The Mortgage Files

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

how to time when to buy a home

This FHA requirement might hurt your multi unit home buying chances

By Scott Sheldon / September 13, 2019

One of the perks of getting an FHA mortgage is the ability to purchase a primary home using just 3.5% down. The math however will change if you’re buying a multi-family property… You heard that correctly. You can buy a multifamily property using an FHA-insured loan up to four units with just 3.5% down. The…

Read More
fannie made change to home appraisal covid_19

Why getting a 30 year fixed rate mortgage is a smart financial move

By Scott Sheldon / November 14, 2018

If you’re purchasing or refinancing a house the 30-year fixed-rate mortgage was and is currently the staple of the broader mortgage market. The 30-year mortgage has its pros and cons and here is what you should know when looking at a 30-year mortgage, so you can decide what makes the most financial sense for you.…

Read More
why you should not buy a home

3 reasons you should not buy a home

By Scott Sheldon / September 10, 2018

With the average price house in Sonoma County being $640,000 many probably would want to purchase a house however wanting to purchase a house and being able to do it are two different things. Following things should be considered if you want to buy a house successfully… The most important thing is can you afford…

Read More
Little lending nuances to get a mortgage

These little lending nuances may help you land a mortgage

By Scott Sheldon / June 26, 2018

Getting a mortgage in 2018 there is a bureaucratic and compliant process with a significant amount of paperwork involved. Following is some tips on various loan programs available in the marketplace you may not know… Conventional mortgages they will go up to a debt to income ratio of 50%. Here is the kicker if your…

Read More
How to get a mortgage if you've been furloughed to do to COVID_19

Going backwards trying to save for a home?

By Scott Sheldon / March 23, 2017

  Do you need help saving to buy a house? What you think you need and what you actually need may not be the same. Here is what you should know when saving for a home. In order to purchase a home, you need at least 3.5% for a down payment. Another option is Down…

Read More
doctor's loan

Are you a physician? Getting a mortgage just got easier…

By Scott Sheldon / November 2, 2016

One of more unique ways borrowers in the health care industry can get a mortgage is the doctor’s loan. Here’s how the flexible program works… One of the benefits of being a physician when it comes time to getting a mortgage is having more financial flexibility. This can help bridge the gap between renting and…

Read More
Little lending nuances to get a mortgage

How to figure out closing costs on a mortgage

By Scott Sheldon / September 27, 2016

Closing costs are a factor you must account for consider when taking out a mortgage to buy or refinance a home. Here’s what you need to know across the board… When can you take out a mortgage there’s fees that you’re going to pay to various service providers besides just the mortgage company. This includes,…

Read More
number 1 mistake when getting a mortgage

What to do if you need last year’s income tax returns to get a mortgage

By Scott Sheldon / January 13, 2016

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…

Read More