Non-QM Mortgage Brokers have no lender overlays on the gift of equity mortgage guidelines when buying a home at a discount from a family member. John Strange of Non-QM Mortgage Brokers, a gift of equity home purchase expert, defines gift of equity as follows: A gift of equity is when a homebuyer purchases a home…
This guide will cover mortgage for recent college graduates with no work experience. College seniors throughout the country are interviewing for jobs. Many college seniors have either May or June graduation. Many will have job offers via offer employment letters long before graduation. Alex Carlucci of Gustan Cho Associates explains the vast number of college…
In this guide, we will cover how the mortgage process work. The mortgage process is similar whether borrowers apply for a home purchase or refinance a loan. There are a series of stages the file needs to go through. Most mortgage applications take 30 days to close from the time the loan originator prepares and…
Apply Now In this guide, we will cover things to avoid during home loan process to close on time. We have covered many blogs on what to do to get a mortgage loan approval. During home loan approval, borrowers must be pins and needles with their credit and finances. There are several things to avoid…
In this blog, we will cover FHA guidelines on streamline refinance mortgage loans. FHA streamline refinance is a fast-track loan program. Most streamline refinance loans can get closed in less than three weeks. Tens of thousands of homeowners still have an FHA loan with mortgage rates higher than 7.5%. Mortgage rates are dropping. FHA annual…
This article is about the Verification of Rent on manual underwriting required by lenders. Verification of rent is one of the most important items borrowers can provide a residential mortgage lender to qualify for home loans even though rental payment history does not report on the three big credit bureaus. Transunion Experian Equifax Verification of…
In this blog, we will discuss and cover Fannie Mae Guidelines on mortgage included in bankruptcy. Conforming Guidelines On Mortgage Included in Bankruptcy is different on Conventional Loans than it is on FHA, VA, and USDA loans. Fannie Mae and Freddie Mac have much looser mortgage lending guidelines when it comes to the recorded date of…
In this article, we will cover the waiting period requirements on FHA versus Conventional loans after bankruptcy and foreclosure. Homebuyers can qualify for a mortgage loan after bankruptcy, foreclosure, a deed in lieu of foreclosure, or a short sale. However, there are mandatory waiting periods after bankruptcy and foreclosure with government and conventional loans. There…
In this blog, we will cover and discuss the adding non-occupant co-borrowers for mortgage for homebuyers with high debt-to-income ratios. We will also cover the non-occupant co-borrowers for mortgage guidelines on home loans. If you have dreamed of owning your own home but are unable to meet the requirements needed in order to do so,…
In this blog, we will cover and discuss how to write a letter of explanation to underwriters during the mortgage process. Borrowers who are either buying a home or homeowners who are refinancing their home loan go through the mortgage process by completing and submitting a mortgage application called 1003. Completing a mortgage application officially…
In this blog on Non-QM Mortgage Brokers, we will cover the differences between a home inspection vs appraisal. The key difference between a home inspection vs appraisal is the home inspection is not required to be done by the lender. The home appraisal is mandatory. Many homebuyers feel getting a home inspection is not necessary…