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 […]
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 […]
If you’re going to buy a home and get a mortgage, you’ll need a flood certificate, often referred to in the mortgage biz as a flood cert. You won’t be able to get financing without one. A flood cert isn’t very expensive at all, probably the least expensive items borrowers are expected to pay. Even […]
Most mortgage program guidelines follow the “rule of twos.” So what do you do when you have income gaps? Loan approvals require a lender to verify at least two years of employment. For self-employed borrowers, two years of self-employment is required and verified with at least the last two year of federal income tax returns. […]
Let’s face it, there are some very real advantages of renting instead of owning. Most of those advantages are related to a change of scenery. When paying rent, you have a choice of where you want to live, how much you want to pay each month for rent and how long you want your lease […]
Conventional loans are by far the most popular choice among home buyers. Conventional loans are those underwritten to standards set forth by Fannie Mae and Freddie Mac. When a loan is approved using these guidelines it is then eligible for sale in the secondary markets. Selling a loan allows the lender to continue making mortgages. […]
There is a term in the mortgage industry called “portfolio lending” and it’s a specific type of home loan program that caters to a particular situation. Portfolio loans are so important that without it the real estate industry would suffer. What is a portfolio loan? It’s a loan that does not fit into any secondary […]
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