The Mortgage Files

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

How earning more income affects your ability to buy a home.

How earning more income affects your ability to buy a home

By Scott Sheldon / April 3, 2023

If you’re thinking about purchasing a house, it’s not just your credit score and your down payment that counts, it’s also your income, as your income drives affordability. How much income you generate is going to determine whether you’re able to buy a home. Here are some things to know about income when buying a…

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5 ways ypu will not get a home loan

5 ways you will not get a home loan to buy a home

By Scott Sheldon / February 26, 2023

Most people given a choice would desire to purchase a home, arguably, given their financial situation, and their ability to handle a monthly housing payment. Oddly enough, there are times from a lender’s perspective you might not get a home loan and it has nothing to do with your credit score, credit, history, income, or…

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how DSCR Loan work to buy rental homes

Why you might want to consider a DSCR loan to buy a rental property

By Scott Sheldon / January 22, 2023

What is a DSCR loan and how can this type of financing help you purchase a rental property portfolio? In Q3 2022, the DSCR loan emerged as a viable option for investors looking to buy a rental property who need a bit more flexibility than traditional loans backed by Fannie Mae and Freddie Mac. DSCR…

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mortgage loan program for 1st time buyer

How to get a first time home buyer program

By Scott Sheldon / September 5, 2021

Buying your first home requires careful consideration of your cash, credit, and income. A first-time homebuyer is anyone who has not owned a house or any real estate in the last 2 years. Here’s what you need to know… The reality of it is that there aren’t any special first-time homebuyer programs out there in…

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profit and loss self employed mortgage

How your profit and loss statement may affect your mortgage application

By Scott Sheldon / August 22, 2021

If you’re self-employed you need to know that lenders are going to ask for a profit and loss statement year to date. Here’s what it is and why it’s needed if you’re self-employed and you’re trying to get a mortgage… If you’re trying to secure home financing whether you’re buying a house or refinancing one…

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income to show you are self employed

Your choices if you’re self employed and you don’t show enough income for a mortgage

By Scott Sheldon / August 8, 2021

Mortgage companies use your net income from your tax returns to qualify you. The excuse my accountant won’t let me do that, or I have to pay more taxes is incongruent with mortgage loans. Here is what you need to know… Part of being an entrepreneur is also bearing the costs that come with it…

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Tax Return Debt and Mortgages

Why not paying your self employed tax debt may cost you a mortgage  

By Scott Sheldon / June 28, 2021

When you’re self-employed and you’re looking to get a mortgage it’s super important that not only you file the right amount of income, but you also pay whatever debt is associated with the income you report, that is if you want to get a mortgage loan…If you’re self-employed and looking to buy a house or…

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make an offer to buy a home

Why you should not hesitate on making offer to buy a home

By Scott Sheldon / May 12, 2021

Let’s say if you are in the market to be buying a home. In the current environment here some things you might want to be aware of with regards to acting on a house that’s affordable and within your budget… You have found the family home that you could afford and it is priced at…

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