Buying a primary home? The 20% down rule is yesterday’s news. More down payment options exist, including both government and private sector alternatives, allowing more flexible choices. Don’t be fooled however, as most of the programs that allow for less than 20% down include PMI, an added premium built into the mortgage payment. If you…
You have a great credit score, manageable debts, solid income even have cash ready to go, but you still can’t a mortgage. Want a lender to count your second job income? Know these lending stipulations… How Lenders Classify Second Job Income A second job is usually classified as an additional income when qualifying a consumer…
Announced in 2013, the FHA Back To Work Program allows a buyer repurchase a primary home again just 12 months after a foreclosure, short sale or a deed in lieu of foreclosure. Extended through September 30, 2016, program aims to fulfill a lofty goal-offering families a second chance at homeownership. The proof however, is in the…
Condominiums make an affordable alternative to purchasing a single-family home. As prices continue to rise in Sonoma County and Santa Rosa, purchasing a lower-priced condo makes for an attractive choice in pursuing home ownership. Quick Terms PITI– an acronym for principal, interest, taxes, and insurance. This is also your total mortgage payment which includes the…
House hunting? If your appetite for a turnkey renovated home is a flipped house, you may end up jumping through more hoops to close escrow. What Is A Flipped Home? A flipped property is a situation where the house is acquired usually by a real estate investment company (also could be an individual) and is re-offered…
A judgement, a court ordered nightmare that if not handled correctly can make getting a mortgage loan much more stringent than it otherwise needs to be. What you’re lender will want want… Quick Terms To Know Judgment-a court ordered debt that can arise from a number of factors, a lawsuit, a divorce, business dispute to name…
What Are Disputed Credit Accounts? *Credit Accounts (that report on the credit report) in which there is disagreement about any material item like balance, interest rate, payments are most common, any aspect of the agreement between a borrower (creditor) and lender (debtor). Includes: Disputed Charge-off Accounts (charge off shows a due debt, but no payment due)…
The standard set by the lending industry is three credit scores are needed for obtaining a mortgage. Reality? That requirement is no longer the ‘benchmark’. Securing a mortgage without three credit scores is doable, here’s how.. Credit Score Per Bureau The basis for how lenders view the credit, is the degree of likelihood of a…