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How Long a Wait after a Bankruptcy for a Mortgage? - 01/31/11 08:41 AM
Here's how long you have to wait after a bankruptcy before you can get a mortgage.Two Types of Bankruptcies Chapter 7: Debts are wiped out and no longer due. They are discharged. Chapter 13: Debts are "reorganized". The court provides a payment plan to pay the debts. Discharged if the person sticks to the payment plan Dismissed if they do not stick to the payment plan Conventional Loans Conventional loans are non-government loans Chapter 7 Bankruptcy 4 years from the discharge date 2 years from the discharge date with extenuating circumstances (death of a spouse, serious illness). Divorce is not an (2 comments)
Are Conventional and Conforming Loans the Same Thing? - 01/27/11 03:44 PM
Here's what you need to know about conventional loans.A conventional loan is any non-government loan. Government loans include FHA, VA, and USDA loans.Conforming Vs. Conventional Conforming loans "conform" to the Fannie Mae or Freddie Mac underwriting guidelines Fannie Mae and Freddie Mac are private companies that buy mortgages from lenders All conforming loans are conventional loans because they are not government loans NOT all conventional loans are conforming loans, however, because not all non-government loans conform to the Fannie and Freddie guidelines Conforming and conventional are NOT interchangeable terms Some examples of conventional loans that are NOT conforming loans: Portfolio loans: (0 comments)
Seller-Paid Closing Costs - How Much is Allowed? - 01/23/11 12:38 PM
Here's what you need to know about seller-paid closing costs.What are seller-paid closing costs? The seller is allowed to pay a certain percentage of the sales price towards the buyer's closing costs The amount depends on three things: The type of loan: conventional, FHA, or VA The occupancy type: principal residence, second home, or investment property The amount of the down payment How much can the seller pay?Conventional (non-government) loans Principal residence or second home 3% if the down payment is less than 10% 6% if the down payment is 10% or greater, but less than 25% 9% if the (2 comments)
Underwriting Overlays - 01/20/11 01:05 PM
What is an underwriting overlay? Fannie Mae, Freddie Mac, FHA, and VA have underwriting guidelines that all lenders must follow if the loan is going to be sold to, insured by, or guaranteed by them Lenders are allowed to add their own, more restrictive underwriting guidelines on top of these guidelines The additional guidelines are called underwriting overlays Why do overlays matter? The loan must be underwritten according to the most restrictive guidelines If the loan is going to Fannie Mae and Fannie Mae has the most restrictive guidelines, the Fannie Mae guidelines are the real guidelines. If the individual lender (1 comments)
All You Need to Know About Down Payments - 01/17/11 10:53 AM
Here's what you need to know about down payments:How is the down payment determined? · Type of loan - Conventional (non-government) - FHA - VA · Type of occupancy - Primary residence - Second home - Investment propertyHow much is the down payment? · Conventional loans -Primary residence = 3% -Second homes = 10% -Investment properties = 15% · FHA loans -Primary residence ONLY = 3.5% · VA loans -Primary residence ONLY = 0% (100% financing)What about mortgage insurance? · Conventional loans -With 20% down, there is no mortgage insurance · FHA loans (1 comments)
Debt-to-Income Ratios (DTI) Explained - 01/13/11 08:10 PM
What is a debt-to-income ratio? · The debt-to-income ratio (DTI) is the ratio of liabilities to gross income. · Used to determine whether someone can afford to pay their mortgage. · Different loan programs have different DTI ratio requirements. Front-end and back-end DTI · FHA loans have 2 DTI ratios -Front-end ratio (housing ratio) -Back-end ratio (total debt ratio) · Conventional loans (non-government loans) and VA loans have only one DTI ratio. In the past, there were 2, but this guideline has changed. How is the DTI calculated? · Front-end DTI = (Principal + interest + taxes + insurance (1 comments)
Asset Documentation Explained - 01/13/11 08:06 PM
Here are the basics (and more) about asset documentation requirements for a mortgage.Lenders care about a borrower's assets for two reasons: Do you have enough money for closing - to cover the down payment and closing costs? Do you have enough money for any required reserves? Lenders only care about liquid assets (cash or assets that can quickly be turned into cash). If you are using a checking, savings, or money market account to prove you have enough money for a loan, you will need the most recent 2 months of bank statements. If you are using a retirement account or (1 comments)
How Much Income Documentation is Really Needed? - 01/08/11 01:08 PM
Lenders require much less income documentation than most people think. Here is what is generally needed: W-2 income: Most recent 30 days of pay stubs Last two years of W-2's Self-employment income: Most recent two years of federal tax returns. State returns are not needed. Commission income (if you make 25% or more of your income from commissions): Most recent two years of federal tax returns. State returns are not needed. Retirement and disability income: Most recent award letter. You only need to document the income you are actually using to qualify for the loan. If you don't need all your (0 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.