4 Reasons Why Your Mortgage Application Was Rejected
May 22, 2015
in Mortgage Loans Tagged application, appraisal, appraised value, credit score, DTI, income, loan, mortgageIt’s one thing to decide that you’re ready for homeownership, and another entirely when it comes to getting a loan. What the lender says is all that matters – it will make or break your chance at attaining the American Dream. There are many reasons why applicants may be turned down for a mortgage. Some […]
How to Get a Mortgage Loan for a Fixer
Here’s a clever real estate dictum for you: Don’t buy the best house in a bad neighborhood; buy the worst house in a good neighborhood. There are several reasons for this rule, but the main one has to do with property values, which are determined in large part by the surrounding homes. If you buy […]
The Good Faith Estimate, Defined
March 13, 2015
in Mortgage Loans Tagged GFE, good faith estimate, HUD-1, interest rate, lender, loan, mortgage, origination chargesOne of the most confusing aspects of the process for first-time homebuyers is the mortgage. Common homebuyer questions include: Where to get one, how to get one, and what does all that jargon mean? Advice abounds, especially on the Internet. One common tip is that you should compare offers from lenders before settling on one […]
Good Credit but No Down Payment? There’s a Loan for That!
So, Warren Buffet spends more on dinner than you make in a month, and you’ve never required the services of an investment banker, but you have good credit and you long to own your own home. What if we told you that there is a mortgage loan program out there for people just like you […]
Confused About VA Loans? Find Out What Veterans Should Know
Fans of late-night TV will recall the infomercials of a few years ago, hawking zero-down loans. Those loans, along with loans requiring no documentation, were being handed out like candy to anyone who applied, and were largely blamed for the mortgage industry implosion. In the wake of that mess, mortgage lenders tightened standards. Lenders began […]
Fannie Mae and Freddie Mac Conventional FHA Alternatives
The changes in FHA-backed financing have many homebuyers seeking an alternative and, although it’s been around since 2006, Fannie Mae’s My Community Mortgage Program’s time has come. This is a conventional loan product, ideal for first-time homebuyers lacking a large down payment and with limited credit histories. With flexible underwriting and a 3 percent down […]
Understanding FHA-Insured Loans
One of the few blessings to come out of the Great Depression was the FHA-insured loan. Although, contrary to what many think, it wasn’t created to help low-income buyers get into homeownership. Just as during our recent Great Recession, during the Depression foreclosure rates skyrocketed, leaving lenders in the lurch. The FHA-insured loan was created […]