system (AUS) before the loan process can proceed. If the findings on the automated underwriting system render an approve/eligible, that means the AUS approves the borrower. There are three decisions the automated…
This guide cover FHA versus conventional mortgage after bankruptcy. There are differences in when and how you can qualify for FHA versus conventional mortgage after bankruptcy. You can qualify earlier on FHA loans because the waiting period requirements on FHA versus Conventional mortgage after bankruptcy is shorter. The waiting period on FHA versus Conventional mortgage…
This guide covers VA late payment after bankruptcy mortgage guidelines on VA loans. VA loans were created and implemented to reward active-duty or retired members of the United States Armed Services for their service. Only eligible members with a valid Certificate of Eligibility (COE) can qualify for VA loans. VA loans are the best loan…
This guide covers mortgage rates after bankruptcy on government and conventional loans. There are loan level pricing adjustments (LLPA) charged by mortgage companies for layers of risk. For example, there are tiers of pricing adjustments on credit scores. The lower the credit scores, the higher the pricing adjustments. Many people think mortgage rates will be…
This guide covers how homeowners insurance deductibles work. Homeowners insurance deductibles used to be straightforward. It was the dollar amount stated in your homeowner’s insurance policy that you’d pay out of pocket before any insurance coverage kicked in. For example, you leaked, and your home suffered severe water damage. You’d then call your insurance company…
This guide covers setting up written payment agreements with creditors and collection agencies so you can qualify and get pre-approved for a mortgage. There instances where written payment agreements with creditors are required to get approved for a mortgage loan. HUD, the parent of HUD, does not require outstanding collection accounts with outstanding balances to be…
In this blog, we will cover and discuss the agency mortgage guidelines from the U.S. Department of Veterans Affairs for qualifying for VA loans during Chapter 7 versus 13 Bankruptcy. For those who fell victim to our country’s economic collapse and lost their jobs, chances are that they are overwhelmed with debts. There are major…
This guide covers qualifying for a home mortgage after forbearance. Borrowers can qualify for a home mortgage after forbearance. The CARES ACT mortgage forbearance program is not treated the same as a regular forbearance due to not being able to afford monthly mortgage payments. In this article, we will discuss and cover qualifying for a…
This guide covers the first payment after closing for mortgage loan borrowers. One of the most common questions new homebuyers ask is when the first payment after closing. Other homeowners tell many that it will be a while before they make the first payment after closing on the new home. The first payment on a…
This guide covers mortgage approval with bad credit and late payments. Many consumers have had a period in their lives. Borrowers must meet minimum credit score and debt-to-income ratio requirements to qualify for particular mortgage programs. However, just because borrowers meet credit score and DTI requirements does not mean that they automatically qualify for mortgages….
This guide covers the credit scores required for FHA and VA loans. Many borrowers are confused about the credit scores required for FHA and VA loans. Lenders tell borrowers conflicting credit scores required for FHA and VA loans when trying to qualify for a mortgage. The VA has no minimum credit score requirement: Most lenders…
This guide covers verified funds for home closing before clear-to-close. Failure to provide verified funds for home closing before clear-to-close is one of the most common obstacles during the mortgage process. It is one of the many reasons a clear-to-close is delayed at the eleventh hour. Mortgage underwriters have specific rules on whether they will…
This guide covers qualifying for a mortgage after college education versus work experience mortgage guidelines. We will further cover why real work experience beats book markets. College education versus work experience. As I take this time to break away from my housing and mortgage experiences, let me jump into another topic I feel strongly about….
This guide covers the recovery of housing market and updates new mortgage guidelines and loan programs. Many of us remember the good old days of easy financing from the 90s until the real estate and mortgage meltdown of 2008. The Great Recession of 2008 hit everyone. Never in history since the Great Depression have so…
This guide covers solutions for when things go wrong during the mortgage process. The mortgage process can be very stressful. This holds especially 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 stage…
This blog covers the best Arizona mortgage lenders for bad credit with low FICO credit scores. It is an important question for anyone who is a first-time homebuyer or refinancing a home in Arizona to understand if they can afford an Arizona mortgage loan. Not all mortgage lenders in Arizona have the same guidelines for…
In this blog, we will cover what no-ratio mortgage loans are. We will discuss how no-ratio mortgage loans work and what types of borrowers benefit from no-ratio mortgage loans. No-ratio mortgage loans are a type of non-QM loan where the lender does not factor in the borrower’s income. No-ratio mortgage loans mean the debt-to-income ratio…
This guide covers how the VA mortgage process work for homebuyers. How the VA mortgage process work? VA loans are the best mortgage loan program for owner-occupant homes. The Department of Veterans Affairs (VA) is the federal agency in charge of VA loans. There are no down payment requirements on VA loans. Lenders offer 100%…
This guide covers buying a house after bankruptcy discharge date. Buying a house after bankruptcy is possible. Many homebuyers think that bankruptcy is the end of the world when it comes to obtaining credit, especially a mortgage. This is not true. Many people have credit scores higher than 700 FICO less than a year before…
This guide covers solutions for no credit scores on mortgage loan approvals. There are cases where consumers do not have any credit scores because they never applied for credit and have no credit. There are solutions for no credit scores qualifying for a mortgage. This is common for many young folks who have just entered…
This guide covers taking the next steps after getting a mortgage denial by underwriter. There should be no mortgage denial if the borrower was properly qualified for a home loan. Borrowers need to be very cautious with their finances and credit during the mortgage loan approval process. Make sure not bounce checks or apply for…
This guide covers how to review credit report during the mortgage process. We will be discussing how to review credit report for errors before applying for a mortgage. An accurate credit report will avoid delays in the mortgage process and may boost your credit scores. Homebuyers should always review their credit reports before applying for…
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