Been turned down for a mortgage recently? Fear not, this recent change to conventional mortgages just made your chances of qualifying easier. Here is the latest … Fannie Mae recently changed their policy regarding restructured loans virtually eliminating many roadblocks. Fannie Mae had extra credit requirements in place for borrowers who had restructured mortgages in…
Saving up to buy a home is no easy feat. Here’s what you should take into consideration when planning out a home purchase. One of the key components of being able to successfully buy a home is having enough cash for a down payment plus closing costs. Generally, you’ll need at least $20,000 to buy…
If you are hesitant to apply for a mortgage because you think your credit score will drop, think again. Here is what happens when you apply for a mortgage and get your credit pulled… Many online articles would have you believe your credit score automatically drops when you apply for a loan. This is not…
You’re preapproved; suddenly a home matching your criteria pops up on the market. Then it hits you, the house needs a ton of work. Here are things to consider when the house you’re trying to buy house needs tender loving care… The reality is resale homes may need work including everything from a new roof,…
New changes coming to Fannie Mae’s automated underwriting system June 25 could change the way you get a mortgage. Here’s how… Fannie Mae has announced the way they look at credit is about to change for all loan applications dated June 25, 2016 or after. Lenders use Fannie Mae’s automated underwriting system (Desktop Underwriter) for…
One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications were often a short term solutions banks used for homeowners facing delinquency, income changes, or loss of home-equity. If you’ve had a loan modification in your past here’s what you need to know… What is a loan modification? A loan…
One mortgage loan program popular in the last few years is the USDA loan. The program allows for you to buy a home with no money down and low monthly mortgage insurance. Here’s what you need to know if you’re interested in this type of financing. What the program entails The US Department of Agriculture…
Changing jobs is a natural byproduct of an ongoing career. If trying to look good for a bank, here is what you need to know for your new job to count for a mortgage. Mortgage companies typically want you to have the same field of work for the most recent last two years. A solid…