Had a previous bad credit event? Don’t have two years in the same field? Income not three times your proposed payment? Fear not, when your financial picture doesn’t fit the box, here’s how you may still qualify some lenders… To get a mortgage, you must have the four pillars lenders use to frame together a…
The days of needing 20% down to buy a home are long gone. To compensate, lenders charge private mortgage insurance as means to offset risk, driving up would-be borrowers’ mortgage payments. Here’s how you can buy a home with less than 20% down and still avoid dreaded PMI… Quick PMI Nuts And Bolts Private mortgage…
Looking to buy a home with a munchkin on the way? The details of your temporary leave may impact your ability to perform when you identify a home. Here’s what you need to know when taking a maternity leave of absence and how a home loan lender will view your income status… Current Income Or…
It is not by happenstance, that lenders place high importance on income, but rather microscopic compliance regulations imposed on them by the Consumer Financial Protection Bureau (CFPB). Have one or more alternative income source? Read on… A home loan lender is going to look at your income, as a means to offset a mortgage payment…
Your ability to purchase a home with financing is predicated on how much net income you have after all monthly debts. If you’re consumer liabilities absorb your income, particularly in credit card payments, you may have to put the brakes on the home search. Following is how even 0% interest credit cards may affect your…
Looking to purchase real estate other than a traditional cookie-cutter single-family home? If you’ve ever been told you can’t get residential mortgage financing on that oddball property, think again. While challenging as it may be to purchase an alternative property type with debt, it can be done. Here’s what you need to know if you…
In the compliant world of securing a mortgage these days, many are realizing explanations and full supporting documentation are now considered to be the ‘norm’. Lenders must validate a borrower really is who they say they are. One way a mortgage lender verifies a borrower’s identity is validating their Social Security Number. The catch? If…
Looking to finance larger loan size? If you plan on being in the market for a mortgage loan $417,000 or larger, your credit score along with your equity will play an important role in your ability to get approved for a jumbo sized home loan. What you’ll need to know if you’re looking for a…