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…
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…
Family Members & Parents take heed- if you plan to help your family purchase a home, transferring money around could impede their home buying chances. What you need to know… Donor Funds Must be documented, sourced and paper trailed. Let’s say you’re helping your daughter buy her first home. The amount you plan to give…
Planning to apply for a mortgage? If you have an authorized user account reporting on your credit report, it could spell financial trouble if you’re applying for a home loan. Here’s the skinny… Authorized User Credit Accounts An authorized user account, is when another party adds you onto their credit account i.e a credit card,…
Ever here one of those stories in the break room how getting a mortgage is difficult? “I had to jump through so many hoops to get my mortgage, it was ridiculous. They keep asking me for financial information, I swear I already provided them.” Reality check-obtaining a mortgage is no easy feat these days no…
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…