The Mortgage Files
Nationally syndicated mortgage news and advice from Senior Loan Officer Scott Sheldon.
Here is a formula to use to determine how much you might qualify for
Calculating Your Monthly Income for a Sonoma County Mortgage If you’re a first-time homebuyer in Sonoma County, knowing how to calculate your monthly income and determine your purchasing power is essential. With today’s mortgage rates around 6.5%, having a clear understanding of what you can afford is crucial. This guide will help you with the…
Read MoreNavigating FHA Loans for Multifamily Properties: What You Need to Know
One of the biggest challenges in securing an FHA mortgage for a multifamily property is the sustainability test, a crucial factor that most banks and lenders don’t discuss upfront. Here’s what you need to know if you’re planning to buy a multifamily property with FHA financing. FHA Loans for First-Time and Move-Up Homebuyers As a…
Read MoreHow to qualify for mortgage with low bank statements and tax returns
Traditional lenders often require extensive documentation, such as tax returns and bank statements, to verify income. But what if your tax returns don’t reflect your actual earnings, or your bank statements don’t show enough consistent income to meet the lender’s requirements? Fortunately, there’s a solution that can help you qualify for a mortgage without the…
Read MoreHow Rising Incomes and Smart Strategies Can Help You Buy a Home in Sonoma County
Buying a home is one of the most significant financial decisions many will make in their lifetime. As home prices continue to rise, so too does the level of income needed to qualify for a mortgage. This is particularly true in places like Sonoma County, California, where the picturesque landscapes and high quality of life…
Read MoreHomebuying Tips for June 2024: How to Qualify in Today’s Market
What It Takes to Be a Homebuyer in June 2024 Buying a home is a significant milestone, but in today’s market, it requires careful preparation and strategic planning. As of June 2024, the housing market, particularly in Sonoma County, California, presents unique challenges and opportunities for prospective buyers. This post aims to guide you through…
Read MoreFHA vs. Conventional Loans—Which Costs Less in the Long Run?
When securing a mortgage for your home, choosing between an FHA loan and a conventional loan is a critical decision that could impact your financial strategy and long-term goals. Both loan types have distinct advantages and limitations, particularly regarding down payment requirements, seller credits, and private mortgage insurance (PMI). Down Payment Differences: One of the…
Read MoreHow to buy a home from family without needing any cash
Have you ever considered buying a house from a family member? It’s a unique opportunity that comes with its own set of benefits and challenges. Whether you’re purchasing your childhood home from your parents or acquiring a property from a grandparent, understanding the ins and outs of this process is essential for a successful transaction.…
Read MoreHow to avoid a contingent offer to buy a new home without selling your current home first
Buying a new home while still owning your current home can be a challenging process, especially in today’s market. When you want to purchase a new home without selling your current home first, you may be required to make a contingent offer. A contingent offer means that the purchase of your new home is dependent…
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