Since first being introduced back in 1944 the Department of Veterans Affairs has helped millions buy and finance their home with a VA mortgage. Lending guidelines established by the VA allow lenders to underwrite and approve a VA loan...
In 1934, the Federal government passed the National Housing Act as part of the “New Deal,” which was President Franklin D. Roosevelt’s massive plan to provide relief from the Great Depression, relief that would come, it was hoped, through...
As a first-time homebuyer, you have a lot to consider. There are new terms, new information, and important concepts to learn. In many cases, the confusion is compounded by “advice” from friends, family, real estate agents, lenders, and more;...
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...
How big is a jumbo loan? That’s a simple question with a rather complex answer. Because of the differences in markets, there is no single answer for the entire country. Therefore, if you need a loan that is higher...
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...
A Brief History in Time Mortgage lending has made some dramatic changes over the past few years and when you include the period beginning in 2000, there have some rather wild swings regarding loan approvals. Mortgage lenders often change lending guidelines...
The mortgage market is certainly complex at times as there are so many functions required to approve a loan. The mortgage company must order services and reports from these entities just to get to the loan approval stage. Once a...
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...
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...