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Archive for February, 2015

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 ]