Apply Now In this article, we will cover understanding VA home mortgages for veteran homebuyers. We will cover and discuss the eligibility requirements for active duty and retired veterans. Understanding VA Home Mortgages and the Agency Guidelines is very important because most lenders have lender overlays on VA loans. What Are Lender Overlays on VA…
Gift funds for the down payment on a home purchase are allowed on government and conventional loans for the down payment and closing costs. FHA, VA, USDA, Fannie Mae, and Freddie Mac allow gift funds to be used. However, there are rules and regulations with regard to gift funds. Each loan program has its own…
In this blog, we will cover and discuss what can be used as income for a mortgage. Other income such as overtime, part-time, bonus, tip, or other income refers to extra income or non-traditional income that what can be used as income for a mortgage. Besides the full-time that you earn, non-traditional income can be…
In this blog, we will cover and compare ARM versus Fixed-Rate Mortgages when buying and refinancing a home. Most mortgage loan programs, whether it is FHA-insured mortgage loans or conventional mortgage loan programs offer adjustable rate mortgages and fixed-rate mortgages. There are pros and cons of ARM versus fixed-rate mortgages. Is it Better to Get…
In this blog, we will cover and discuss qualifying for VA loans with low credit scores. Homebuyers do have the opportunity for VA loans with low credit scores. VA mortgage loans do not have a minimum credit score requirement nor do they possess a maximum debt-to-income ratio limit as long as the borrower can get…
In this article, we will cover the frequently asked question by homebuyers on how do mortgage underwriters calculate income when processing and underwriting a mortgage loan? Credit and income are the top two determinants for mortgage lenders in assessing risk. Mortgage lenders view credit scores and payment history because of the past as a good…
Apply Now This blog will cover FHA home loan guidelines on purchase and refinance transactions. We will discuss whether you qualify for FHA loan and meet FHA home loan guidelines. Homebuyers presently renting a home or apartment and thought to apply and qualify for a home loan and see if you meet the qualification requirements,…
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