Looking to buy a home with a munchkin on the way? The details of your temporary leave may impact your ability to perform when you identify a home. Here’s what you need to know when taking a maternity leave of absence and how a home loan lender will view your income status… Current Income Or…
Unfortunately not, there is no specific Santa Rosa or Sonoma County first Time home buyer program available anymore. Down payment assistance options come in the form of pulling money out of retirement accounts such as stocks, bonds, IRA and 401(k) options. Another fantastic source for a down payment is gift funds. Many potential homebuyers are…
It is not by happenstance, that lenders place high importance on income, but rather microscopic compliance regulations imposed on them by the Consumer Financial Protection Bureau (CFPB). Have one or more alternative income source? Read on… A home loan lender is going to look at your income, as a means to offset a mortgage payment…
Your ability to purchase a home with financing is predicated on how much net income you have after all monthly debts. If you’re consumer liabilities absorb your income, particularly in credit card payments, you may have to put the brakes on the home search. Following is how even 0% interest credit cards may affect your…
Looking to purchase real estate other than a traditional cookie-cutter single-family home? If you’ve ever been told you can’t get residential mortgage financing on that oddball property, think again. While challenging as it may be to purchase an alternative property type with debt, it can be done. Here’s what you need to know if you…
For anyone who got a mortgage in the last few years with little equity, most are all-too-familiar with mortgage insurance, the added premium built into the mortgage payment insuring the lender against payment default. Measured over time, it can cost you thousands. The facts you must know… Zero Tax Advantages For years mortgage borrowers got…
Family Members & Parents take heed- if you plan to help your family purchase a home, transferring money around could impede their home buying chances. What you need to know… Donor Funds Must be documented, sourced and paper trailed. Let’s say you’re helping your daughter buy her first home. The amount you plan to give…
Planning to apply for a mortgage? If you have an authorized user account reporting on your credit report, it could spell financial trouble if you’re applying for a home loan. Here’s the skinny… Authorized User Credit Accounts An authorized user account, is when another party adds you onto their credit account i.e a credit card,…