In this blog, we will discuss ways of paying off your mortgage early. Most mortgage borrowers have 30 year fixed rate mortgage loans. 30 years is a lot of time to be stuck with a payment obligation and a lot of interest expense that mortgage borrowers will end up paying. Mortgage interest expenses will be...
When you file your taxes each year, you typically do so with the expectation that everything is accurate and up-to-date. However, life happens and sometimes things change – including your plans to buy a house. If this is the case, you may need to amend your tax return in order to get the most accurate...
Always consult with a loan officer first before starting credit repair or hiring to do credit repair so you can qualify for a mortgage. Collection Accounts and charged-offs do not have to be paid to qualify for a home mortgage. Credit repair during the mortgage process can backfire. In most cases, credit repair does not...
Homebuyers and homeowners can qualify for a VA loan during the Chapter 13 Bankruptcy repayment plan once they have been in the plan for at least 12 months. The HUD Agency Guidelines on a home purchase are the same as refinancing during the Chapter 13 Bankruptcy repayment plan for FHA Loan. For veterans and active...
Today’s real estate market supposedly belongs to the sellers, with demand outranking supply. Yet that could change in the next few years if more millennials don’t start buying houses. What’s holding them back? As with many things, the issue comes down to money. Values skyrocket in a seller’s market, which poses a problem for millennials...
It’s not always necessary to work for two years In order To purchase a house. A history of employment demonstrates that you have a consistent income and the ability to make regular loan payments. Not everyone, however, has a long professional history. You could be a first-time home buyer starting your career. Perhaps you were...
In this blog, we will cover and discuss compensating factors in mortgage on manual underwriting. HUD compensating factors guidelines on FHA and VA loans are limited to certain factors. Not all positive factors can be considered compensating factors by mortgage underwriters. Compensating factors in mortgage are important on manual underwrites where underwriters need to go...
In this blog, we will cover and discuss Jumbo VA loans in high-cost counties and areas of the United States. Home prices vary from city to city, county to county, and state to state. For example, most areas in California are considered high-cost counties where the homes are higher than traditional median-priced homes. HUD and...
In this article, we will cover and discuss VA loan requirements and eligibility guidelines. Retired and active-duty members of the U.S. Military need to meet VA Loan Requirements and Guidelines to get their COE. Veterans, Service members, current or former activated National Guard members, or reserve members who meet certain rules can get a COE....
Here are some facts about getting financing for a single-home family in Chicago for people who have bad credit meaning they have a 580 or lower credit score. We will go through all options and facts that are available nowadays in 2023. If you’re among the many Americans with bad credit, you may think that...
As expected, HUD, the parent of FHA, announced the FHA Loan Limits Increases for 2022, HUD announced the new FHA loan limit will be increased to $422,680 on single-family homes effective January 1st, 2022. Although the new maximum loan limit takes effect on January 1st, 2022, many mortgage companies such as Capital Lending Network, Inc....
In some situations, you might require assistance to bring your house ownership aspirations to reality. You may be able to co-borrow with a non-occupant if you’re looking for a home and don’t meet the financial criteria for a conventional mortgage loan. Most individuals would want to own their own homes. Especially for the younger generation...
How Does The VA Streamline Refinance Mortgage Program work? Homeowners with a current VA loan can qualify for a VA streamline loan. HUD and the VA are the only federal government agencies that offer streamline refinancing loan programs on FHA loans and VA loans. What Is the Primary Purpose For VA Streamline Refinance Loans VA...
In this article, we will discuss and cover 5/1 Adjustable-Rate Mortgage and how ARMs work. Ever want to know What is a 5/1 ARM adjustable-rate mortgage but simply haven’t taken the time to read up about it. You probably have heard about these types of mortgages during the financial crisis. But the truth is that...
In this article, we will discuss and cover qualifying for home loans for self-employed borrowers with no income documentation required. In this blog, we will present all types of home loans for self-employed borrowers. Homebuyers who own their business without qualified income can qualify for home loans for self-employed borrowers without income tax returns. You...
In this article, we will discuss and cover the FHA Chapter 13 Bankruptcy Guidelines on purchasing and refinancing FHA loans. The housing market is booming. Home prices are now at a six-year high. Many homebuyers are being priced out of the market. Due to the skyrocketing home prices, the FHFA increased 2022 conforming loan limits...