Well, 2016 is over and what a year it was! The real estate market had a great year which was supported by very low rates and an improving economy. As a mortgage lender, we try to do more than just close mortgage loans. Providing education is a cornerstone belief of our team. So we have compiled the top 10 list of the best mortgage articles.
Take notice that over half of the top 10 articles discuss income related topics. There are so many ways of getting paid and reporting it to the IRS. So these can cause mortgage approval issues. But with the right knowledge, many of these areas may be overcome. Enjoy!
Best Mortgage Articles of 2016
10. How to exceed the USDA household income limits. USDA has two main differences compared to other loans. Property location / eligibility and household income limits. The income limits vary by county. What if your household income exceeds the limit? You may have a way of benefitting from a USDA loan! Read more
9. Tax return issues that can cause delays or denials when buying a home. With tax season upon us, this is a very relevant article to read. This helps buyers and real estate professionals understand the pitfalls within documenting income. Read more
8. Overtime income and buying a home. Overtime can be an earning opportunity which helps a family’s budget. Additionally, overtime helps buyers qualify for a mortgage. Learn how 1 – 2 years of average overtime may help in mortgage qualification. Read more
7. Modular homes, how to tell the difference between off frame, on frame, and doublewides. Over the last year, we have answered this question more than we figured. The reason? Lenders treat these distinctly different when it comes to financing modular or manufactured homes. Read more
6. Student loan payments and USDA no money down loans. Student loans often play a huge factor in mortgage approvals. College is very expensive & frequently comes with a huge debt. A very popular issue deals with Income Based Repayment or IBR. Most mortgage products, including USDA, will not use these minimal payments. But USDA has great options for buyers with student loan debt. Read more
5. FHA 100 mile rule for rentals and having 2 FHA loans at once. FHA is such a good program, many buyers want to have two of them! Well, FHA further clarified who may have a 2nd FHA loan. Additionally there are specific requirements for relocating & counting rent on the prior residence. Read more
4. Commission income for mortgage loan success. Commission income can fluctuate widely. Therefore it is treated differently than salaried or hourly employees. But commission income can help in mortgage qualifications. Even with as little as 1 year of commission history. Read more
3. Unreimbursed employee expenses causing problems on your mortgage? The dreaded line further back in the tax returns which many fail to take into account. This deduction may cause serious issues since it lowers the effective income. Regretfully many lenders don’t catch this early enough. This is probably the reason this is one of the most popular mortgage articles. Although, this is not always a deal killer! Read more
2. USDA funding fee & annual fee decreases mean low payments. A couple months ago USDA drastically lowered their costs. This makes USDA payments stay even lower than before. All the while financing up to 100% of the purchase price. Read more
1. Income based repayment and purchasing a home with FHA. This article was written just before FHA pulled the plug on allowing IBR payments for debt ratio calculations. So anyone with large student loan balances and very low to no payments was interested. Maybe this will change in the future for the better. Now, only VA allows for this feature. Read more
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