No, and neither can any other mortgage lender. Few questions: the credit report did you have, where is it from exactly? If it’s from a car loan, it doesn’t really help you because most mortgage companies will need to pull what’s called the Tri-Merge credit report, deriving a score from each credit bureau. Most auto…
A program made popular in the height of the subprime lending environment was no-cost mortgages. No-cost loans have gained strong interest as consumers are savvy in deciphering loan terms, rates and how to qualify for credit in a constrictive lending environment. Whether buying a home or refinancing a mortgage, following are key differences between the…
Yes, although slightly limited. Without any down payment, you’ll most likely be looking at one of two loan programs both of which have some slight limitations to be aware of. Before we dive into the nuts and bolts of each program, know this: It only takes 3.5% down to buy a home these days. Additionally,…
You may or may not have heard the FHA is once again making their insured loans for purchasing or refinancing higher for consumers for all case numbers issued June 1, 2013 or after. These changes will limit borrowing power and will place a heavier emphasis on income to offset the liability, i.e. higher mortgage payment.…
You will need at least a middle credit score of 620 or better. A mortgage company will pull a tri- merge credit report from each credit bureau. There will be three scores, a high score, a middle score and a low score. It doesn’t matter which bureau provides it, but the middle credit score is…
This depends on what your long-term goals and objectives on your home. Let’s say the property as a primary residence, and you don’t plan to move anytime soon. Best to start the refinance process, and get the appraisal back. Once the appraisal comes back, and you know the value of your property then it’s just…
Yes, this is especially useful when you’re out on the weekends with your real estate agent looking at houses and you can’t get reach your lender on the weekend. Best possible way to determine your house payment is by using an equivalent of every $100,000 borrowed Here’s the math: For every $100,000 in purchase price…
If you are not a US Citizen, it can be a long and difficult road to obtain a mortgage. Many lenders won’t makes mortgages to people who don’t have social security numbers or permanent work stability. For the purposes of getting a mortgage, US Citizens and Permanent Resident Aliens are the same, with one subtle…