What is “mattress money?” It’s a funny term but it means funds that someone owns but does not have a paper trail. Let’s look at how mattress money can be viewed by a lender and how to document these funds. It’s a good thing to come across some extra cash. Maybe the sale of a […]
If you’re one of the fortunate who has access to the VA home loan program, first, thank you for your service. Second, the VA loan program is without a doubt the most competitive home financing option in today’s marketplace for those seeking to purchase a home with as little cash to close as possible. When […]
Real estate is one of the unique asset classes that appreciates over time while at the same time providing the owner a monthly dividend. Name any other investment that does the same. Active real estate investors seek out rental properties that point to long term appreciation while getting paid each month to own it, to […]
Here’s another loan program you might not have heard of before but could be an attractive option for you. It’s referred to by lenders as a “two-step” mortgage. It’s so called because the interest rate on the mortgage changes once at a predetermined point in the future. There’s the initial rate, or the first step, […]
The Federal Housing Administration’s housing finance programs, most commonly referred to as FHA home loans, provides lenders guidance regarding how to evaluate and approve an FHA loan application. FHA loans are one of three government-backed programs that carry some degree of lender compensation should a guaranteed loan ever go into default. With FHA programs, the […]
The time-tested mantra of “real estate is local” simply means that while homes are bought and sold every day, one market may be seeing higher valuations while in other areas, home values might be doing the opposite, for the very same type of properties. A four-bedroom 2 ½ bath in one neighborhood might be going […]
Surely the ideal loan program for those looking to come to their closing with as little cash as possible is the VA loan. There are only a couple of government-backed mortgages that do not require a down payment and the VA program is one of them. The other is the USDA mortgage but that is […]
Understand how your credit score is determined can be somewhat of a mystery to the everyday consumer. Borrowers typically have a pretty good handle on the status of their credit. Bills come in every month and they’re paid on or around the due date. Sometimes though those accounts aren’t paid when due and if a […]
Jumbo Loans are a type of home loan with a purchase amount that exceeds local conforming loan limits. Jumbo loans are approved in much the same manner as most any other loan program. There are some basic differences and we’ll review them for you but overall, it’s a very similar process. Jumbo loans typically ask […]
One of the major changes in lending guidelines made nearly 10 years ago was making sure mortgage lenders verified income. Up until around 2008-2009, the proliferation of so-called “stated” and “no-doc” loans made getting a loan approval almost a no-brainer. Such loans also contributed to the housing crisis as those who wouldn’t normally be able […]
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