• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

These little lending nuances may help you land a mortgage

June 26, 2018 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
Little lending nuances to get a mortgage

Getting a mortgage in 2018 there is a bureaucratic and compliant process with a significant amount of paperwork involved. Following is some tips on various loan programs available in the marketplace you may not know…

Conventional mortgages they will go up to a debt to income ratio of 50%. Here is the kicker if your credit score is extremely good 764 examples or above your front-end housing payment and debt to income ratio can both be as high as 49%. Simply put 49% of your monthly income can go towards a housing payment. This is significant because on other loans such as FHA for example the front-end housing payment cannot exceed approximately 44% of your monthly income.

On a conventional mortgage you can get your payment offset that another party makes so long as they are on the note and make the payment directly to the creditor and have for the last 12 months and the payment comes from a non-joint bank account.

Arm’s length transactions involve involve no relationship between buyer and seller. In a divorce buyout situation or in a family purchase situation there is a relationship between the parties which would constitute what’s called a non-arm’s length transaction. Non-arm’s length transactions are eligible loans that can go through however it’s going to require careful planning and expertise on the side of the lender to make sure they properly package file so it will pass through the examination of the underwriter

If you have an alimony payment and are getting a conventional mortgage here is some information that may help you get qualified… alimony now comes off income and is not counted as a debt. This is huge for borrowing power because it allows you to qualify for a larger mortgage and it lowers your debt to income ratio in the process. Child support however is counted as a monthly obligation like a car payment on both conventional and an FHA Loans. FHA and conventional loans both carry this unique and helpful viewpoint on alimony payments.

VA loans will require you to provide a monthly budget when getting final mortgage loan approval of how you’re going to manage that mortgage payment with the rest of the expenses and dependents if you have any in your life. VA may also require a water test when financing a property with a private well. VA Loans must clear the pest report on a purchase transaction cannot be paid for by the buyer at all and any section one termite damage can be specifically paid for by the buyer. On a refinance borrower pays for both report and work to be completed.

Not sure how or if these may apply to you? Get a no cost quote now.

Related Mortgage Advice from Scott Sheldon

  • Will Credit Cards Help Me Land A Mortgage?

    Well? Yes and No, read on.... Like it or not, your relationship with money can…

  • Paying Off Your Credit Cards May Hurt Your Mortgage Approval

    You heard it correctly, your credit card don't have balances, yet your mortgage application can…

  • 3 Credit Scores No Longer Necessary For Mortgage Lending

    The standard set by the lending industry is three credit scores are needed for obtaining…

  • your mortgage chances may be slim with this credit card
    Why your mortgage chances may be slim with this credit card

    Credit cards play an integral role in your ability to qualify for home financing. If…

Filed Under: First Time Home Buyers, Interest Rates, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice Tagged With: conventional loans, FHA Loans, mortgage rate quote, mortgages, preapproval to buy a home, purchase real estate, qualifying for a mortgage, refinancing my mortgage, Santa Rosa mortgages, Sonoma County Mortgage Rates, sonoma county refinancing, VA Loans

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window