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…
In this blog, we will cover and discuss the down payment requirement on a home purchase. We know saving for a house takes time and discipline. At Non-QM Mortgage Lenders, we help many clients tackle the mortgage buying process. One of the main obstacles preventing Americans from buying a home is the down payment requirement….
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…
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…