Apply Now This article will cover going through credit repair to qualify for mortgage. Is going through credit repair to qualify for mortgage recommended? Consumers’ credit scores determine whether or not they qualify for a particular mortgage loan program. There are minimum credit score requirements for all loan programs. To qualify for a 3.5% down…
Apply Now This article will cover FHA guidelines on employment gaps and job seasoning requirements once borrowers return to work. FHA guidelines on employment gaps allow gaps in employment to qualify for FHA loans. One of the questions asked by lenders is two-year employment history. Most mortgage lenders require borrowers employed for two years in…
In this blog, we will cover and discuss fixed-rate versus adjustable-rate mortgage. For a first-time homebuyer or even a seasoned veteran home buyer, applying for a home loan can be a very stressful process. Homebuyers will most likely have a lot of questions not just for their realtors but for their loan officers. Most consumers…
This article on Loan Modification Requirements Illinois Loan Modification Requirements: Homeowners who have trouble making their mortgage payments due to job loss, divorce, or due to other unusual financial setbacks, they might want to consider an FHA loan modification: For a homeowner to qualify for an FHA loan modification, the mortgage loan currently have on…
This BLOG On Choosing Mortgage Lender With No Overlays On Home Loans Was UPDATED And PUBLISHED On March 18th, 2020 All mortgage lenders need to follow the minimum government and/or conforming guidelines of Fannie Mae and/or Freddie Mac. However, every lender has a right to have higher lending requirements called lender overlays. For those who…
This BLOG On Mortgage Guidelines Versus Lender Overlays On Home Loans Was PUBLISHED On May 12th, 2020 There is a big difference between mortgage guidelines versus lender overlays. Not all lenders have the same lending requirements on FHA, VA, USDA, and Conventional Loans All lenders need to follow minimum agency guidelines mandated by FHA, VA,…
An FHA reverse mortgage is a refinance mortgage loan where the lender does not consider income, credit, or liabilities of borrowers. There are many benefits reverse mortgage. The only concern the lender has is the equity in the home The borrower can have the following and still qualify for reverse mortgages: bad credit bankruptcy foreclosure…
A Condo Hotel or Condotel is a unit of a Hotel that a private person can purchase it as an investment and use it as a primary as well as a vacation home. The majority of hotels are owned by one entity, whether it is a corporation, a group of investors, or private party A…
In this blog, we will cover and discuss private money loans for real estate investors. Private Money Loans are loans from lenders to real estate investors who need funding quickly. Private money lenders are also known as a short-term commercial hard money lenders. Non-QM Mortgage Brokers is known to be able to close and fund…
Apply Now What Are Home Closing Costs? There are two types of payments that is required to close on a home purchase. The first is the down payment and second are closing costs. Down payment is self explanatory. For FHA loans, minimum down payment required on a home purchase is 3.5% down payment. For conventional…
In this article, we will cover and discuss qualifying for non-QM mortgages after bankruptcy and foreclosure with no waiting period requirements. Government and conventional loans require a mandatory waiting period after bankruptcy, foreclosure, a deed in lieu of foreclosure, and a short sale. The waiting period after bankruptcy and foreclosure depends on the individual mortgage…
In this blog, we will cover and explain VA overlays imposed by mortgage lenders on VA home loans. VA loans are the best mortgage loan program in the United States. No other owner-occupant primary home loans come close to the benefits of VA loans. Private lenders offer VA loans at 100% financing where no down…
In this article, we will cover the differences between non-QM down payment requirements versus traditional loans. This blog on Non-QM down payment requirements is an update of an older blog post that we published on bank statement loans which still exists but dozens more non-QM mortgages are now in the marketplace. Non-QM Mortgage Brokers now…
In this blog, we will cover and discuss hiring credit repair for mortgage repair. Many people planning on buying a home decide to take action by hiring credit repair for mortgage approval. Hiring credit repair for mortgage approval is not recommended. Credit repair companies can do more damage than good when it comes to fixing…
This Article Is About Government-Backed Loans for first-time homebuyers. Most people do not want too much government. However, when it comes to government-backed loans, everyone is all for it. Government-backed loans are ideal for first-time homebuyers because it requires little to no down payment plus has lenient mortgage guidelines. In the following paragraphs, we will…