• 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!

3 quirky issues that will hurt your mortgage

September 5, 2018 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
3 ways you cannot get a mortgage

Getting a mortgage loan in 2018 is still a very bureaucratic and compliant process. People getting mortgages today are still paying for the sins of borrowers’ past. Here are some things to consider…

  1. You must be able to document and specifically show all forms of income period. While it is true some things can be stretched such as self-employment income it’s still a very tight world of credit. If you’re self-employed you can provide one year of income tax returns if you’ve been in business for the last five years. Don’t have your most recent income tax return filed yet? Provide a copy of the unfiled return at the mortgage company to approve the loan with the unfiled returns since it’s due in October 2019 anyway. If you’re any employee, you’ll also need to provide W-2s and pay stubs and the mortgage company will need to obtain a written verification of employment. A good thing however that has changed recently is you can get a mortgage as aW-2 employee with an offer letter and a verification of employment no need for you to be on the job for 30 days anymore with a pay stub.
  2. You must be able to document and specifically source the monies used in the transaction. FHA Loans require explanations on all monies regardless if that money is being used for transaction. Conventional loans are flexible where the monies must be used only need to be sourced. Here’s a quirky example let’s say you gave your child a $100k didn’t create a note between you and that person recently they place that money back into your account, then you try to buy a house then the lender asks where that money came from. Let’s say you’re buying a rental property which does not allow gift money -you have a sourcing problem. The solution is to wait 60 days for the monies to season in the bank or find another way to get a new down payment money, so the unsourced money is not a roadblock.
  3. You have student loans and FHA Loans do not mix. This  FHA guideline is a toughie.  The FHA guidelines require the mortgage company to use the greater of 1% of the total student loan outstanding balance or the total monthly amortized payment regardless of whether the loan is in deferment or income-based for qualifying. That means for example if you’re paying $100 a month for a $100,000 loan the lender must use $1,000 a month which is 1% of $100,000 or they must use the specific amortized payment based on the term of what it would be and the only way that this can be documented specifically is from a letter from your student loan servicer. So, in this situation if you have student loans either get the letter from the servicer right out of the gate or go with a conventional loan.

Looking to buy or refinance a house? Get a no cost quote now.

Related Mortgage Advice from Scott Sheldon

  • Comparing Mortgage Rates In Sonoma County

    What to look for in comparing mortgage rates in Sonoma County. The Federal Reserve came…

  • Sonoma County "Best Rates"

    Sonoma County Best Rates:there are two ways to look at them. Most consumers look at…

  • Lowest Sonoma County Mortgage Rates on Record!

    Yes, it's true the lowest Sonoma County mortgage rates are now on record as of…

  • 2018 high balance mortgage loans
    FHFA Increases 2018 Sonoma County Loan Limits

    The Federal Housing Finance Agency just released the new 2018 national loan limits. These loan…

Filed Under: Interest Rates, Loan Programs, Mortgage Shopping, Mortgage Tips & Advice Tagged With: mortgage rate quote, preapproval to buy a home, qualifying for a mortgage, Santa Rosa mortgage, Santa Rosa mortgages, sonoma county home buying, SONOMA COUNTY LOANS, Sonoma County Mortgage Rates, sonoma county refinancing

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