In this blog, we will discuss and cover frequently asked manual underwriting mortgage questions. Manual Underwriting is allowed on FHA and VA loans. Both VA Loans and FHA Loans can be manually underwritten when borrowers cannot get an approval/eligible per Automated Underwriting System. One of the key factors that are very important on VA and...
12-Month Bank Statement Mortgage For Self-Deposit Wage Earners is a home mortgage program that benefits homebuyers who are self-employed entrepreneurs. Federal income tax returns and/or W-2s are not required. The income is calculated with bank statement deposits over 12 or 24 months. Apply Now!!! Business Owners Benefit From 12-Month Bank Statement Mortgage 12-Month Bank Statement...
The Federal Housing Administration, commonly known as FHA, has a mortgage refinance program call FHA Streamline Refinance Mortgages which is available to all homeowners who currently have FHA Loans. FHA Streamlines is a fast-track refinance loan program where a homeowner with an FHA Loan refinance and close on their refinance a mortgage loan in two...
High-Balance Conforming Loans are conventional loans with higher conforming loan limits in high-cost areas. It is estimated that conventional mortgages make up about 64% of the mortgage market in the U.S. In this article, we will detail a traditional loan product we offer nicknamed high balance conforming loans. This particular product is for counties where...
Per VA debt-to-income ratio requirements, there is no maximum DTI limit on VA loans if the borrower can get an approve/eligible per automated underwriting system (AUS) findings. The key to getting AUS approval is to have strong income and timely payments in the past 12 months. It is a well-known statistic that many Americans are...
If you’re looking for FHA lenders for bad credit, you may be wondering if it’s possible to get approved for a mortgage. While bad credit can make it more difficult to qualify for a loan, it’s still possible to get an FHA loan with a credit score of 580 or higher. In this blog post,...
Letter Of Explanation To Mortgage Underwriters is part of the overall mortgage process. Borrowers do not need to be alarmed when mortgage underwriters keep on asking for a letter of explanation. Letter of explanation is also commonly referred to as LOX. There may be dozens of letter of explanation requests by mortgage underwriters during the...
VA residual income guidelines require borrowers have enough income set aside in savings or reserve funds after making all the household expenses. In other words, VA residual income is the overage in income after the borrower has met all of their minimum household monthly debt obligations. VA Residual Income Requirements For VA Loans Is Based...
Many mortgage borrowers are getting conflicting answers about the minimum credit score requirements when trying to qualify for a VA mortgage. Over 75% of our borrowers at Capital Lending Network, Inc. dba CLN Mortgage are folks who could not qualify at other lenders due to their overlays. They get conflicting reports when it comes to...
FHA loans are the most popular loan programs due to the lenient Texas FHA Loan Requirements And Guidelines For Homebuyers. Many readers of Capital Lending Network, Inc. are from the great state of Texas. Other viewers are folks thinking of moving to Texas due to the great economy, low taxes, affordable housing, and low cost...
Chicago is the second-largest city in the United States. Chicago and its surrounding suburbs have one of the largest populations of Veterans, both active and retired military. Home values in Chicago have been appreciated in the past few years. Many veterans can now qualify for VA loans in Chicago with no lender overlays at Capital...
The lenient Georgia FHA loan requirements and credit guidelines make FHA loans the home loan of choice for first-time homebuyers and borrowers with prior credit issues. FHA loans are the most popular mortgage loan program for homebuyers with little to no credit, recent college graduates with no credit scores and no prior work experience, and...
Texas cash-out refinances mortgage guidelines differs from any other state in the nation. We will discuss and cover the differences in the agency mortgage guidelines when it comes to Texas cash-out refinance mortgage guidelines. If you’re a homeowner in Texas and you’re looking to refinance your home loan, there’s a lot to consider. One of...
FHA loans in Florida are the best home mortgage loan program for first-time homebuyers with bad credit and low credit scores. HUD agency mortgage guidelines are substantially easier for homebuyers to qualify for FHA loans in Florida versus conventional loans. Florida is becoming the state with the highest number of people migrating from other states....
Many borrowers have a hard time finding a lender who specializes in FHA Loans in Chicago for bad credit with no lender overlays. Borrowers with over 740 FICO Credit Scores, low debt to income ratio, long term on the same job, no outstanding collection accounts, no outstanding charge off accounts, no judgments, and no tax...
Homebuyers who go from part-time to full-time income mortgage can use the full-time income as the qualifying income when qualifying for an income. Income in mortgage qualification is the most important factor in qualifying for a mortgage. Borrowers can have prior bad credit, collection accounts, charge-offs, bankruptcy, foreclosure, deed in lieu of foreclosure, short sales,...