Pay Uncle Sam and qualify on paper, short Uncle Sam, risk your mortgage loan application. Gambling your financial future, by saving a few bucks isn’t worth the risk. Following Actions That Halt Your Loan Application If you are a W-2 employee… Then…. Taking expenses you incur in the course of your job as a write…
Planning to finance a house in 2014? Had a previous short sale? Pay very close attention to your credit report. There is a crediting report status that indicates foreclosure and if not handled correctly, will derail your loan attempt. Short Sale Or Foreclosure? Short sale-involves selling a house for less than what is owed. For…
Lenders will classify you as a wage earner employee or self-employed. How file your taxes in accordance with your percentage of business ownership could classify you as self-employed even though you are an employee. Lending Income Buckets Bucket 1 Employee-individuals receive an annual W2 of their earning and receive paycheck throughout the year…
You heard it correctly, your credit card don’t have balances, yet your mortgage application can still be in jeopardy. Here’s what mortgage lenders and brokers run into when you have credit card payments… Many consumers are responsible, they use their credit cards for various monthly purchases and then pay each credit card off in full…
The FHA announced they are reducing loan limits for 2014 in high-cost areas in an effort to scale back their role in the housing market. Looking back to 2008, financial markets depressed in the aftermath of the meltdown, economy on the verge of recession, enter loan bailout- the Federal Housing Administration. This direct government involvement…
Real estate investors get targeted the most by multiple finance property restrictions the majority of mortgage lenders enforce. To set the record straight a multiple financed property situation is when there is more than four financed residential properties by anyone borrower/consumer. Multiple finance properties include every other residential property with debt- beyond the borrower’s primary…
In the last few years, many consumers bought homes with low down payments and have seen a dramatic rise in their home-equity-opening the door to trade up to more a desirable homes and/or locations. Perhaps the family is expanding and or timing is right to trade up. As attractive as the concept sounds, due to…
Home-equity has reappeared for many Sonoma County homeowners, making home improvement projects a reality. Redoing the kitchen, adding on a bathroom, how about replacing the roof? All of these and can be a pricey investment. Here are three ways to cut the mustard… Top 3 Loan Solutions Home-equity line of credit a.k.a. HELOC– the program…