One of the most common questions we hear from homebuyers has nothing to do with interest rates, credit scores, or down payments. Instead, it sounds something like this: “If my parents or grandparents help me buy a house, am I going to have to pay gift taxes?” The good news is that, in almost every…
Many people believe that a foreclosure, bankruptcy, short sale, or judgment means they will never qualify for a mortgage again. Fortunately, that is rarely the case. Life happens. People experience job losses, medical issues, divorces, business failures, and unexpected financial hardships. Mortgage lenders understand this, and most loan programs have established waiting periods that allow…
If you are thinking about buying a manufactured home, one of the most important details to understand is the year the home was built. That single factor can dramatically affect your financing options, interest rate, resale value, and even how easy it may be to sell the property later. Many buyers see an older manufactured…
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…