In this article, we will discuss and cover FHA cash-out refinance mortgage guidelines on FHA loans. Home prices have been appreciating since 2011 with no signs of correction. It seems like the real estate market is going strong. Housing demand for housing throughout the United States has been consistently strong. Alarming High Prices of Homes...
In this article, we will discuss and cover using gift funds for house down payment. Many mortgage programs allow you to use a gift for some or all of your down payment. However, there are strict with using gift funds for house down payment. Gifts for mortgage down payments can only come from approved sources....
THomebuyers need to be prepared for closing costs on home purchase transactions. On all home purchase transactions, there are down payment requirements and closing costs. The down payment on a home purchase is a fixed percentage amount. For example, FHA loans will require a 3.5% down payment on the home purchase price. Fannie Mae and/or...
Many homebuyers are often confused when shopping for a home loan and the difference between Government Versus Conventional Loans. There are different options on the type of home mortgage borrowers can get. There are times when a borrower may qualify for a government loan but not a conventional loan. Each loan program has its own...
Many borrowers often ask the question of factors that determine mortgage rates. Not every borrower will get the same mortgage rates on government and conventional loans. Rates are based on the risk level of borrowers. Prior bankruptcy and/or foreclosure does not matter with pricing on mortgage rates. On government loans, credit scores are the main...
What are the chances of getting denied after pre approval? A mortgage loan should never get denied. Once a loan officer issues a pre-approval letter, the loan should close. A loan officer should never issue a pre-approval letter if he or she thinks there is a one percent reason for loan denial. If a loan...
It is easier to get an automated underwriting system (AUS) on FHA versus VA loans with late payments in the past 12 months. Many home buyers go with FHA Versus VA loans even though they have a VA certificate of eligibility (COE) if they cannot get an AUS approval on VA loan AUS and cannot...
Homebuyers with prior bad credit can qualify for FHA Loans With Collection Accounts. Outstanding collection accounts do not have to get paid to qualify for an FHA loan. FHA loans are the most popular loan program for homebuyers with bad credit and outstanding collection accounts. Will I Get Approved For An FHA Loan With Collection...
Asset-Depletion Mortgages are different from lender to lender depending on the lender. Asset-Depletion Mortgages are non-conforming loans. Portfolio lenders normally offer asset depletion loans. Lending guidelines on Asset-Depletion Mortgages are not uniform. It varies from lender to lender. Capital Lending Network, Inc. (CLN) offers various types of Asset-Depletion Mortgages. Borrowers’ assets are used versus...
California FHA 203k loans are ideal for homebuyers of fixer-uppers and/or total gut rehab owner-occupant homes. With home prices selling at historic highs, why not buy a fixer-upper and customize it to your likings? Homes in the state of California are one of the highest-priced in the nation, if not the highest. The state of...
FHA Loans With Recent Late Payments? Can I qualify for FHA Loan With Bad Credit? Can I qualify for FHA Loan with outstanding collections and charge-off accounts without having to pay them? The answer to this question is yes to qualify for FHA Loan with bad credit. It is possible to get a home loan...
Mortgage borrowers can get lower rates by buying down rates with discount points. If mortgage rates are low and you do not intend on selling your home or refinancing for at least five years, you may consider buying down your rates with discount points. Is Paying Discount Points Necessary? Paying down mortgage interest rates with...
One of the most frequently asked questions we get at Capital Lending Network (CLN Mortgage) is how much money do I need to buy a house? Most Americans can easily afford the monthly payment on a new housing payment. However, coming up with the down payment and closing costs listed in a closing disclosure is...
The Mortgage Closing Disclosure is a form that consists of five pages and needs to be disclosed three days before closing. The initial Closing Disclosure also referred to as the CD, has much updated accurate numbers with regards to actual closing costs versus the Loan Estimate (LE). The mortgage closing disclosure form was replaced with...
In this blog, we will cover how homebuyers can not pay out of pocket for closing costs and use seller concessions and/or lender credit. In general, most homebuyers do not have to pay closing costs out of pocket. Closing costs are generally paid with seller concessions and/or lender credit by the mortgage company. Closing Costs...
Sellers Concession concession by the home seller can be used to cover closing costs. This way, the only costs the homebuyer needs to come up with is the down payment. It will not cost the seller anything by giving seller concession to homebuyers. The seller will just tack on the amount of seller concession to...