New changes coming to Fannie Mae’s automated underwriting system June 25 could change the way you get a mortgage. Here’s how… Fannie Mae has announced the way they look at credit is about to change for all loan applications dated June 25, 2016 or after. Lenders use Fannie Mae’s automated underwriting system (Desktop Underwriter) for…
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When the time homes to buy your first home, you will have options galore. Here’s how to decide if you should purchase a single-family home or a more affordable condominium unit. Undoubtedly, buying a home is without doubt the largest financial decision you’ll probably make in your lifetime. It is critical to make sure the…
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It is no secret getting approved for a mortgage loan requires a fair amount of paperwork. Here is what you should know if there if there is anything questionable in your past… When you apply for a mortgage for the first time or you’re a little rusty on the process, it’s reasonable to expect some…
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Buying home is probably the largest financial transaction you will ever do life. Where you store your down payment funds can mean difference between a smooth or dicey process… Buying a home does require a down payment of at least 3.5%. While there are programs which require no money down, most have more restrictive income…
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Is the house in fair condition a good bet? Here are some things to consider if the affordable home you’re eyeing needs some work. The first thing to consider when buying a home is location. Location, location location is the credence held by most real estate experts. The reality of the market; true fixer homes…
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How you plan and budget your finances can have a big affect on whether or not you can qualify for a home loan. Following is what you should know if you’re trying to spruce up your financial picture for a mortgage… Not all debt is created equal. For sound financial planning purposes eliminating the expenses…
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How’s your income? This is the first of many questions a banker is going to ask when you apply for a home loan. Here is how tax returns play a role in your ability to obtain mortgage loan financing. Generally, you need provide two years of 1040’s to a banker when applying for a home…
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Obtaining financing to buy a home is undoubtedly a process of documenting, explaining and documenting some more. Here is how a car lease can be a hurdle for home buying plan. Work-around options… What You Pay Counts When you apply for a mortgage loan, a mortgage broker is going tally up total payments you make…
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