Credit scores are incredibly important when secure a mortgage financing. They are however only one leg of a four-leg table. Here’s what to remember about credit scores and home loans. *Credit scores for jumbo mortgages need to be at least 680 or more *Credit scores can be as low as 620 for a conforming loan…
With the proliferation of new home buying programs being introduced into the market consumers today have more choices for securing financing than ever before. Here is how to pick what mortgage loan program for your unique financial profile… Know this-take peoples thoughts and opinions with a grain of salt. Before you start looking at loan…
Buying a home whether it be your first home or even a second home should be done with prudence and care. You should be looking at homes that you have a shot of getting. Here’s why… In many markets, there is a lack of supply and big demand for housing. This scenario is creating multiple…
Here is what most banks and mortgage companies will not tell you. If you have a bad credit score they don’t want your business. It’s the truth. Every financial institution wants borrowers with good credit, a healthy down payment, a stable job and low manageable debts. The reality is that most people don’t fit the…
The right time to purchase a home is different for every consumer. Following are some reason why you may want to pull the trigger sooner rather than later. In most areas throughout the country over the last 30 years anyone who has bought a home and held it for a 10 year cycle has done financially…
Fannie Mae recently announced changes to its debt-to-income ratio policy, increasing its allowance from 45% to 50% starting on July 29th. Here is what that’s going to mean for mortgage borrowers going forward… A debt-to-income ratio is the benchmark tool lenders use to determine a borrower’s ability to repay. Such things as minimum payments on car…
Low down-payment loans have been around much longer than most people realize. 2008 was the re-emergence of the FHA, only requiring 3.5% down. Today loans backed by the government requiring even less down are becoming popular. Here’s what you need to know if you’re working with a low down-payment loan to purchase a home… Low…
Dodd Frank is the financial overhaul that took place a couple of years ago in the aftermath of the financial crisis. The House of Representatives on Thursday, June 18, are advancing a bill known as the Financial Choice Act putting into motion a series of events that may lead to the demise of Dodd Frank.…