The Mortgage Files

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

How changing your preapproved amount may affect your home buying chances

By Scott Sheldon / December 26, 2021

So, you’re looking to purchase a house, you’re preapproved, and you’re on the home search. You and your realtor are going out on nights and weekends looking at homes and deciding if the house is the right fit for you and your family. Here’s some following information you should be aware of as it relates…

How to purchase a house with a partial down payment

By Scott Sheldon / December 12, 2021

How do you buy a house with not quite enough money? Contrary to popular belief you can buy a house even if you don’t have enough money to do it. It’s a little technical but it’s going to require you, your realtor, and your lender to put your heads together. Here’s how it can be…

The new credit score you need to get a mortgage

By Scott Sheldon / November 28, 2021

It was recently announced there’s a credit score change to conventional loans. This credit score change is now shaping the way families can procure a mortgage. If your credit score needs a little bit of love, and where you should be concerned about your credit score.  FHA mortgages require a 580-credit score with most banks…

Your choices if you’re self employed and you don’t show enough income for a mortgage

By Scott Sheldon / August 8, 2021

Mortgage companies use your net income from your tax returns to qualify you. The excuse my accountant won’t let me do that, or I have to pay more taxes is incongruent with mortgage loans. Here is what you need to know… Part of being an entrepreneur is also bearing the costs that come with it…

Why purchase price should secondary to this one thing when buying a home

By Scott Sheldon / August 1, 2021

Here is the number one thing you need to be concerned about when buying a house and it’s not the purchase price… For people buying a house, the prospect of the market being over-inflated, the market being too high, or the purchase price of the house being too much those are all concerns however, there’s…

How to spruce up your offer to buy a home

By Scott Sheldon / May 18, 2021

Let’s say if you are in the market to be buying a home in the current environment here some things you might want to be aware of with regards to acting on a house that’s within your budget… Let’s say as a result the house you could afford is say $650k. For whatever reason, you…

Should you buy an existing home or build a new one?

By Scott Sheldon / April 28, 2021

In this environment, it’s no easy feat to get your foot in the door with real estate. You really have to avenues buy a house already in existence or build a new one. Here’s the skinny on both… Building a home  Building a house is not for the faint of heart.  It requires a considerable…

How much money you need to purchase a home

By Scott Sheldon / April 21, 2021

The old adage you need 20% down to buy a home these days couldn’t be further from the truth. Contrary to popular belief, you only need a very small down payment to be successful in purchasing a home. 20% down is the old school mantra of lending however if you can put down 20% your…