Let’s be honest, after renting or living with your relatives, you have dreams about owning your own house one day. Although that’s an ultimate goal you’d like to achieve, most do not know the first few steps it takes to get started on the process. Do you qualify for a Mortgage Loan? Keep reading…
How’s your credit? Since lenders take a big risk in allowing you to borrow such a large sum, a good credit score and history will improve your chances of being approved. Poor credit could cost you a higher interest rate. Don’t have any … (0 comments)
In the previous two series, we mentioned how Credit and Assets could cause a delay in the closing of your Home Loan. If you haven’t read those two blogs I would highly recommend you do so, for they are very educational. In this series, we will be covering, income and how it could affect your loan. Please keep in mind that every scenario is different and I highly recommend that you speak to a professional Loan Officer about your specific scenario.
Top 8 things that could delay your loan process: 1. Not filing your Tax Returns. 2. … (0 comments)
Earlier in Series, On of How to Avoid delays in your closing on a Home Loan, we mentioned just how important your credit is for when you’re applying for a home loan. Aside from your FICO score, your assets are a huge part to your loan approval. You must prove that you have the funds to close and all funds must be sourced prior to issuing out a loan approval. For Residential home loans you need 2 months of recent bank statements and for Commercial loans we would need 3 months of recent bank statements. For Example… If you … (0 comments)
texas loan officer: How to choose between an FHA, VA or conventional home loan?
- 08/26/14 06:56 AM
How to choose between an FHA, VA or conventional home loan? People who work with home loans every day can forget just how confusing their jargon can be to outsiders. Here is a quick overview of the three main types of mortgage from which both first-time buyers and old hands may choose. In America, the money borrowed by home buyers is almost invariably provided by commercial lenders, but the federal government guarantees at least part of the debt for Federal Housing Administration (FHA) loans and Veterans Administration (VA) mortgages.
FHA loans FHA loans are currently the most popular form … (0 comments)
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