The Mortgage Files

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

how the ppp loan may hurt your mortgage

This recent change just made getting a mortgage easier

By Scott Sheldon / July 12, 2016

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…

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How to use seller carry financing to purchase a house with less cash down

How to score a jumbo mortgage with less than 20% down

By Scott Sheldon / July 5, 2016

Looking to finance a big mortgage? Here’s some tips you can take to the bank… Most jumbo investors still have tight credit guidelines. Jumbo loans are any residential mortgage sizes greater than the county high balance loan limit. In Sonoma County, CA the maximum loan size for a single-family home is $554,300 making anything larger…

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refinance your mortgage

What your loan amount covers when refinancing

By Scott Sheldon / June 28, 2016

Refinancing can shave years off your loan and help you pay off your home faster. Here’s what to consider when refinancing… When you refinance your home your loan amount can be whatever you choose it to be. It can be a lower than what you currently owe on your home which would require bringing in…

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doctor's loan

How mortgage lender can make a loan work when another cannot

By Scott Sheldon / May 20, 2016

Ever work with a mortgage company to later on find your loan won’t work, and another delivers? There’s a reason for it. Here’s what you should know about mortgage companies. The Consumer Financial Protection Bureau has safeguards in place to make sure mortgage companies operate off of a level playing field with consumers. The level…

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ideal mortgage loan scenario

New underwriting guidelines coming June 25 may change your mortgage

By Scott Sheldon / April 28, 2016

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…

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can you get a usda loan anymore

Can you get a USDA loan anymore?

By Scott Sheldon / April 13, 2016

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…

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how to get an fha mortgage on condo

Buy a condo or a single family home?

By Scott Sheldon / April 8, 2016

When the time homes to buy your first home, you will have options galore. Here’s how to decide if you should purchase a single-family home or a more affordable condominium unit. Undoubtedly, buying a home is without doubt the largest financial decision you’ll probably make in your lifetime. It is critical to make sure the…

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number 1 mistake when getting a mortgage

What to do if you need last year’s income tax returns to get a mortgage

By Scott Sheldon / January 13, 2016

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…

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