Simple Guide on Getting a Hard Money Loan With Federal Tax Lien in 2024 If you owe money to the government and need cash for your property projects, it might seem hard to get a loan. But, there’s still hope with a hard money loan with federal tax lien. This easy 2024 guide will show…
First-time homebuyers, especially, may be easily overwhelmed by the complexities of purchasing a home. One of the most critical aspects of obtaining a mortgage is grasping the Debt-to-Income (DTI) ratio, for which FHA loans are particularly crucial. For approval or eligibility per AUS (Automated Underwriting System), these FHA DTI Guidelines are important. In this guide,…
We will cover and discuss getting approved for a new home loan after having a prior mortgage included in Chapter 7 Bankruptcy. There are instances where people will include a home loan when they file for bankruptcy. There are waiting period requirements after a bankruptcy and foreclosure. However, what is the waiting period if you…
This Article Is About Freddie Mac No Credit Score Mortgage Guidelines Occasionally, borrowers may have to opt for conventional loans instead of FHA loans. For example, the Freddie Mac No Credit Score Mortgage among other conventional loans accepts Income-Based Repayment (IBR) plans for student loans. Nevertheless, IBR payments are not acceptable as per the FHA…
The mortgage process does not have to be stressful. The number one reason why the mortgage process can be stressful is that the loan officer did not properly qualify borrowers. Another reason why the mortgage process can be stressful is that mortgage processors did not process the loan correctly prior to submitting it to the…
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…
Qualifying for FHA loan after foreclosure is now possible for homebuyers who meet the mandatory waiting period after foreclosure. Fannie Mae and Freddie Mac are the two mortgage giants that are in charge of setting standards and lending guidelines on Conventional loans. Fannie Mae and Freddie Mac categorize foreclosure and deed in lieu of foreclosure…
In this article, we will cover and discuss home loans in South Carolina for homebuyers with bad credit and low credit scores. Not all South Carolina mortgage lenders have the same lending requirements on government and conventional loans. Most lenders in South Carolina will have higher lending requirements called lender overlays on FHA, VA, USDA,…
In this blog, we will cover and discuss qualifying for a mortgage with unpaid collections in Wisconsin in 2022. Many homebuyers are being told they cannot qualify for a mortgage with unpaid collections in Wisconsin. Old collections do not have to get paid to qualify for government or conventional loans in Wisconsin. Not all lenders…
You cannot close your mortgage without locking your interest rate when your lender gives you a mortgage rate quote that tells you what rate is available to you that day. But your mortgage rate is not guaranteed until you lock it in. A mortgage rate lock means that the mortgage lock rate is good for…
In this article, we will cover and discuss the final walk-through prior to home closing. A Final Walk-Through Prior To Home Closing To Inspect Home option is given to all home buyers. It is not mandatory for a home buyer to do a final walk-through prior to home closing. However, it is highly recommended that…
In this blog, we will be covering pre-qualifying borrowers with bad credit for mortgage loans. This article on pre-qualifying borrowers with bad credit for mortgage loans is a resource mortgage guide for borrowers and loan officers. New loan officers need to understand that the pre-approval process is the most important stage of the mortgage process….
This Article Is About How Credit Scores Affect Mortgage Rates When Locking Loan Mortgage Rates have dropped 0.25% after the sudden surge in recent weeks. Many borrowers in recent weeks were alarmed due to the sudden surge of rates. Now is the opportunity to lock in rates. How much lower will rates go? Nobody has…
This guide covers the minimum credit score mortgage guidelines on home loans. Income, credit, credit history, and credit scores are all determinants to qualify for mortgage loans. Every loan program has minimum credit scores mortgage loan programs. The single most important factor in whether or not borrowers qualify for a certain type of loan program…
In this blog, we will cover and discuss qualifying for FHA loans Colorado with bad credit and credit scores down to 500 FICO. The Colorado housing market is booming. Home prices are skyrocketing with no sign of a correction. There are more homebuyers than an inventory of homes. It is no doubt a seller’s market…
This blog will cover and discuss HUD Cash-Out Mortgage Guidelines on FHA loans for 2024. Home values are rising across the country, and many homeowners who purchased their properties a few years ago are experiencing significant appreciation, with increases in home value by 20% to 30% or more. The conventional loan limits 2024 have been…
In this blog, we will discuss and cover duplex mortgage loans down payment guidelines. A duplex is a two-unit multi-unit residential housing unit. HUD, the parent of FHA, allows homebuyers to qualify for a 3.5% home purchase FHA loan on an owner-occupant one to four-unit home. The owner needs to occupy one of the units…
What To Do If Homeowners Cannot Afford Property Taxes: Every homeowner has to pay property taxes. Homeowners who own home free and clear, property taxes must be paid. Homeowners insurance is optional for homeowners who own their property free and clear However, all lenders will require borrowers to have homeowners insurance All property taxes will…
There are certain debts that can be exempt from debt to income ratio calculations on conventional loans.
In this blog, we will cover and discuss the Chicago First Responders Homes For Heroes Mortgage Program. We can help Chicago police officers and Chicago firefighters who are seeking a home loan with bad credit. Many decorated Chicago Police Officers and Firefighters have been affected by the 2008 Great Recession And Real Estate Market Crash….
This blog will discuss the HUD and Fannie Mae Guidelines on credit disputes during the mortgage process. We will outline the key points from the most recent updates to the HUD and Fannie Mae guidelines on credit disputes. Credit disputes occur when a consumer finds errors on their credit report that shouldn’t be there. The…
This ARTICLE Is About Buying House During Chapter 13 Repayment Plan Mortgage Guidelines Buying House During Chapter 13 Repayment Plan is allowed only with FHA and VA loans. Borrowers can qualify for FHA and VA loans without the Chapter 13 Bankruptcy is discharged. FHA and VA are the only two mortgage loan programs that allow…
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