Keeping Current Matters

DECEMBER 21, 2020

You’re undoubtedly excited about the opportunity to decorate your new place, but before you make any large purchases, move your money around, or make any major life changes, consult your lender – someone who is qualified to tell you how your financial decisions may impact your home loan. New debt comes with new monthly obligations.

Debt-to-income ratio 342

Debt-to-income ratio Mortgages Loan Officer Banks 342

Housing Wire

JUNE 29, 2022

Loan officers must understand what modern millennial and Gen Z homebuyers want from their lenders. For mortgage professionals looking to buoy their loan volume through the rest of the year and beyond, understanding the motivations, behaviors and the barriers to entry for these borrowers will only become more vital for success.

Debt-to-income ratio 451

Debt-to-income ratio Loan Officer Loans Mortgages 451

Housing Wire

JANUARY 14, 2022

According to Evan Kidwell, chief operating officer at Griffin Funding , a consumer-direct lender that launched non-QM operations in November 2020, the company is willing to hire newbie LOs and processors and give them on-the-job training. “If If you’re willing to learn and you’re coachable and trainable, that works too.”.

Debt-to-income ratio 426

Debt-to-income ratio Lending Loans Loan Officer 426

Housing Wire

NOVEMBER 7, 2023

This implies easing inflation next year, and mortgage rates near 6% would help affordability issues caused by two things: The inflation fight has fueled the mortgage rate spike Low inventory and a steady job market have put a floor on home prices The good news is that GSEs remain committed to loan approval guidelines that help in these tough cycles.

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Debt-to-income ratio Mortgages VA loan Loans 427

Housing Wire

APRIL 4, 2022

Over 80% percent of FHA purchasers are first-time homebuyers, and borrowers of color obtained over 40% of FHA loans last year, according to HUD. The FHA also insured more than twice as many loans to Black and Hispanic borrowers last year as the rest of the mortgage market combined.

FHA loan 370

FHA loan Debt-to-income ratio Pre-approval Loan Officer 370

Housing Wire

MAY 25, 2022

Between significantly fewer refinances, rising mortgage rates and housing inventory nearly cut in half since 2020, loan officers (LOs) and brokers face a pivotal time where adaptation is a must for success. For instance, processing non-QM loans manually can be prone to human error, cutting into the efficiency of a business.

Debt-to-income ratio 411

Debt-to-income ratio Lending Pre-qualification Loans 411

Housing Wire

NOVEMBER 10, 2020

And whether you do it or someone else does it, that loan is going to get done.” Loans that don’t meet the GSEs’ standard today are known as non-QM, but few observers believe there are parallels to what happened 12 years ago. And non-QM loans in my experience are harder.”. And it doesn’t.

Debt-to-income ratio 451

Debt-to-income ratio Loans Banks Loan Officer 451

Housing Wire

AUGUST 27, 2021

Second , the reporters looked at conventional loans only, meaning loans only from Fannie Mae and Freddie Mac , and did not include loans from FHA / VA / USDA. The result here is that borrowers who have FICO scores below, say, 720 with a high loan to value (LTV) will often find a better deal by going to the FHA.

Purchase and sale agreement 440

Purchase and sale agreement Debt-to-income ratio Pre-approval Loans 440

Housing Wire

JULY 25, 2023

In 2022, property and casualty insurers recorded a combined ratio of 102.4% BM: Lenders need to be aware of the insurance landscape as it can have a significant impact on their ability to efficiently close a loan due to availability and pricing. HousingWire: What is the current home insurance market like? Across the U.S.,

Marketing 370

Marketing Debt-to-income ratio Loan Officer Mortgages 370

Housing Wire

NOVEMBER 8, 2021

After completing countless Veterans Administration (VA) mortgage loan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. He will also inform the listing agent that he is a veteran himself and implores them to ask any questions or express concerns they have about VA loans.

VA loan 411

VA loan Agents Pre-approval Debt-to-income ratio 411

Housing Wire

AUGUST 26, 2024

In the meantime, these companies could market other products, such as home equity loans, to borrowers in these portfolios. Cooper ranks as the fourth-largest holder of MSRs, considering both whole loan portfolios and servicing rights, with $676 billion at the end of June—an increase of 70% over two years, according to Inside Mortgage Finance.

Mortgages 451

Mortgages Banks Debt-to-income ratio Loans 451

Point2Homes

OCTOBER 6, 2020

When you apply for a mortgage, the loan officer will review your income and compare it to your monthly expenses, which is your debt-to-income ratio — the lower the ratio, the better. Typically, to be eligible for a mortgage, your debt-to-income ratio must be 43% or less.

