conventional loan: How To Get A Home Loan – If You Are Self-Employed
- 09/21/19 03:12 PM
When qualifying for a home loan, if you are a salaried or hourly employee, who receives pay stubs and W-2’s, the process is quite simple.
You provide your pay stubs to a lender, they quickly compute your monthly earnings, look at your monthly debts and tell you how much you can qualify for.
However, if you are 1099’d or self-employed, the process is a little different, but still not difficult, if you know what is required. In this article, we will discuss how to obtain a home loan if you are self-employed and two key items to have in place.
Self Employed - … (1 comments)
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conventional loan: How To Obtain A Conventional Home Loan – If You Don't Have Income
- 09/19/19 11:52 AM
If you want to obtain a conventional home loan, but have limited or no income, but do have a large amount of assets, you may be able to qualify via an asset depletion loan.
This program makes sense for someone who may be retired and living off a small pension or social security or other benefit, but that has a large sum of assets. Here is how it works.
Through the asset depletion program, you can use 70% of the balance of an asset, divide that number by 360 and use the end result may be used as a monthly income.
The other stipulations … (0 comments)
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conventional loan: Exploring The Various No Cost Refinance Loans
- 10/26/17 02:23 AM
For most consumers, the largest debt they will carry will be their home mortgage. For that reason, even small changes in an interest rate can make a large impact over the course of a loan.
Just like compound interest can be used to build wealth over the long term, the reverse is also true in that paying higher than necessary interest rates can erode wealth creation.
When it comes to looking into refinancing a home loan however, there is often a fee that comes along with the refinance, that can therefore negate some of the benefit of the refinance.
However, … (0 comments)
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conventional loan: Purchasing A New Home – Without The Sale Of Your Current Home
- 10/26/17 01:33 AM
If you are looking to purchase a new home, before the sale of your current home, it’s important to know how lenders will look at your situation for qualification.
For many homeowners who are looking to purchase a new home, the idea of selling their current home first or trying to align the sale of their current home and purchase of their new home simultaneously, is an idea that is less than appealing.
Other homeowners may want to keep their current home as an investment property altogether and purchase a new home to live in.
In the articles that follows, we address both … (3 comments)
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conventional loan: How Community Property Debts – Affect Home Loans
- 10/26/17 12:53 AM
Arizona is a community property state and because of that reason, there are different lending standards for certain home loans.
In this article, we will address the common home loans and how they are affected by a community property state.
FHA & VA Home Loans
When using a VA or FHA home loan to purchase or refinance a home, if you are married, then your spouse’s debts count against you for qualifying purposes, whether or not they are listed on your loan application. That means that any monthly payment that appear on either spouse’s credit report count as a debt, even if only one … (3 comments)
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conventional loan: How Much Of A Down Payment Do You Need For A Home Purchase?
- 10/25/17 11:47 PM
If you are looking to purchase a home, your down payment will vary based on whether or not you will occupy the home, the property type and the loan type you obtain.
Please find this handy guide, that breaks down a basic overview of down payment, based on whether you are purchasing a primary home, a secondary/vacation home or an investment property.
As always, these are just basic guidelines and standard qualification requirements apply, but these numbers provide minimum down payments for all of the basic property and loan types. For a detailed look into what program and option might be best … (0 comments)
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conventional loan: Fannie Mae’s Home Mortgage - Student Loan Cash Out Refinance
- 10/25/17 11:33 PM
In the past year, Fannie Mae has made some massive changes to their lending guidelines when it comes to student loans.
First, they introduced loosened guidelines when it comes to how monthly student loan payments are qualified as a monthly payment. And in addition, they also introduced a program that allows homeowners to obtain a lower interest rate home loan, to pay off their student loans through a traditional cash out refinance.
Student Loan Cash Out Refinance
Fannie Mae has introduced a way to make it easier for homeowners to use home equity to pay off student loans.
If you own a home … (2 comments)
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conventional loan: The Conventional Loan With A 3% Down Payment – The Home Ready Program
- 10/25/17 10:28 PM
When it comes to purchasing a home with a low down payment, there are multiple programs in today’s market, but for many potential buyers, the programs don’t fit.
FHA Home Loan – This 3.5% down payment home loan program has a lower loan limit then the conventional loan program and also has both upfront mortgage insurance fees and lifetime monthly mortgage insurance fees.
VA Home Loan – This 0% down payment program is only for qualified veterans and active duty of the armed forces and national guard.
USDA Home Loan – This 0% down payment, is only available in certain designated areas, on the … (1 comments)
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conventional loan: The 4 Keys To Obtaining Your First Home Loan
- 10/25/17 10:00 PM
When it comes to purchasing your first home, there are many considerations to be taken into account.
However, whether you are purchasing your first home or your 10th, the whole process should always begin with the financial commitment and the home loan.
In the articles that follows, we will lay the four keys to success, when it comes to someone obtaining their first home loan. This information is also relevant for anyone thinking of applying for a home loan in the near future.
Key #1 - Credit
Your credit score affects not only what type of loan you may obtain, but also what the … (2 comments)
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conventional loan: Fannie Mae - Makes It Easier To Qualify For A Home Loan With Student Loan Debt
- 10/25/17 09:42 PM
In the past year, Fannie Mae has loosened guidelines when it comes to how student loans payments are looked as monthly debts. This change is making it easier for those with larger student loan debt burdens, to obtain a home loan.
When it comes to obtaining a home loan, one of the critical components of being able to qualify is the debt to income ratio. The debt to income ratio takes your monthly minimum payments on your credit report (mortgage payment, student loan payments, credit card payments, etc.) and divides them by your monthly gross income.
