How’s your income? This is the first of many questions a banker is going to ask when you apply for a home loan. Here is how tax returns play a role in your ability to obtain mortgage loan financing. Generally, you need provide two years of 1040’s to a banker when applying for a home…
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You may want to rethink taking those extra deductions to minimize your tax liability this year if you plan to get a mortgage. Writing off expenses you incur as a W-2 employee can have lasting negative repercussions on your real income, an anchor component of how home lenders determine your creditworthiness… IRS Form 2106 You…
Read More Banks want you to believe getting a these days is easier and that may be case if, you’re financial house is in order. Here is what you need to know about how to plan for the nuances, that may illogically arise… The reality is that if you’re going to be getting a mortgage in today’s…
Read More Had a previous bad credit event? Don’t have two years in the same field? Income not three times your proposed payment? Fear not, when your financial picture doesn’t fit the box, here’s how you may still qualify some lenders… To get a mortgage, you must have the four pillars lenders use to frame together a…
Read More If you have been turned down for a mortgage or quoted rates and fees that seem too high, you may have some homework ahead. The minimum credit score to land a mortgage is 620. If you have the capacity, and are in the position to do so, these credit actions may help save your credit…
Read More Buying can be considered simplistic, in a broad sense, income is used to offset a mortgage payment (a liability). One of the biggest obstacles home buyers will continually face despite market swings is showing enough income to offset other payment obligations (consumer debts) as well as a proposed housing payment. When these numbers don’t add…
Read More Announced in 2013, the FHA Back To Work Program allows a buyer repurchase a primary home again just 12 months after a foreclosure, short sale or a deed in lieu of foreclosure. Extended through September 30, 2016, program aims to fulfill a lofty goal-offering families a second chance at homeownership. The proof however, is in the…
Read More Condominiums make an affordable alternative to purchasing a single-family home. As prices continue to rise in Sonoma County and Santa Rosa, purchasing a lower-priced condo makes for an attractive choice in pursuing home ownership. Quick Terms PITI– an acronym for principal, interest, taxes, and insurance. This is also your total mortgage payment which includes the…
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