Debt-to-income ratio 144

Debt-to-income ratio Earnest money deposit Loans Loan Officer 144

GeekEstate

JUNE 26, 2022

Landis leverages data to create customized financial plans for our clients so that they can save more money, improve their debt-to-income ratio, increase their credit score, and build a stronger financial foundation. Mortgage loan officers send us their clients who aren’t quite ready for a mortgage yet.

Debt-to-income ratio 124

Debt-to-income ratio Technology Loan Officer Banks 124

Realtor.com

NOVEMBER 11, 2022

Unless you have enough cash lying around to buy some real estate outright—and let’s face it, few do—first-time home buyers will need a loan first, not a real estate agent. Step 2: Qualify for a home loan or loan pre-approval. Step 3: Learn how a loan officer can help.

Pre-approval 131

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Realtor.com

NOVEMBER 28, 2022

With conventional loans, it’s generally recommended that you make a 20% down payment, which would amount to a whopping $50,000 on a $250,000 home. FHA loans lower the bar to a far more realistic level, requiring as little as 3.5%. So, on a $250,000 house, you would only need to plunk down $8,750 to qualify for an FHA loan.

FHA loan 98

FHA loan Debt-to-income ratio Loans Loan Officer 98

Marco Santarelli

MAY 19, 2025

Average Loan Size: The average loan size in a state can also play a role. In areas with higher property values and larger loan amounts, lenders might adjust rates to reflect the increased risk associated with larger mortgages. Heres a snapshot of national averages for various loan types: Loan Type Rate (%) 30-Year Fixed 7.01

Mortgages 52

Mortgages Debt-to-income ratio Loans Loan Officer 52

HomeLight

SEPTEMBER 1, 2022

Well, hello there, student loan debt. Millennials and Gen-Zers have on average $36,000 in student loan debt , as the Education Data Initiative reports in its 2021 study. The possibility of homeownership with student debt. with student loans and are worried about how that may impact your ability to buy a home.

Debt-to-income ratio 104

Debt-to-income ratio Loans FHA loan Equity 104

Realty Biz

JANUARY 4, 2022

But I’m heavily saddled with student loans to the tune of $425 per month. However, what your father appears to understand is that as a co-signer, he and you (the primary borrower) are equally responsible for repaying the full amount of the loan. Being a cosigner on a home loan, or any loan is all risk with no rights at all.

Debt-to-income ratio 88

Debt-to-income ratio Loans Mortgages Title 88

HomeLight

JUNE 22, 2023

Monthly income The very first thing you need to consider is your income. First, lenders will look at your annual gross income when they’re deciding how much money you can borrow. However, when you are trying to figure out how much house you can afford , you should also look at your monthly net income.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

Realty Biz

MARCH 9, 2021

For most loans like FHA, USDA, VA, or even most Fannie Mae and Freddie Mac home loans, the borrower must plan to live at the home as their main residence. The parents can sign the loan on behalf of their child. The borrowers will need to present documents showing their income for the past 2 years.

Pre-approval 144

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HomeLight

NOVEMBER 29, 2023

What’s a mortgage loan rate lock, anyway? A rate lock is an agreement you make with your mortgage lender to guarantee your interest rate while they work to close your loan. Locking in a rate is an essential step to getting a home loan. Get Started What’s a mortgage loan rate lock? Tomorrow’s rate is often not the same.

Mortgages 115

Mortgages Debt-to-income ratio Loans Loan Officer 115

Broke Agent Media

JANUARY 9, 2023

The Federal Housing Finance Agency (FHFA) increased conforming loan limits to $1,089,300 in some high-cost U.S. The increase is likely to encourage buyers at a higher price point who are hoping to avoid the added costs and restrictions that go with jumbo loans. Conforming loans vs. jumbo loans. Nicole Bachaud.

Loans 98

Loans Debt-to-income ratio Finance Loan Officer 98

Realty Biz

JUNE 15, 2022

Department of Veterans Affairs (VA) loan. Check with your loan officer to see if you qualify for any first-time buyer programs. PMI can be removed once the homeowner has paid down enough of the loan’s principal. The higher your credit score, the better your chances of securing a loan with more favorable terms.

Debt-to-income ratio 98

Debt-to-income ratio VA loan Fixed-rate mortgage Loans 98

HomeLight

SEPTEMBER 21, 2022

If you’re getting ready for your next move but are curious about hanging on to your current home to generate rental income, here’s how to buy a second home and rent the first. If not, then it’s all considered debt, and they won’t let you calculate any of the rental income as income,” she says. Connect with a Top Agent.

