In this guide, we will cover buying a house near an airport. When searching for a new home, location is everything, including proximity to an airport. Living near an airport may provide easy access to travel and other amenities but poses significant drawbacks. Dale Elenteny of Non-QM Mortgage Lenders lived near an airport for many…
This guide will cover the types of mortgage options for homebuyers. Taking out a loan can be daunting, especially if you need to learn about mortgages. Wendy Lahn, a dually licensed real estate agent, and loan officer, shared the following: For starters, you should know that not all loans are the same, with the main…
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…
This article will cover homes for sale by owner. A frequently asked question at Non-QM Mortgage Lenders is whether buying homes for sale by owner is cheaper than buying a listed home with a real estate agent. Buying homes for sale by owner is generally cheaper because home sellers do not have to pay the…
This guide on HARP for underwater mortgages is an older blog from when the Home Affordable Refinance Program was popular. HARP for underwater mortgages no longer exists. This guide on HARP for underwater mortgages was updated and edited for archival services for viewers who want to research HARP for underwater mortgages. In the following sections,…
This blog will cover understanding the loan estimate during the mortgage loan process. The main purpose for the CFPB to launch the loan estimate is to encourage home buyers to compare and shop for costs and fees from other mortgage lenders before deciding which lender to go with. The purpose of the Loan Estimate is…
We will discuss the expertise of our loan officers at Non-QM Mortgage Lenders, powered by Gustan Cho Associates. We will explain why our loan officers at Non-QM Mortgage Lenders, powered by Gustan Cho Associates, can do loans while other mortgage companies cannot. Non-QM Mortgage Lenders is partnered and powered with Nexa Mortgage and is licensed…
This guide will cover how down payment assistance works for homebuyers. Homeownership is a dream for many Americans, but the reality is that saving for a down payment, which is crucial if you are to secure a mortgage, can be daunting. With home prices rising and wages often needing to catch up, saving tens of…
This guide will cover conditional mortgage approval from the mortgage underwriter during the home loan process. Once borrowers submit a mortgage loan application, it gets processed and submitted to underwriting. Once submitted to underwriting, it gets assigned to a mortgage underwriter. Fiona McCue, a senior mortgage processor at Non-QM Mortgage Lenders, explains the role of…
This article will cover 1099 wage earner guidelines on home mortgages. Whether you are getting an FHA, USDA, VA, or conventional loan, all lenders will go by the same mortgage process regarding income and employment. Independent Contractors and 1099 Wage Earner Guidelines can qualify for a home. Workers must have at least two years working…
Apply Now This guide will cover qualifying for a mortgage after deed-in-lieu versus foreclosure. Government loans treat a short sale and deed-in-lieu versus foreclosure differently concerning the mandatory waiting period to qualify for a mortgage. There is a mandatory waiting period after housing events with government and conventional loans. A housing event is the following:…
This blog will cover mortgage escrow guidelines required by mortgage lenders. In the following sections, we will cover what mortgage escrows are, how escrows work, and what mortgage escrow guidelines are. Ronda Butts of Non-QM Mortgage Lenders explains mortgage escrow guidelines as follows: Lenders set up escrow accounts to ensure homeowners pay their property taxes…
In this guide, we will cover how rent-to-own homes work. We will detail rent-to-own homes and why rent-to-homes are becoming increasingly popular among first-time homebuyers. Are you Tired of your rents increasing with no notice and with ridiculous increases? What Are Rent-To-Own Homes? What if I could tell you that you could enjoy the benefit…
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…