Homebuyers and homeowners who were told they do not qualify for a traditional government, conventional, or jumbo loan, Non-QM Mortgages can be the solution in getting a mortgage loan approval. The various types of non-QM and alternative loan programs available today offer an opportunity for homebuyers to qualify for a specialty non-QM alternative financing mortgage...
There are hundreds of Colorado VA lenders. VA loans are the best mortgage loan program in the nation with 100% financing with no down payment required on a home purchase. Closing costs can be covered by the home seller with a seller concession towards the buyer’s closing costs. However, not every Colorado VA lender has...
All lenders use the automated underwriting system on government and conventional loans before proceeding to the next step of the mortgage process. The automated underwriting system is commonly referred to as AUS. There are two different versions of the automated underwriting system: Fannie Mae’s Desktop Underwriter commonly referred to as DU Freddie Mac’s Loan Prospector...
This Article Is About Tennessee FHA Lenders And FHA Loan Requirements And Guidelines For Homebuyers Not all Tennessee FHA lenders have the same mortgage lending requirements on FHA loans. Many are under the assumption all mortgage companies offering FHA loans for homebuyers have the same lending requirements and guidelines on FHA mortgages since they are...
This Article Is About Kentucky FHA Lenders and the FHA loan requirements and guidelines for homebuyers. Not all Kentucky FHA Lender has the same lending requirements and guidelines. Many Kentucky homebuyers will be told they do not qualify for an FHA loan due to one or many other reasons. HUD allows Kentucky homebuyers with a...
The Underwriting Process During The Mortgage Approval Process is the most important stage of the overall homebuying and mortgage process. The role of the mortgage underwriter is to fully review and analyze the borrower’s credit and asset information and make a determination on whether or not they qualify. The mortgage underwriter is the person that...
The housing market is booming. The Federal Housing Finance Agency (FHFA) and HUD has increased Conforming and FHA Loan Limits for 2021 again due to skyrocketing home prices nationwide. The conforming loan limit for 2021 is now capped at $548,250 on conventional loans on single-family homes. This was an increase from the 2020s $510,400 loan...
No-doc mortgages were the most popular home loan program prior to the 2008 financial crisis. Homebuyers who could not document their incomes or had substantial unreimbursed business expenses on their income tax returns opted for no-doc mortgages when buying a home. However, after the 2008 real estate and banking meltdown, no-doc mortgages completely disappeared. For...
Fannie Mae And Freddie Mac Bankruptcy Guidelines On Conventional Loans allow borrowers to qualify for a conventional loan after bankruptcy. However, borrowers need to meet the mandatory waiting period requirements after bankruptcy. The waiting period requirements after bankruptcy depend on the type of bankruptcy. Just meeting the mandatory waiting period after bankruptcy does not automatically...
This Article Is On The Steps To Buying A House For First Time Home Buyers Planting your roots with buying a new home is a big step for most anybody. The real estate transaction and obtaining a mortgage home loan can be a major bumpy roller coaster. This is a HUGE purchase. Most likely the...
This Article Is About Alabama FHA Loan Requirements And Guidelines Alabama FHA Loan Requirements And Guidelines are more lenient than other mortgage loan programs. HUD, the parent of FHA, created and launched lenient Alabama FHA loan requirements to promote hard-working families to be able to become homeowners with less-than-perfect credit and a 3.5% down payment....
This Article Is On Correspondent Lending Versus Wholesale Lending By Mortgage Brokers Understanding the difference of Correspondent Lending Versus Wholesale Lending By Mortgage Brokers. Most borrowers will consult with a licensed loan officer when they need to apply for a mortgage. However, not too many consumers know whether the loan officer works for a correspondent...
In this article, we will be covering the qualification requirements and agency guidelines on FHA Loans In Oregon. FHA loans are a popular choice for first-time home buyers in Oregon for several reasons. First, FHA loans require as little as 3.5% down, making them more accessible to low- and moderate-income borrowers. Second, FHA loans are...
This Article On HUD Agency Guidelines Versus Lender Overlays On FHA Loans There are two different types of lending guidelines when it comes to FHA loans. All lenders who are originating and funding FHA loans need to make sure their borrowers meet the minimum HUD Agency Mortgage Guidelines. HUD is the parent of FHA. HUD...
Rapid Rescore By Lenders Increases Credit Scores In Days versus weeks and/or months if you wait until it updates until the next cycle. When its time for you to buy a home and you need to get a home loan you will want a good, if not great credit score. The better the credit score,...
The U.S. Department of Veterans Affairs (VA) is the federal government agency governing VA loans. Per VA credit score guidelines, there is no minimum credit score requirements on VA loans. All government and conventional home mortgage programs have a minimum credit score requirement. The higher the borrower’s credit scores, the lower the layered risk for...