The Mortgage Files

Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.

How to avoid getting a jumbo loan due to Coronavirus

New Mortgage Loan Limits for 2023

By Scott Sheldon / December 4, 2022

The Federal Housing Finance Agency announced on Tuesday, November 29th the new loan limits for 2023. The new conforming loan limit has increased and has been year over year 7 years in a row. If you’re thinking about purchasing or refinancing a home in 2023 here is what you need to know… The loan limit…

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How to avoid getting a jumbo loan due to Coronavirus

How to avoid getting a jumbo loan due to Coronavirus

By Scott Sheldon / April 22, 2020

Securing mortgage loan financing right has become a little bit of a challenge for some families desiring to borrow money. Here are some considerations you need to be aware of if you’re looking for a jumbo mortgage during the coronavirus pandemic… If you’re looking to mortgage a house and the size of a loan that…

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COVID_19 How a mortgage forbearance works

COVID_19 How a mortgage forbearance works

By Scott Sheldon / April 16, 2020

As the coronavirus continues to worsen and make life difficult for many families, one risk is the loss of income due to being furloughed or temporarily laid off. Here is what you need to know about a forbearance, what it is and how it works. You are obligated to repay the money that you borrowed…

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How to get a mortgage if you've been furloughed to do to COVID_19

How to get a mortgage if you’ve been furloughed to do to COVID_19

By Scott Sheldon / April 9, 2020

The coronavirus has undoubtedly created a significant amount of challenges for mortgage companies and families across America. Some lenders are changing credit score requirements, others are pulling out of the market entirely, and others are making restrictions on what types of loans they will fund. If you are in the process of getting a mortgage…

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fannie made change to home appraisal covid_19

Fannie & Freddie change home mortgage appraisals over COVID_19

By Scott Sheldon / April 1, 2020

The coronavirus has just changed the way in which mortgage lenders are now appraising homes. Due to market volatility and changing market conditions, Fannie Mae and Freddie Mac just recently announced that they’re going to be loosening appraisal standards. Here’s how these new appraisal standards apply to you… On purchase transactions for a primary residence…

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Why you shouldn't be solely focused on credit when it comes to getting a mortgage

Why you shouldn’t be solely focused on credit when it comes to getting a mortgage

By Scott Sheldon / February 19, 2020

For you to successfully purchase a home or refinance a home, you’ll want to pay attention to your overall financial picture. Each mortgage lender requires a blend of healthy credit, manageable debt, and income as a basis for support for the whole picture. The following are some of the things to consider when it comes…

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How to get a mortgage if you've been furloughed to do to COVID_19

Why your income is your lifeline to finance a home

By Scott Sheldon / February 6, 2020

Getting mortgage loan financing requires you have a blend of sufficient, cash ample credit and income to offset a proposed new expense. You must have the right combination of all three in order to purchase or refinance a home. What might not make sense however is the lifeline that’s going to link all the pieces…

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How to avoid getting a jumbo loan due to Coronavirus

How to lower your debt to income when getting a mortgage

By Scott Sheldon / January 16, 2020

Your debt to income ratio represents the number of monthly expenses you have in relation to your monthly income. Lenders usually want this number to be no more than 50% of your monthly income. If you have a debt to income problem, this information is for you… One of the ways to increase your debt…

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