How’s your income? This is the first of many questions a banker is going to ask when you apply for a home loan. Here is how tax returns play a role in your ability to obtain mortgage loan financing. Generally, you need provide two years of 1040’s to a banker when applying for a home…
If you have been on the fence about buying a home or refinancing the one you already own, the 2016 FHA loan limit increases may financially benefit you. Here’s how… The Federal Housing Administration continues their mission in helping consumers realize the dream of homeownership. In today’s mortgage lending environment there’s three buckets of loan…
If you’re thinking about qualifying for a mortgage, here’s what you must know if you have payments with a few months left to go. Get the facts… When you apply for a mortgage loan, the lender takes in the consideration your credit score, your cash you plan to use to spend on a home, your…
Not sure when to lock your interest rate on your mortgage? Here’s a few things to consider in getting the best possible combination of rate and price… The biggest things that determine the final rate and pricing are: loan size occupancy loan program i.e. Conventional, Jumbo, FHA, VA credit score property type loan to value…
Renters everywhere are feeling the constraints of rising rents. Rising rents erodes your ability to save for the cash needed to buy a home. It becomes a catch 22 because the longer you rent the more you need to save in order to offset rent increases while maintaining the rate at which you are saving.…
If not handled properly, your student loan may adversely change your home purchase plans. Here’s what you probably don’t know regarding your student loan servicer… Just like any other credit obligation, your student loan servicer reports to the credit bureaus. Even if the payment is deferred, the obligation still reports every 30 days much like…
Lending requirements are starting to loosen, and gone are the days of overly stringent mortgage underwriting. While this remains… here are five things borrowers still do in the loan process that make things more dicey. Co-mingling Gift Funds-let’s say you’re receiving gift monies from family to buy a home. You instruct your family member providing…
Looking for a bad credit mortgage loan? If your credit is not up to par, yes, you can still get a mortgage with hoop jumping. Believe it or not you may even be able to seal the deal even with credit score sub 620. Here’s what to expect… FHA- that’s right, the only program out…