Here is a previous post describing this exact situation, builders steering buyers into working with their lender. Know this- everything in a real estate purchase contract is negotiable, everything. No real estate agent, broker, or builder can dictate who you use for financing for your home purchase. That choice entirely yours to make. New home…
If you can find a cosigner for your mortgage, come programs include FHA loans and conventional mortgages, you could potentially qualify for a larger purchase price by taking on larger payment on a monthly basis. The other person has to provide a letter of explanation to the lender explaining specifically why they are willing to…
Yes, if the lender is requiring tax returns, then most likely the reason this is coming up is because there’s some link between your business tax return and your personal 1040s. In other words for every business you own, that files a corporate tax return then yes mortgage lenders underwriter is going to require each…
Unfortunately no not at this time. The minimum down payment to purchase an investment property is 20% down and this cannot be gift funds either, this has to be the borrower’s own funds. Don’t have the full 20% down needed to make the deal work?, Depositing the money into a bank account, letting it sit…
90% loan to value with 10% down or 10% equity whether that be a purchase loan or refinance mortgage, is the requirement for a second home or vacation property. The property will have to located in a resort area and because it’s less than 20% equity, a monthly escrow/impound account will be required for principal…
Because one of the big benefits of working for yourself again to write off expenses you incur in the operation of your business. Because of this, this counts against income or rather the income is reduced to offset the liability. In order to qualify for a mortgage there have to be enough income to offset…
This it depends on all four factors of creating a mortgage, credit, debt, income and assets. Assuming you have the necessary assets for down payment and/or reserves in the bank and your credit score is considered good, let’s look at the meat and potatoes, is there enough income to offset all monthly liabilities? How the…
Great question! This comes up very frequently. When you’re applying for a mortgage, most mortgage companies are going to require two years of stable job history explaining any job gaps from one job to another as well as doing a full two year history showing all dates of employment began and when employment ended during…