The Mortgage Files

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

Here's a strategy to buy a home and set up a future refinance

Here’s a strategy to buy a home and set up a future refinance

By Scott Sheldon / December 3, 2023

For families looking to purchase a home, good news has arrived interest rates are slowly starting to descend. As time goes on purchasing power for family’s home searching will rise. So, the benefit of this is a lower monthly payment, potentially qualifying for a larger priced home by market forces. Here are some things to…

Read More
Here’s how to buy a house even if you think your income may not qualify

Here’s how to buy a house even if you think your income may not qualify

By Scott Sheldon / June 18, 2023

If you’re looking to get prequalified to buy a home, one of the main elements, a lender will use to determine your ability to afford that home is your income. Your gross monthly income from your W-2 wages or your net income from your tax returns is what the lender will use as a basis…

Read More
fha rule mortgage loan

This FHA lender rule could be problematic for your mortgage

By Scott Sheldon / March 26, 2023

If you’re applying for a residential mortgage loan and you’re looking at an FHA loan to purchase or refinance a home this lender requirement could be problematic for you as it relates to qualifying… All FHA Mortgage Lenders in the United States use a system by Hud called FHA Connection.  Its database is used to…

Read More
Scott Sheldon's The Mortgage FIles Blog

FHA Mortgage Insurance Premiums reduced by 30 basis points-what this means for consumers

By Scott Sheldon / March 5, 2023

For folks looking to purchase or refinance a home with the FHA Loan, the Federal Housing Administration has just announced a reduction to their private mortgage insurance premiums by 30 basis points. This is a step in the right direction to help drive home ownership. Here is what this means for your bottom line… Presently…

Read More
how to refinance 2nd mortgage

Is is a second mortgage making your refinance harder? This tip may help…

By Scott Sheldon / May 7, 2020

Mortgage lenders sometimes take an overly gun shy approach to how a mortgage loan is originated. One such example of this is if you have a first and a second mortgage on your home. Let us say your goal is to refinance and to not get any money out but just combine the first and…

Read More
2020 Conforming Loan Limits Increaase

New loan limits for 2020 makes getting a mortgage easier

By Scott Sheldon / December 1, 2019

The Federal Housing Finance Agency which oversees loans bought by Fannie Mae and Freddie Mac announced to change to the conforming loan limit last week. Here’s what the change means for you… Every year the Federal Housing Finance Agency releases its loan limits for the next year. Over the last 4 years, the agency has…

Read More
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”…

Read More
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…

Read More