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How to Finance a Home: The Basics of Qualifying for a Home Loan

If you’re looking purchase a new home or refinance an existing one, it’s important to understand the basics of qualifying for a mortgage so you can get the best deal possible. It’s not as easy to get a mortgage these days as it used to be, so it’s important to understand the basics of qualifying [...]

FHA Mortgage Insurance Premiums Set to Increase in April

March 12, 2012

FHA-insured mortgages are about to get more expensive. Starting in April, the Federal Housing Administration is increasing the upfront and annual mortgage insurance premiums for FHA-insured loans. From a recent FHA press release: As part of ongoing efforts to encourage the return of private capital in the residential mortgage market and strengthen the Federal Housing [...]

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What is a Debt-to-Income Ratio (DTI) and How is it Calculated?

December 30, 2011

Mortgage lending underwriting criteria falls into three general categories, credit, collateral, and capacity. Credit has to do with how well you pay your bills (as evidenced by a credit report and score), collateral has to do with the type and quality of the property you’re using to secure the loan, and capacity has to do [...]

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When Refinancing to Consolidate Mortgages Is Impossible or Impractical

December 13, 2011

Are you considering refinancing to consolidate multiple mortgages? With rates so low today, this can be a great way to reduce monthly payments and interest costs over the life of your loan, but unfortunately, it’s not always easy to accomplish. If consolidating mortgages is either not practical or simply impossible, there may still be some [...]

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Purchasing or Paying Down? Avoid Sourcing & Seasoning Headaches with a Little Advance Planning

October 17, 2011

If you’ve applied for a home loan recently, you’ve probably already figured out that the mortgage industry is a lot more nitpicky then it used to be. Five years ago lending standards were super loose, now they’ve swung to the opposite extreme and are overly tight in many circumstances.  It’s just not as easy to [...]

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Conforming Loan Limit Reduction to Stand – For Now; HUD Clarifies FHA Annual MI Requirements for 15-Year Loans

October 9, 2011

Lower Conforming Loan Limits to Stand For Now Real estate industry groups have engaged in a flurry of last minute efforts to get Congress to postpone the conforming loan limit reduction set to take effect on October 1. Despite their efforts, it appears the new lower limits will stand – at least for now. Several [...]

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Important Credit Report Dos And Don’ts When Qualifying for a Home Loan

September 19, 2011

It’s no secret that your credit report and FICO scores play a big part when it comes to qualifying for a mortgage loan. Your credit scores, payment histories, and amount of outstanding credit give lenders insight into how well you manage your finances, how extended you are financially, and how much risk there is to [...]

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Mortgage Groups, Lawmakers Push to Extend Conforming Loan Limits

September 9, 2011

Mortgage groups and a bipartisan coalition of lawmakers are making a last-minute push to extend conforming loan limits before they expire at month’s end. More than a dozen industry groups sent a joint letter this week to the Senate leaders sponsoring a bill that would keep the higher limits in place through 2013.  In it, [...]

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Recently Self-Employed? What You Should Know Before Qualifying for a New Mortgage

August 4, 2011

Thanks to an uncertain economy and job market, many people are opting to start their own businesses to help make ends meet. If you’ve recently moved from W2 status to self-employed and are planning to take advantage of today’s low mortgage interest rates, its important to understand some of the lending guidelines that may apply [...]

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