Mortgage
If you have average credit, not too much debt, and 2 years of income, you are on your way to qualifying for a mortgage. Everybody at one point was a First Time Home Buyer. Before I became a mortgage broker, I closed on 7 homes, and I had no idea what was going… [Read More]
Here is a list of the most popular loan programs. Qualifications based on credit score, credit history, debt to income and other factors. Conventional Credit Score: 620; Down payment: 5.0% – 3% for 1st Time Homebuyers; Need 3 separate credit items for 1-2 years; No credit negatives the last 2 years;… [Read More]
Picking the wrong bank can get you a denial or worse yet a poor mortgage. One reason many get denied is that they go to the bank they hold their checking account or know the managers. But these banks only have a couple loan programs and you need an almost perfect profile. And,… [Read More]
Child support can play a critical role in getting or being denied a mortgage. If Collecting: If you are receiving child support, it may be counted as income. It depends on: If Court or Agency Ordered: Have collected for 3 months Will collect in future for 3 years (based on age of child and… [Read More]
Many homebuyers are routinely denied by a bank, turn around and still get a good mortgage…with a mortgage broker. That’s because the bank where you have your checking or auto loan, may not be the best bank for you to get a mortgage as they will not have programs that fit you. When you… [Read More]
USDA stands for United States Department of Agriculture. Originally, the program was designed to help families with moderate income buy rural housing. Or, homes in the country, far away from the city. Today, with urban sprawl, you can get a USDA mortgage close to work or other city life. Here are the highlights of… [Read More]
The FHA Mortgage (Federal Housing Authority) is the traditional first-time buyer’s program. The federal government simply insures for the bank the mortgage against a default. Loans are approved and issued by the bank. It is offered by virtually every bank – with big differences in who gets approved. And, it makes a difference with… [Read More]
More than 1.6 million Veterans and Service members live in Florida, but only about 6 percent of them bought a home using a VA home loan. Eligible Veterans often bypass the program as a viable option for a number of reasons. First, they may not know all the advantages. Second, they may think getting a… [Read More]
Mortgage down payments vary by your credit score and loan program. Your down payment has to be brought in by you or as a gift. The seller or realtor cannot help you on the down payment. Only on closing costs. Your down payment can come from savings, retirement funds, IRS refunds or gifts… [Read More]
To get a mortgage, you need credit, money and a loan officer. Credit means 3 items: a credit score of 580 for a low down payment mortgage; current or open credit items such as credit cards or loans; no current credit = no mortgage; and, not terrible credit the last 2 years. This means… [Read More]
