This guide will cover how a credit dispute on a derogatory credit tradeline can halt the mortgage process on FHA loans. Millions of Americans fell victim to the economic, real estate, and banking collapse of 2008. The Great Recession of 2008 devastated more families than any other in U.S. history. Dale Elenteny of Non-QM Mortgage…
This article will cover the mortgage agency guidelines on VA loans after mortgage charge-off. There are mandatory waiting periods after bankruptcy, foreclosure, deed-in-lieu of foreclosure, and short sale to qualify for government and conventional loans. VA loans are the best mortgage loan program in the United States. However, only veterans with a certification of eligibility…
Apply Now This article will cover fixing credit to qualify for conventional loans. Sometimes, mortgage borrowers needed conventional loans instead of FHA, VA, and USDA loans. For example, borrowers with very high student loan balances may only qualify for conventional loans. This is because Fannie Mae and Freddie Mac was the only loan program that…
Can you qualify for FHA loans with charge-offs? Do you have to pay charge-offs to qualify for FHA loans with charge-offs? One of the most common questions is, do you have to pay a charge-off to qualify for FHA loans with charge-offs? Per HUD agency guidelines, borrowers can qualify for FHA loans with charge-offs and…
The FHA minimum credit score requirements to get mortgage approval on FHA loans is 500 FICO. One of the most common questions I have been getting recently from my viewers is what are FHA Minimum Credit Score Requirements to qualify for an FHA loan with a 3.5% down payment. Many folks who contact me are…
FHA Jumbo Loans are FHA loans that has a higher loan limit than the standard FHA loan limit in low-cost areas. FHA Jumbo Loans, often referred to as FHA High-Balance Loans, is no different than the standard FHA loan in low-cost counties. The only difference between FHA High-Balance Jumbo Loans versus standard FHA loans in…
This Article Is About Back To Work Extenuating Circumstances FHA Mortgage Loan If you had to file bankruptcy or had a foreclosure, there are mandatory waiting periods if you want to get an FHA loan. The waiting period is 2 years from the date of your bankruptcy discharge date The waiting period is three years…
The difference between a mortgage pre-approval versus pre-qualification is that a mortgage pre-approval letter is issued by an underwriter after the loan has been fully underwritten. Unfortunately, many loan officers issue pre-approval letters without the file being processed and underwritten The way mortgage companies issue pre-approvals vary from lender to lender Non-QM Mortgage Lenders is…
This article covers Waiting Period For Mortgage After Bankruptcy And Foreclosure What Are The Waiting Period For Mortgage After Bankruptcy And Foreclosure: For home buyers with a prior bankruptcy and/or foreclosure, there is a mandatory waiting period for a mortgage after bankruptcy and foreclosure to qualify for traditional mortgage loans. Traditional mortgage loan programs are…
This Article Is About Buying Home With Student Loans And Qualifying For A Mortgage Credit scores and debt to income ratios are two of the most important factors when it comes to qualifying for a mortgage. Debt to income ratio (DTI) is the total sum of all monthly debts that report on the credit bureaus…
Private mortgage insurance on conventional loans is required for conventional mortgage loan borrowers who put less than a 20% down payment on their home purchase. Unlike FHA Loans where the annual mortgage insurance premium is 0.85% of the loan balance, conventional loans private mortgage insurance varies Conventional Loans are called conforming loans The reason, why…
This article covers Issues Buying Property Flip And Issues Facing Home Buyers First time home buyers or seasoned home buyers interested in buying property flip, they need to realize that lenders will have rules and regulations when buying property flip. A Home Flipping is when a home buyer purchases a property with the intention of…
This article covers Tips For First Time Home Buyers And Mistakes To Avoid Many renters do not realize that they can qualify to be homeowners. We will cover Tips For First Time Home Buyers and mistakes to avoid during the mortgage process: Many renters think that they need 20% down payment in order to be first…
This Article Is About Condominium Mortgage Loans And Lending Guidelines Condominium mortgage loans are considered riskier investments by lenders versus single-family homes. In the mortgage world, lenders will charge loan level pricing adjustments (LLPA) whenever there is a higher risk. LLPAs are charged on lower credit score borrowers, higher debt to income ratio, property types,…
In this blog, we will discuss and cover charge-offs and collection accounts mortgage guidelines. You do not have to pay outstanding charge-offs and collection accounts to qualify for FHA, VA, USDA, and conventional loans. Charge-offs are debts that a creditor has tried collecting by consumers and eventually deemed it an uncollectible debt and has charged…