Purchasing a home can be tricky if you have a home to sell first. For many, the opportunity to purchase a new home can only come from the sale of the home they currently own. Here are some tips to help navigate hurdles of buying a home when going in “contingent”. You want to purchase…
Qualifying for a mortgage involves: an acceptable credit score, sufficient assets and stable income. These are to show you can support a mortgage payment, plus other liabilities. You must have a balance of all three to successfully qualify for financing. The following is what you must know when trying to qualify with “paper losses” on…
If you are trying to get a mortgage, or have tried in the past, you know the process is detailed and very paperwork heavy. The following is what you should know and stay clear of. Banks do not take kindly to situations that involve scenarios that do not make sense. It has to pass…
Are you looking to afford a mortgage? A 50 year mortgage may be an option, but here are some things to consider when looking at a long mortgage term. These loans are not bought and sold by Fannie Mae or Freddie Mac. They are smaller banks and portfolio lenders that offer unique financing and as…
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…
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…
Great question and one that should be handled with the utmost care and integrity. First you need to get prequalified. You need to have a conversation with a mortgage professional about your credit, debt, income and assets. After determining you qualify to purchase a home, the lender would ask you to submit a loan application…
Yes, lenders will need full supporting documentation showing cash to close and/or savings in the bank necessary for qualifying on whichever loan program you are working with. Expect lenders to require at least two months of bank statements on any monthly account, and most recent last two quarters on any quarterly accounts same goes for…