The Mortgage Files

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

Can you get a mortgage with bad credit?

Can you get a mortgage with bad credit?

By Scott Sheldon / January 9, 2020

Many mortgage companies along with the internet would have you believe getting a mortgage with bad credit cannot happen. It is true the process will be more difficult and challenging, but it is not impossible. If your desiring to refinance your property or buy a home with less than perfect credit the following information will…

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Tax Forms and Tax Losses

Tax return losses may hurt your mortgage chances

By Scott Sheldon / May 23, 2017

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…

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Mortgage Word Cloud Art

Why an FHA loan may be a suitable choice

By Scott Sheldon / April 28, 2017

 FHA loans have gotten a bad rap in the last few years. Here is the Granddaddy Truth about FHA loans, you should really consider if you are looking for mortgage options! FHA loans are another option you can take as a borrower, to help you accomplish your financial goal. The Federal Housing Administration ensures the…

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Strange things that will stop your mortgage

Strange things that will stop your mortgage application

By Scott Sheldon / April 19, 2017

  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…

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why your mortgage goals why not happen

Is a 50 year mortgage a good move?

By Scott Sheldon / March 16, 2017

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…

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auto loan payment to income for a mortgage

Can I Refinance My FHA Loan?

By Scott Sheldon / February 10, 2015

Yes, in fact if you took out an FHA mortgage in 2013 or 2014, your mortgage insurance premium on an annualized basis was likely upwards of 1.3% of your loan amount driving the cost of your monthly PMI higher On January 26, 2015, the FHA  announced they will be reducing the monthly mortgage insurance premiums…

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Scott Sheldon's The Mortgage FIles Blog

Do I Need To Provide Bank Statements For Getting A Sonoma County Loan?

By Scott Sheldon / January 21, 2015

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…

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Scott Sheldon's The Mortgage FIles Blog

FHA Mortgage Insurance Premiums Now .85%

By Scott Sheldon / January 15, 2015

The mortgage insurance premiums on FHA loans has now been reduced .85%. This represent more borrowing ability for mortgage consumers looking to purchase or refinance their homes. On a loan of $300,000 that’s an annual reduction of $1350, or $112.50 per month respectively. Thinking about refinancing your current FHA loan from a few years ago? …

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