You have a great credit score, manageable debts, solid income even have cash ready to go, but you still can’t a mortgage. Want a lender to count your second job income? Know these lending stipulations… How Lenders Classify Second Job Income A second job is usually classified as an additional income when qualifying a consumer…
Read MoreUnlike in years past, the Sonoma County Real Estate Market continues to show strong appreciation gains. Homeowners who were upside down in 2011-2012, now have home-equity as the demand for real estate continues, despite stale inventory. If you own a house, you now have choices to protect, preserve or leverage your newly acquired home-equity. 6 Mortgage Options…
Read MoreHouse hunting? If your appetite for a turnkey renovated home is a flipped house, you may end up jumping through more hoops to close escrow. What Is A Flipped Home? A flipped property is a situation where the house is acquired usually by a real estate investment company (also could be an individual) and is re-offered…
Read MoreOn January 10, 2013, the Consumer Financial Protection Bureau unveiled new rules to help protect consumers from unscrupulous mortgage lending. These rules implement underwriting criteria what constitutes a “qualified mortgage”. As long as the mortgage lender meets certain criteria, the consumer cannot sue a lender for not verifying income, providing a loan to a consumer…
Read MoreIf you are in the market for a mortgage refinance or home purchase, plan to pay more if you are borrowing more than the conforming loan limit. The national conforming loan limit for the best mortgage rates is $417,000 extending through December 31, 2013. If your loan is up to $417,000 or lower, generally you’ll…
Read MoreHow to select the right mortgage company for competitive rates. Choosing the right mortgage company to handle your loan is much easier said than done. Mortgage companies have so many designations, “mortgage broker”, “mortgage lender”, “mortgage bank” and then there’s individual banks and local credit unions. Begin by understanding the differences between the various mortgage…
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