Living in a "crowded house" but can't find a way to buy that perfect new home before selling your existing one? Don't dream it's over! There are mortgage programs that are specifically created to allow you to use proposed rental income from your existing home --- also known as a "departing residence" in this case --- to help with your mortgage qualification. After all, most Americans are working hard enough to afford one mortgage payment, let alone two.
If you've been told that you don't qualify for a new home until you … (3 comments)
"Hello Mr. Spinosa, what brings you in today? Annual check up?"
Well, actually you, Doc. You're bringing me in today. I hear you're trying to buy a house.
"Uhhh, how did you know?"
Maybe it's the aura of the student loans that I could sense from the waiting area. We both know medical school doesn't come cheaply, right? So I just figured I'd come in for a sort of annual check-up for both of us and find out if your student loan payments have been in deferment or forbearance for a year or more?
Just like the Julian and Gregorian calendars separate time between B.C. and A.D., the passage of the Dodd-Frank Wall Street Financial Reform Act separates the way mortgages have been qualified. Loosely, before Christ (and in my opinion, Barney and Chris did hold themselves in quite high regard) many claimed you just needed to "fog a mirror" to get a home loan. But in the crusades that followed the birth of the new law, most residential mortgages must follow the provisions of ability-to-repay or "ATR." In other words, before Dodd-Frank, lenders had much greater leeway to approve or deny a … (2 comments)
You might have been lured into reading this blog post under the false assumption that I'd be discussing the controversial subject of financing cannabis-related businesses and property. Well, you can let that notion go up in smoke. Instead, we're going to talk about the ways you can get a great jumbo mortgage in California if your debt-to-income ratio (also known as "DTI") is higher than Jeff Spicoli at 4:20pm. OK, dude, not really, but we are going to address the ways you can get a decent home loan with a very competitive rate … (1 comments)
How to Buy a New Home Before Selling Your Current One!!!
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