Low down-payment loans have been around much longer than most people realize. 2008 was the re-emergence of the FHA, only requiring 3.5% down. Today loans backed by the government requiring even less down are becoming popular. Here’s what you need to know if you’re working with a low down-payment loan to purchase a home… Low…
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…
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…
It is no secret the cost of housing is expensive. Rising rents, and a strong real estate market, make it harder for first-time buyers to get a piece of the American dream. Buying a home means getting yourself credit worthy in these four areas: Credit Debt Income Assets If you do not know where you…
Yes, in fact if you took out an FHA mortgage in 2013 or 2014, your mortgage insurance premium on an annualized basis was likely upwards of 1.3% of your loan amount driving the cost of your monthly PMI higher On January 26, 2015, the FHA announced they will be reducing the monthly mortgage insurance premiums…
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…
As many now know, the Making Homes Affordable Program aka Harp 2 Refinance allows people to refinance if their loans are owned by Fannie Mae or Freddie Mac, with out any loan-to-value restriction. Successfully refinancing any occupancy home despite being underwater is quite common these days under this program. While this program, is helping many…
Ever been enticed by via low mortgage rate only to find out you don’t measure up to the credit standards of that particular lender? Unfortunately it happens every day. The good news only 40% of people cannot qualify, that means there is 60% of the people who can. Nevertheless, following are common way your loan…