The Mortgage Files

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

Why you should wait for your credit to improve before applying for a mortgage

Why you should wait for your credit to improve before applying for a mortgage

By Scott Sheldon / February 4, 2024

In the current consumer landscape, securing approval for a mortgage is a significant challenge. It’s widely acknowledged that applying for and obtaining a loan can be a bit tricky, considering factors like documentable income, credit history, and available cash. Your financial health, including payments and potential skeletons in the closet, all play crucial roles in…

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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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buy a home now vs waiting

Buy a house now or should I wait?

By Scott Sheldon / February 26, 2020

One of the things homebuyers are always asking themselves is buying now versus waiting. Mathematically it could pencil out that buying a house down the line might make more sense, but you should pay close attention to all the financial contributors in your life so you can make the most informed decision possible… The lay…

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Mortgage Word Cloud Art

Why your income is your lifeline to finance a home

By Scott Sheldon / January 23, 2020

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

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Why the purchase price in a real estate transaction should not be the single most important factor

Why the purchase price should not be the single most important factor

By Scott Sheldon / September 8, 2019

When buying a home most would believe the number one most important thing you need to be focused on is what you pay for the house. Mom and dad who bought their house years ago, Grandma and Grandpa who bought their house back in the early 1980s when housing prices were $40,000 all have an…

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How to avoid getting a jumbo loan due to Coronavirus

Here are 2 mortgage process problems you will want to avoid

By Scott Sheldon / July 28, 2019

Securing mortgage loan financing is the cornerstone of financial prosperity in America. It’s one of the biggest decisions you’ll ever take on your life. Here’s watch to avoid when applying for a high-ticket mortgage… Make no mistake the way mortgage companies must originate loans is 100% controlled by the federal government. That means the “asks”…

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Self Employed Borrowers

Here is a legit non-traditional income program for self-employed mortgage borrowers

By Scott Sheldon / June 30, 2019

Traditionally, self-employed mortgage borrowers are more heavily scrutinized by mortgage companies because of their gyrating income. If their business stops the revenue stops and their ability to make a mortgage payment could be impacted. That’s the rationale behind why lenders look at self-employed borrowers more stringently. Lenders request both personal and or corporate returns from…

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

Should you buy & build or buy a single family home?

By Scott Sheldon / June 23, 2019

  Purchasing a house is representative of so many different things in life depending on who you ask. Buying a lot and constructing is a monstrous project requiring long-term planning. Here’s some things to consider if you’re trying to weigh out the options… Let’s first look at the example of building home. Building a home…

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