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…
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…
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 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…
In this article, we will discuss and cover updated HUD mortgage guidelines on home purchase FHA loans. The economy is on a fast-paced economic recovery after the coronavirus outbreak in February 2020. The housing market is booming like never before. Home prices are skyrocketing and both the FHFA and HUD has increased loan limits on…
This article covers Conventional Mortgage Guidelines And Requirements For Borrowers A conventional loan is a residential home loan that conforms to Fannie Mae and Freddie Mac mortgage lending standards and guidelines. Lenders need to meet Conventional Mortgage Guidelines in order for them to sell loans they originate and fund on the secondary market to Fannie…
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…