Self-Employed Mortgage Loans to Buy Homes
Most guidelines require lenders to average the most recent two years of income to qualify applicants. Some programs allow borrowers with newer businesses if they have experience
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Fannie Mae and HUD Guidelines on Conforming vs FHA Loans
This guide covers Fannie Mae and HUD Guidelines on conventional versus FHA loans. Fannie Mae and HUD guidelines on conventional versus FHA loans are similar but has differences. It is easier to get an approve/eligible per automated underwriting system (AUS) on FHA versus conventional loans. FHA loans is the easiest loan program to get an…
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Using Overtime Income To Qualify For Mortgage Loans
Can I Use Overtime Income As Qualified Income To Qualify For A Mortgage? You can use overtime and part-time income as qualified income as long as those other income has been seasoned for at least two years.
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Mortgage Processing And Underwriting | Qualifying & Getting Pre-approved | Re-Establishing Credit | Videos
The Five C’s of Mortgage Underwriting Leading To CTC
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…
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How To Fix Bad Credit To Qualify For a Home Mortgage
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….
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Bad Credit Mortgages | FHA Loans | Mortgage Processing And Underwriting | Qualifying & Getting Pre-approved | Videos
Denied For FHA Loan With Good Credit on Home Purchase
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…
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Buying Second Primary Home and Renting My First House
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….
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Can I Get Low Rates With High FICO For a Mortgage
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…
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Mortgage After Bankruptcy and Foreclosure | Manual Underwriting | Qualifying & Getting Pre-approved | Videos
Bankruptcy Dismissal Versus Discharge Mortgage Guidelines
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…
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Advice Selling Home Fast By Real Estate Professionals
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…
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How Does FHA Define Family Member Co-Borrowers
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…
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Everything You Need To Know About The Loan Estimate
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…
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Mortgage Process Leading To Closing For Borrowers
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…
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Getting a Mortgage With Student Loans
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…
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Importance of Job Stability When Buying a House
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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Refer-Eligible Per Automated Underwriting System Findings
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…
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Bad Credit Mortgages | Conventional Loans | FHA Loans | Mortgage After Bankruptcy and Foreclosure | Qualifying & Getting Pre-approved | Videos
FHA Versus Conventional Mortgage After Bankruptcy
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…
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Mortgage Rates After Bankruptcy
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…
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How Homeowners Insurance Deductibles Work
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…
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Written Payment Agreements With Creditors
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…
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Home Mortgage After Forbearance Agency Guidelines
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…
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First Payment After Closing For Mortgage Loan Borrowers
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…
