Fannie Mae and Freddie Mac have a very conservative calculation when it comes to using rental income to qualify. Here’s what you need to know if you’re getting an FHA mortgage and you have mortgaged rental property… Fannie Mae and Freddie Mac’s mortgage calculation of use net income is super conservative and will make your…
5 quirky refinance scenarios that work In the last few years mortgage lending guidelines have begun to loosen as the broader economy is stronger now that the recession has past. Following refinance scenarios are eligible for financing… Cash-out refinancing followed by cash-out refinancing just six months after. You heard that right you can do a…
The Federal Housing Finance Agency on November 28th raised the conforming and high balance loan limits for a Fannie Mae and Freddie Mac loans. Here’s what these changes will mean… Each year the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac reviews and evaluates changes on whether to keep the loan amounts…
6 people whose mortgage and housing advice ought to be taken with a grain of salt Buying a home or refinancing a mortgage is incredibly important financial decision that requires careful planning and good timing. Fact of the matter is everyone has their opinion about what you you should and should not do. Here is…
Co-signing is a way to help a family member or a friend get approved for credit. When you co-sign on someone else’s mortgage you are effectively lending a portion of your credit and income to help someone else qualify. Here’s what co-signing means when it comes time to getting a mortgage… If you have a…
Condo units are easier on the pocketbook than single-family residences. Condos offer home ownership at a fraction of the cost but like all real estate comes with different nuances. Here’s what you need to know when purchasing a condo unit… How much do you qualify for? This should be priority number one for all home…
Discount point are nothing more than upfront head you pay to purchase a lower interest rate and subsequently a lower monthly payment. In some case the you may not have a choice to pay discount points. Following are those ways… It is reasonable to assume when refinancing with a lower than 660 credit score on…
If you’re trying to refinance your mortgage you should know what the costs are really are going to be and how they play into the mathematical equation of the total picture. Here’s what you need to know when it comes to refinancing your house and paying fees… When you refinance your house your closing costs…