One of the largest hurdles towards home ownership is the down payment. With tight budgets and high costs of living, it can be tough for hard-working people to save enough money to have a substantial down payment. With no down...
Understanding the details of mortgage qualification is crucial to long-term financial success. You don’t have to be a mortgage guru, but you do need to understand the various details that affect how you qualify. Recently, Fannie Mae made adjustments to...
One of the most important factors when seeking a loan is your debt-to-income ratio. Whether it’s car loans, mortgages, or business loans, lenders want to see a healthy ratio with less debt and more income. In most cases, the...
When we think of loan qualification, we think of credit scores, debt-to-income ratio, and annual salary totals from a steady career. We rarely think of the money locked in an Investment Retirement Account (IRA), 401(k), or Keogh retirement account. For...
With home prices on the rise, especially in markets like New York and San Francisco, it’s common for mortgage loan amounts to exceed the conforming and high balance conforming loan limits as set by regulation. These loan limits often...
If you are looking to purchase a manufactured home as your residence, you have many options available. Understanding the different organizations, as well as the eligibility requirements, can help you get the right loan for your specific needs. In the...
The residential mortgage industry has seemingly endless amounts of jargon and abbreviations. Here is what to expect from a home loan on a non-warrantable condo. When it comes to the purchase or refinance of a condominium, the most important terminology...
Between 2007 and 2014 millions of home owners proactively reach out to the company that was servicing their home loan in an attempt to modify the terms of their current home loans. In many situations, banks proactively reached out...
A Jumbo Home Loan is classified as any loan amount that exceeds the county high balance loan limit under which the transaction will occur. Jumbo loans will represent the most stringent loan product type qualification. Banks that make Jumbo...
The mortgage meltdown fueled by irresponsible lending practices created a nationwide banking emergency that sent the country into a recession late December 2007- June of 2009. Here is everyone on how this presidential election impact home loans. In the midst...