On its face, getting a home loan application approved is pretty basic fare. All lenders who issue mortgages all follow the same general lending guidelines issued by mortgage giants. The mortgage giants include Fannie Mae and Freddie Mac as...
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...
You’ve read here before about the five factors that directly affect credit scores, more specially, FICO scores calculated for mortgage loans. The FICO Company developed the original algorithm credit agencies use to come up with the three digit score...
One of the biggest challenge for self employed individuals in the process of purchasing or refinancing a home is the documentation of income. Over 90% of mortgage transactions are underwritten using a traditional income analysis in which a mortgage bank...
To the casual observer, it probably makes very little difference if a loan is “QM” or “non-QM.” And unless you’re in the mortgage business you probably have no idea what the designation actually means. But it is a big...
Living off of a limited income can be scary, but for many seniors, it's a daily reality. In many cases, social security, retirement savings, and pensions are simply not enough to pay for living expenses. One source of income...
That might not seem a very important question for most, but for those that do wonder about the answer, it’s certainly an important one. When someone is on maternity leave typically there is no monthly income during the leave. So,...
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...
There are two primary sources of mortgage money in today’s marketplace- conventional and government backed loans. Conventional loans are those underwritten to standards issued by mortgage giants Fannie Mae and Freddie Mac. By far making up the largest share...
For most homebuyers across the country, a conventional loan is enough for their purchase. However, in high-market areas like San Diego, large sums of money are needed to purchase even a moderate home. After all, a million-dollar home in...