Since April of 2016 FHA has required lenders to use the greater of 1% payment based on the balance of any outstanding student loan debt or the actual payment as reported on the borrowers credit report. With the cost of education only going up perspective homebuyers with $100K or more in student loan debt have…
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The Single Family Housing Guaranteed Loan Program is designed to assist households in obtaining adequate but modest, decent, safe and sanitary dwellings and related facilities for their own use in rural areas. Loans are limited to applicants with incomes that do not exceed state and local Rural Development (RD) median income limits and property that…
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Not all home buyers are alike. If you’ve had difficulty qualifying for a traditional mortgage, we have a smart option: a nonqualified mortgage. A nonqualified mortgage can be a great choice if you don’t meet traditional lending guidelines, opening up more options for you. You could qualify if you: • Are self-employed • Have fluctuating…
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Are you currently renting a home because you can’t afford a down payment? You might be eligible to receive government assistance in the form of a grant equal to 2% or 3.5% of the purchase price of your new home to cover your down payment. Down Payment Assistance may be combined with up to 6%…
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Protect yourself with a home inspection. When it comes to buying a home, the more you know about it, the more confident you can be in making the right decision. That’s why home inspections are a must for every buyer. Home inspections give you detailed information on the physical condition of the house and can…
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Get your income information sorted. • Gather at least two paystubs and two years of your W-2s and federal tax returns, including all schedules. It is ideal to be at your current employer for at least two years. • Ask your loan advisor about additional documentation requirements if you are self-employed. • Contact your loan…
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Individuals who are not so savvy to homeownership may face some confusion when paying their first couple mortgage statements. They first may be skeptical about why their statement not being serviced by the same financial institution that they signed so many documents with. Well… that’s not so abnormal. The truth is, most mortgages are sold…
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Here are a few important things to consider when making this major life decision: Understand your finances. • Talk to a professional loan advisor about your assets, debts, and credit history to see if you prequalify for a mortgage. Get your paperwork in line. • Your lender will require a lot of personal information to…
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SELLER CONCESSIONS WHAT ARE THEY AND SHOULD YOU ASK FOR THEM WHEN PURCHASING A HOME? The whole mortgage process can have many components. I’m going to address the closing costs area first. Closing costs are fees associated with your home purchase that are paid at the transfer of the property from seller to buyer. Some…
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To determine whether a borrower is credit worthy, lenders require borrowers to provide past and present financial documentation. The format of the documentation being submitted must be exact, providing evidence of the ability to repay your loan. Here are some things to know when preparing documentation to for a home loan. Core Documents for Preapproval…
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