This guide covers renovations after purchase by homeowners. You have purchased your home, and you are done moving in. All the boxes have been unpacked, and you are settling in nicely; what is there to do now? Slowly but surely, it is time to spend more money. It isn’t on repairs. Instead, it is on…
This guide covers whether can you get a new mortgage while selling your house. Many homebuyers who plan on upgrading or downsizing to a new home often ask if can you get a new mortgage while selling your house. YES, you can get a new mortgage while selling your house. With proper planning and teamwork,…
This blog will cover qualifying and getting approved for a mortgage during Chapter 13 bankruptcy. Unsurprisingly, homebuyers and homeowners can qualify for a mortgage after bankruptcy. How about qualifying for a mortgage during Chapter 13 bankruptcy? Borrowers can qualify for an FHA or VA mortgage during Chapter 13 bankruptcy repayment plan without the Chapter 13…
Many Americans remember the last government shutdown during the Trump Presidency a few years back. Never in history was Congress so divided as it was when President Donald Trump was the 45th President of the United States. Is the government shutdown over? In the last government shutdown, the mortgage markets got greatly affected. USDA loans…
This guide will cover the mortgage waiting period guidelines after a short sale versus foreclosure on government and conventional loans. There is a difference in the waiting period requirements after a short sale versus foreclosure on conventional loans. There is a mandatory waiting period to qualify for government and conventional loans after the following: Foreclosure…
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…
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 the same…
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 Lenders is known to be able to close and fund…
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…