One of the perks of getting an FHA mortgage is the ability to purchase a primary home using just 3.5% down. The math however will change if you’re buying a multi-family property… You heard that correctly. You can buy a multifamily property using an FHA-insured loan up to four units with just 3.5% down. The…
Refinancing or purchasing a house requires an apple supply of cash, credit and income. Here’s what you need to know with regards to getting a mortgage loan with roommate income. Generally, to get a mortgage you cannot use roommate income to qualify. In the lending world this type of income is called border income. Most…
Should you buy a house with monthly mortgage insurance? Buying a home can be an expensive ordeal. You don’t necessarily need 20% down or more to purchase a house. Whether or not you should put more money down or less money down is going to depend on what your financial scenario supports and what you…
Buying a rental property may or may not help you qualify for financing. Here’s what you need to know to get the most amount of bang for your buck in when buying a rental… Fannie Mae and Freddie Mac have a formula that they take into consideration including depreciation, mortgage interest paid to banks, taxes,…
To buy a house you need to have at least a good credit score, provable income that supports your ability to repay the mortgage as well as sufficient reserves and a to use for a down payment. If you’re looking to buy a house here’s what you need to know if your credit needs tender…
Why your mortgage payment keeps changing. Consumers are often given little explanation by their bank on why their payments are due to a different company. When you take out a mortgage here’s what you need to know… The residential mortgage business in America has two sides; loan origination and loan servicing. Banks make many through…
Mortgage loan officers hear daily from consumers they don’t want their credit score pulled because they’re worried about their credit score dropping. Unfortunately, the internet is full of information providing an over abundance of information to consumers yet does a poor job of educating people. Most articles you will see online are nothing more than click bait…
You need to be on top of your game when getting a home loan. Your credit score is an integral part of being able to purchase a house or refinance a house. Here are some things to know when it comes to credit… The free credit score you get from Credit Karma or your bank…