In this blog, we will cover what mortgage lenders consider compensating factors for manual underwriting on FHA and VA loans. FHA and VA loans are the only two mortgage loan programs allowing manual underwriting. Compensating factors are positive factors that add strength to borrowers. Mortgage lenders will take strong compensating factors for manual underwriting because…
In this guide on FHA manual underwriting, we will cover the manual underwriting guidelines on FHA loans and the eligibility requirements. FHA Manual Underwriting Guidelines apply for borrowers who cannot get approve/eligible per AUS. Borrowers who get referred/eligible per Automated Underwriting System may be able to qualify for manual underwriting. What Does Refer/Eligible per AUS Mean in…
Apply Now This blog will fully explain how to qualify for a mortgage during Chapter 13 Bankruptcy. We will review a detailed list of qualifying for a mortgage during Chapter 13 Bankruptcy. After reading this guide a few times and watching a few videos, you will understand the basics of qualifying for a mortgage during …
In this article, we will cover things to avoid during mortgage loan process for homebuyers. The mortgage process can be very stressful but does not need to be. Due to the many rules and regulations by mortgage regulators, borrowers often do not understand and will never understand the strict rule on disclosures, re-disclosures, and documents….
Apply Now In this guide, we will cover bank statements in the mortgage process. We will discuss how mortgage underwriters analyze bank statements of mortgage loan applicants. The underwriter will thoroughly scrutinize bank statements during the mortgage process. Lenders want two months’ worth of bank statements. Any irregular deposits outside payroll check deposits must be…
Apply Now In this guide, we will cover pre-qualification vs pre-approval homebuyers. A pre-qualification is a general informal approval to see if the borrower qualifies for a mortgage loan. A pre-approval is more in-depth than a pre-qualification. For example, a loan officer can have a fifteen to thirty-minute interview with the applicant and determine whether…
Apply Now This blog will cover and discuss the mortgage underwriter role during the mortgage process. For borrowers ready to apply for a residential mortgage loan, there is a process they must go through, no matter which mortgage lender they choose. Once borrowers decide on a mortgage lender, the loan officer will complete and sign…
Apply Now This Article Is About getting Chapter 13 Trustee Mortgage Approval on FHA or VA loans. You can buy a house during the repayment plan during Chapter 13 Bankruptcy. You do not have to wait until the Chapter 13 has been discharged. Not too many loan officers, realtors, or even bankruptcy attorneys realize that…
Apply Now This blog will cover and discuss qualifying for a VA loan after Chapter 7 versus Chapter 13 Bankruptcy. There are specific different agency guidelines for borrowers to qualify for a VA loan After Chapter 7 versus Chapter 13 Bankruptcy, Homebuyers can qualify for a VA loan after bankruptcy. HUD, the parent of FHA,…
Apply Now Many borrowers often ask the question what are compensating factors? Lenders are not required to originate and fund mortgage loans. Just because there are home loans that are insured by the government such as FHA, VA, and USDA Loans, It is not a requirement for lenders to follow the minimum government lending guidelines….
Apply Now The news of Fannie Mae making rent count towards mortgage automated underwriting system approve/eligible findings is huge news. What this means is if a borrower gets a refer/eligible per automated underwriting system findings (AUS), having rental verification could mean the refer/eligible can turn to an approve/eligible per automated underwriting system findings. The automated…
This BLOG On Tops Reasons Why Mortgage Loans Do Not Close On Time Was UPDATED And PUBLISHED On January 23rd, 2020 The majority of mortgage loans close on time once a borrower is pre-approved. However, there are cases where why mortgage loans do not close on time or why mortgage loans do not close at all….
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