Perhaps the absolute best home loan option for those who qualify and want to come to the settlement table with as little out-of-pocket cash as possible is the VA home loan. The VA loan doesn’t need a down payment and is one of only two such government-backed programs with this feature. The other option is […]
Getting a home loan is indeed a process and a simple application will go through various stages before it finally funds. In the early stages, even before you’ve submitted your application, you speak primarily with your loan officer. Your loan officer will provide various loan options based upon your current situation and your goals. Your […]
There are two government-backed mortgage programs that do not require a down payment. The first one is the VA home loan program. The VA loan doesn’t require a down payment at all and available to those who are eligible. Those eligible include veterans, Armed Forces and National Guard members with at least six years of […]
If you’re thinking about buying your first home or maybe you have owned a home before but it’s been a while since you did, you’re going to wonder about how to qualify in today’s environment. There are different qualifying guidelines based upon things such as your income and employment, current monthly debt, rent payment history, […]
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 […]
The Federal Housing Administration’s home loan program is one of the three government-backed loans and is also the most popular. The other two government-backed loans are the VA and USDA programs. The FHA loan is also the favorite for first-time homebuyers. There are several reasons for this popularity but primarily the minimum down payment is […]
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 […]
Credit scores for mortgage loan approvals were first introduced years ago, then refined by a company now know simply as The FICO Company. FICO is the acronym for the Fair, Isaac Corporation which developed the algorithm used by credit scoring engines today. For those who are constantly in the mode of increasing their scores to […]
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 […]
The one term that loan officers like to hear is the word “fund.” Why? Because it signals the loan approval process has come full circle and the loan is officially closed. There are multiple stages in the loan approval process and each stage must be completed before the next can be taken on. Initially, it’s […]
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