Archive for 2015

5 reasons why your mortgage loan can get denied

September 25th, 2015 by

Shopping for a home loan? Don't let these minor errors throw a kink in your mortgage application.You've found the house of your dreams and are ready to apply for a mortgage but are you really ready to be a home owner or are there some detours that need to be ironed out first in order to be a homeowner.Before you start picking out new paint, furniture and designing the kids... [ Read More ]

Excluding Debt from your Loan Application

February 25th, 2015 by

There are certain debts that show up on your credit that can be excluded from your Debt to Income ratio (DTI) when applying for a mortgage. Some debts, however, cannot be excluded and may affect your ability to qualify for a loan.
The most common debts borrowers try to omit from their DTI are:

The Basic Details to Know about FHA Mortgage Refinance Loans

February 23rd, 2015 by

Refinancing an FHA mortgage loan is very similar to refinancing other types of mortgage loans, both conventional loans, VA loans and USDA mortgage loans.

FHA mortgage loans has its own list of requirements and regulations that govern refinance loans. If you're considering an application for an FHA refinance, here are a few general things you should know about going ... [ Read More ]

FHA FICO Score Minimums

February 23rd, 2015 by

It's true that the FHA does list a minimum FICO score of 500, but very few lenders offer this financing option. Many lenders have "Overlay's", or "Additional Required Guidelines" to qualify for a home mortgage. Why is this? The lower the fico score, the higher the likelihood of the borrower defaulting. The risk of a borrower defaulting can count negatively against the l... [ Read More ]

Mortgage Rates have dropped Again

January 14th, 2015 by

The World Bank cut its global growth forecast, oil and other commodities are under more pressure, earnings season is off to a mixed start and this morning, U.S. retail sales were a huge disappointment.

The yield on the 10-year note was at 1.85... [ Read More ]

Things to Know before Your Loan is Reviewed by an Underwriter

January 14th, 2015 by

After you have completed your loa... [ Read More ]

FHA Loans and Verifiable Income: Alimony, Child Support, and Maintenance Payments

January 14th, 2015 by

Borrowers applying for an FHA home loan have good reason to consider listing alimony, child support, and maintenance payment income on their loan applications.

Not all wish to have this type of income included in their application data, but when accompanied by proper documentation and when verified by the lender, these types of “non-employment income” can be... [ Read More ]

FHA Mortgage insurance to be reduced

January 7th, 2015 by

Great news for the housing industry is coming to the mortgage industry. Many industry professionals and those in leadership positions have been avocation for a reduction of the mortgage insurance premium for FHA loans.

The high monthly premiums has deterred many guest time home buyers from getting financing due to higher premiums on the monthly payments... [ Read More ]