In general, to obtain a … (0 comments)
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conventional loan: Guide To Using A Downpayment Gift To Purchase A Home
- 10/20/16 08:13 AM
When someone is looking to purchase a home, a gift made be used to provide the entire down payment needed for the home purchase.
For conventional loans, that down payment can be as little as 3% of the purchase price and for FHA loans, that amount can be as little as 3.5% of the purchase price.
The process for using a gift is actually fairly simple, but it is important to follow a few key steps when obtaining a gift to purchase a home.
1) You must document the gift through a signed gift letter and document that the gift is not repayable and … (0 comments)
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conventional loan: Our Top 3 Tips To Improve Your Credit Score
- 10/20/16 08:07 AM
In almost every financial transaction you undertake, your credit score matters. It affects whether you can or cannot qualify for things like home loans, auto loans and credit cards and also will affect the interest you pay.
In addition, credit can even have an impact on other areas that you may not normally think of. For instance, when it comes to employment a potential employer might look at someone’s credit score when considering them for a potential position.
Therefore, there is no denying the importance of a good credit score.
In this article we will discuss our top three tips to … (1 comments)
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conventional loan: Your Credit Score: How To Get It Right
- 10/11/16 04:23 PM
Everyone knows that a good credit score is important to obtain the best possible interest rates and terms, whether you are applying for a home loan, a consumer loan or a credit card.
However, the internet is full of lots of conflicting information when it comes to credit scores. And that’s perhaps for good reason, since the algorithms that determine actual credit scores are not released by the agencies that provide credit scores.
We do however know the factors that affect your credit score. Therefore, this article will attempt to help you to get it right when it comes to either … (0 comments)
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conventional loan: The Cash Out Refinance: Guide To Tapping Into Your Home’s Equity
- 10/11/16 04:20 PM
The cash out refinance has made a comeback in recent years, as home values have stabilized and moved higher. For certain instances, it could make sense to tap into your home’s equity, to perhaps take out funds to consolidate debts, remodel your home or pay for other unexpected expenses.
In this article we will explore some of the basics of the cash out refinance, by taking a quick look at three main loan types: Conventional, FHA and VA loans and how they each differ when it comes to a cash out refinance.
Conventional Loan
When completing a cash out refinance through a … (0 comments)
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conventional loan: Home Purchase Down Payments: Your Reference Guide
- 10/11/16 03:50 PM
By popular request, please find a basic reference guide for the different down payments needed to purchase a home, whether it will be your primary home, a secondary home or an investment home.
Of course these are just basic guides and standard qualification requirements apply, but these numbers provide minimum down payments for all of the basic property and loan types.
Primary Residence:
For a home that you will live in, the following down payment minimum requirements will apply.
Conventional Loans: A 3% minimum down payment is required is for all first time homebuyers and potentially for non-homebuyers who fit the Fannie Mae Home … (0 comments)
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conventional loan: Fannie Mae’s Home Ready Loan Program – A Better 3% Down Payment Option
- 10/11/16 03:39 PM
This past year, Fannie Mae introduced the Home Ready conventional home loan program. The program allows for a home purchase with as little as a 3% down payment and also home refinances with as little as 5% equity.
However, unlike traditional conventional loans, the Home Ready program has some unique features that make it a great option to consider, especially for potential homeowners, include the following:
1) Non-occupant income can be included for qualification. Meaning that you can add someone’s income for qualification (such as a parent), without them having to live in the home with the primary borrower.
2) Reduced Mortgage Insurance Costs … (0 comments)
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conventional loan: How To Qualify For Your First Home Loan
- 10/23/15 07:03 AM
Purchasing your first home can be a daunting task, as the process involves a very large financial transaction and many components that the average person has just not dealt with until they navigate their first home loan process.
This article will talk about a few of the key items that a potential first time home buyer will want to have in place, before purchasing their first home
Employment
When purchasing a home, employment is very important, as it is one of the first steps in being able to qualify for a home loan is being able to pay for it. First, in order … (2 comments)
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conventional loan: How To Keep Your Credit Score High - Tips For Ho Gift Funds – How To Use Them To Purchase A Home Without A Down Payment
- 10/23/15 06:53 AM
When purchasing a home, gift funds can be used for the entire down payment for a Conventional loan or an FHA loan, as long as you properly receive a gift from a family member.
That means that you potentially could purchase a home without any down payment out of pocket, but the gift fund process must be done correctly, in order for the funds to be used.
Below you will find a basic guide that outlines the correct way for the gift fund process to be complete.
Gift Letter: Anytime you have a gift being used for down payment, you need a gift letter … (0 comments)
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conventional loan: Conventional Home Loan - 3% Minimum Down Payment Program
- 10/23/15 06:48 AM
The minimum down payment to purchase a home using a conventional home loan is generally 5%, but for first time home buyers or those who have not owned a home in the past three years, the minimum down payment actually drops to 3%.
That makes this program one that has a lower down payment, then even the FHA home loan program.
In addition, the entire 3% down payment can come in the form of a gift, from a family member, meaning that none of the funds have to even come from the buyer’s pocket.
The qualification standards for the 3% down payment … (1 comments)
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conventional loan: Self Employed Home Loans – With One Year Tax Returns
- 10/23/15 06:44 AM
Traditionally, when it came to obtaining a home loan for someone who was self-employed, two years tax returns were used for qualification. However, now only the most recent year’s tax returns can be used in certain cases.
In the past, if you were self-employed, your last two years tax returns were analyzed and if the income was higher on the most recent years’ return, then the average of the last two years would be used as income.
That means that if someone was self-employed and made $100,000 in the most recent tax filing year and $50,000 the previous tax filing year, then the … (1 comments)
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