The Mortgage Files

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

Family standing outside their new suburban home, smiling and celebrating homeownership made possible through a no down payment FHA program

How to Buy a House Without Income Limits or Government Red Tape

By Scott Sheldon / December 25, 2024

If you’re looking to buy a house but want to avoid the income limits and red tape often associated with traditional down payment assistance programs, Security National Mortgage Company (SNMC) offers a solution. Their unique FHA program allows you to buy a home without the usual restrictions, making it easier to achieve homeownership. This program…

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Should You Lock or Float Your Mortgage Rate? Here’s What to Consider

By Scott Sheldon / December 11, 2024

When you apply for a mortgage, one of the key decisions you’ll need to make is whether to lock in your interest rate or let it “float.” This choice can impact your monthly payment and your overall financial comfort, so let’s explore both options to help you decide. What Does It Mean to Lock Your…

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Here is a formula to use to determine how much you might qualify for

Here is a formula to use to determine how much you might qualify for

By Scott Sheldon / July 24, 2024

Calculating Your Monthly Income for a Sonoma County Mortgage If you’re a first-time homebuyer in Sonoma County, knowing how to calculate your monthly income and determine your purchasing power is essential. With today’s mortgage rates around 6.5%, having a clear understanding of what you can afford is crucial. This guide will help you with the…

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Navigating FHA Loans for Multifamily Properties: What You Need to Know

Navigating FHA Loans for Multifamily Properties: What You Need to Know

By Scott Sheldon / July 16, 2024

One of the biggest challenges in securing an FHA mortgage for a multifamily property is the sustainability test, a crucial factor that most banks and lenders don’t discuss upfront. Here’s what you need to know if you’re planning to buy a multifamily property with FHA financing. FHA Loans for First-Time and Move-Up Homebuyers As a…

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Should You Buy a Home with a 401(k) Loan or Down Payment Assistance?

Should You Buy a Home with a 401(k) Loan or Down Payment Assistance?

By Scott Sheldon / June 26, 2024

Buying a home is a significant financial decision that requires careful planning and consideration of various financing options. Two common methods prospective homeowners might consider are borrowing from a 401(k) and utilizing down payment assistance programs. Each approach has its benefits and drawbacks, and understanding these can help you make an informed decision tailored to…

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