The Mortgage Files

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

mortgage for manufactured home

How to get a mortgage for a manufactured home without mortgage insurance

By Scott Sheldon / December 23, 2016

If you own a manufactured home, or if you are looking to purchase one, here is what you need to know when it comes to mortgage loan financing: Manufactured homes are not the same thing as modular homes. Manufactured homes are constructed, purchased at a dealer, and then moved to their final destination where they…

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5 things that will kill your home purchase

5 things to avoid after you sign a purchase contract to buy a home

By Scott Sheldon / December 13, 2016

Shockingly enough people still do the things that can cause themselves heart ache when buying a home. Here’s what you need to know plan on buying a home… Your ability to buy a home rests on the numbers and documentation your mortgage lender has. If there is a change in any of these things, your…

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Should you go Fha or Conventional?

Should you go FHA or Conventional?

By Scott Sheldon / September 21, 2016

FHA loans and conventional loans remain the most popular financing type for today’s mortgage borrowers. Here’s how to determine which program makes the most financial sense for you… FHA loans are insured by the Federal Housing Administration. The program contains two forms of mortgage insurance; an upfront mortgage insurance premium calculated at 1.75% of the…

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fannie made change to home appraisal covid_19

Why harp refinances are dwindling

By Scott Sheldon / August 18, 2016

One of the financial programs aimed at homeowners wishing to refinance in the economic downturn was Making Homes Affordable Harp 2. The program to this day allows people to refinance even if they are underwater. Here’s what you should know about this program… How the program works If you took out your loan May 31,…

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6 common mortgage loan scenarios you cannot circumnavigate

3 things you must have for a mortgage loan

By Scott Sheldon / August 4, 2016

If you’ve never bought a home before or it has been many years since your last mortgage transaction, you’ll need to freshen up on the basics. What lenders look for… The 3 c’s Cash-this one is a biggie. You need to have cash to buy a house pure and simple. Gone are the days of…

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THE REALITY OF DOWN PAYMENT ASSISTANCE

Is down payment assistance worth it to a buy a home?

By Scott Sheldon / June 6, 2016

If you’re looking to buy a house with little or no cash your options may be limited. Here is what you need to know to get your foot in the door, successfully… Down payment assistance programs Down payment assistance can be sponsored by a local state or government entity or entity grant. Essentially, down payment…

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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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mortgage after loan modification

Mortgage after loan modification? Here’s how…

By Scott Sheldon / April 19, 2016

One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications were often a short term solutions banks used for homeowners facing delinquency, income changes, or loss of home-equity. If you’ve had a loan modification in your past here’s what you need to know… What is a loan modification? A loan…

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