When it comes to buying a home, most people focus on credit scores and down payments. Those two things matter—but if you ask any experienced loan officer what really determines how much home you can afford, the answer is simple: income. Income is the engine behind your buying power. It determines how much a lender…
Not every borrower fits neatly into a conventional mortgage box. In fact, as homeownership has become more dynamic and diverse, so too have the mortgage options available. If you’re self-employed, an investor, or someone with complex income streams, there’s good news — you’re no longer out of luck. There’s been a significant rise in non-QM…
’ve done everything right. You sent your documents to the lender, got preapproved, and now you’re actively house hunting. Maybe it’s been a few weeks since you got your initial FHA preapproval. You’ve seen some homes, made a few offers, but nothing has gone into contract yet. Then, you hear the question: Should I switch…
If you’re trying to buy a home, you’re preapproved, and you’ve been making offers, but you keep losing out because you have multiple offers, here are some things you need to consider. 1st things 1st, this is provided that your loan is fully intact, that you are well qualified, and that the loan essentially is…
Are you trying to qualify for mortgage financing? Giving a “scenario” to a lender without actually providing thorough financials and pulling credit is a recipe for disappointment. Here is what you really need to know about today’s lending world to make sure you get real information. Today’s mortgage world is a very compliant and bureaucratic…
One mortgage loan program popular in the last few years is the USDA loan. The program allows for you to buy a home with no money down and low monthly mortgage insurance. Here’s what you need to know if you’re interested in this type of financing. What the program entails The US Department of Agriculture…