Credit scores play a vital role in your ability to get a home mortgage. Here’s what you need to know if you are applying with a low credit score… First things first credit scores are used to predict the likelihood of a payment default in the next 60 days. A lower credit score will result…
Been turned down for a mortgage recently? Fear not, this recent change to conventional mortgages just made your chances of qualifying easier. Here is the latest … Fannie Mae recently changed their policy regarding restructured loans virtually eliminating many roadblocks. Fannie Mae had extra credit requirements in place for borrowers who had restructured mortgages in…
Looking to finance a big mortgage? Here’s some tips you can take to the bank… Most jumbo investors still have tight credit guidelines. Jumbo loans are any residential mortgage sizes greater than the county high balance loan limit. In Sonoma County, CA the maximum loan size for a single-family home is $554,300 making anything larger…
Just because the bank will let you buy more does not mean you should. Be a well informed home buyer by taking the following tips into consideration when making the big ticket decision… Banks are for profit. They make money by making loans and it is up to you the consumer to decide when, how…
Ever work with a mortgage company to later on find your loan won’t work, and another delivers? There’s a reason for it. Here’s what you should know about mortgage companies. The Consumer Financial Protection Bureau has safeguards in place to make sure mortgage companies operate off of a level playing field with consumers. The level…
You’re preapproved; suddenly a home matching your criteria pops up on the market. Then it hits you, the house needs a ton of work. Here are things to consider when the house you’re trying to buy house needs tender loving care… The reality is resale homes may need work including everything from a new roof,…
New changes coming to Fannie Mae’s automated underwriting system June 25 could change the way you get a mortgage. Here’s how… Fannie Mae has announced the way they look at credit is about to change for all loan applications dated June 25, 2016 or after. Lenders use Fannie Mae’s automated underwriting system (Desktop Underwriter) for…
One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications were often a short term solutions banks used for homeowners facing delinquency, income changes, or loss of home-equity. If you’ve had a loan modification in your past here’s what you need to know… What is a loan modification? A loan…