You heard it correctly, your credit card don’t have balances, yet your mortgage application can still be in jeopardy. Here’s what mortgage lenders and brokers run into when you have credit card payments… Many consumers are responsible, they use their credit cards for various monthly purchases and then pay each credit card off in full…
The answer in short – is never. At no time on a 15 year mortgage does the whole entire payment go solely to principle. Interest is paid right up through the loan payoff at 180 months. Unlike a 30 year mortgage, with amortization based on 360 month, a 15 year mortgage is based on amortization…
Yes under the FHA Second Chance Program. The program allows a home buyer to repurchase just 12 months after a foreclosure or short sale. In order to qualify, there must be a documentable loss of income for a minimum of six months and/or supporting documentation showing a one time unforeseen economic hardship that resulted in…
Q:I have the Sonoma County Energy Independence Program Loan on my house. Through my property taxes, I financed the cost of putting solar on my house, and doing a new roof and some more energy-efficient upgrades. From what I understand, a second put on my house much like a home-equity line of credit. Other lenders…
The FHA announced they are reducing loan limits for 2014 in high-cost areas in an effort to scale back their role in the housing market. Looking back to 2008, financial markets depressed in the aftermath of the meltdown, economy on the verge of recession, enter loan bailout- the Federal Housing Administration. This direct government involvement…
Calculating monthly mortgage insurance on a conventional loan is best handled directly with the mortgage company whom you’re hiring to do your purchase preapproval and/or refinance loan with. However, to have a general understanding of how mortgage insurance works, know that it is required for any loan with less than 20% down. Plan on on…
In short risk-based pricing, the higher the risk the lender incurs the higher the mortgage rate you will be quoted on the new mortgage. This is especially true with conventional mortgages, not so much on the FHA variety. FHA unlike conventional loans does not discriminate to the degree conventional does based upon credit score. Following…
Real estate investors get targeted the most by multiple finance property restrictions the majority of mortgage lenders enforce. To set the record straight a multiple financed property situation is when there is more than four financed residential properties by anyone borrower/consumer. Multiple finance properties include every other residential property with debt- beyond the borrower’s primary…