Debt-to-income ratio 105

Debt-to-income ratio Loans Equity Loan Officer 105

HomeLight

OCTOBER 15, 2020

We talked to Jessica Sanchez, Director of Underwriting & Loan Management at HomeLight Home Loans, to walk through the ins and outs of conventional loans. What’s a conventional loan? A conventional loan is a private mortgage that’s not backed by the federal government (we’ll get to government loans in a bit).

Loans 98

Loans Debt-to-income ratio FHA loan VA loan 98

Realty Biz

JANUARY 19, 2024

Take a close look at your income, expenses, and existing debts. If your credit score needs improvement, address any outstanding debts or errors in your credit report. Research different types of mortgages available, such as conventional, FHA, or VA loans. There are many questions to be asked throughout the process.

Debt-to-income ratio 100

Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

Realty Biz

SEPTEMBER 30, 2023

Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements. Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance.

Finance 96

Finance Debt-to-income ratio FHA loan Mortgages 96

Realty Biz

OCTOBER 20, 2020

You’ve never had trouble qualifying for a mortgage because your credit rating was high, your debt-to-income ratio was good, and you bought a house that you could afford. One treats ongoing distributions from IRAs, 401k accounts, and similar funds as income that’s acceptable for home-mortgage applications.

Mortgages 67

Mortgages Debt-to-income ratio Loan Officer Loans 67

Rochester Real Estate

NOVEMBER 5, 2015

It’s unfortunate, but not every prospective buyer is going to be able to qualify for a home loan. In the simplest terms the main difference is that a bank has its own lending criteria and offers loans by using its own funds. Top Mortgage Blogs From 2017 Best Mortgage & Home Financing Blogs From 2017 We’re back!

Finance 52

Finance Mortgages VA loan Pre-approval 52

HomeLight

OCTOBER 15, 2020

Many wishful homeowners would just keep on driving and try to forget that their dream home is on the market … but you know how to apply for a USDA loan, so you turn your car around and head home to do just that. For a USDA loan, you should have a minimum FICO score of 640. Many lenders are qualified to offer USDA loans.

Loans 85

Loans Purchase and sale agreement Loan Officer Debt-to-income ratio 85

Realtor.com

APRIL 8, 2021

But the good news is that many first-time home buyers in California qualify for special loans and financial assistance that can lower the costs of homeownership. CalHFA’s first-time home buyer loan programs. Here is a list of home buyer eligibility requirements to help you understand whether or not you qualify for these loans.

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Debt-to-income ratio Loans Closing costs FHA loan 95

Realty Biz

JANUARY 20, 2023

It determines whether your home loan application gets approved. It's a process the lender uses before approving your mortgage loan application. It helps the lender determine how risky the loan would be. The underwriter also looks at your capacity to repay the loan. Collateral is an asset that helps secure the loan.

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Title search Debt-to-income ratio Title Loans 79

Redfin

SEPTEMBER 6, 2024

In return, you agree to repay the loan over a set period, plus interest. Non-qualified mortgage loans Non-QM (non-qualified mortgage) loans are a type of mortgage that doesn’t meet the strict underwriting guidelines established by Fannie Mae and Freddie Mac. We’ll answer that and more here.

Debt-to-income ratio 69

Debt-to-income ratio Fixed-rate mortgage Principal Loans 69

Redfin

FEBRUARY 10, 2021

Before applying for a loan and certainly before ever making an offer on a house, you should know your credit score. Well, it’s not only the difference between getting a low-interest rate on a home loan versus a high one, but it will also directly impact how much a bank or lender will loan you. Every year the U.S.

Debt-to-income ratio 76

Debt-to-income ratio Pre-approval Inspection Purchase and sale agreement 76

Realty Biz

SEPTEMBER 21, 2022

You’ve never had trouble qualifying for a mortgage because your credit rating was high, your debt-to-income ratio was good, and you bought a house that you could afford. One treats ongoing distributions from IRAs, 401k accounts, and similar funds as income that are acceptable for home-mortgage applications.

Mortgages 53

Mortgages Debt-to-income ratio Loan Officer Loans 53

HomeLight

OCTOBER 11, 2021

For most counties in the United States, the FHA loan limit is $356,362, but in more expensive areas, the limit can go as high as $822,375. For example, someone who lives in Cuyahoga County, Ohio, can borrow up to $356,362, while a buyer in Delaware County, Ohio can borrow up to $397,900 with an FHA loan. FHA loans and escrow accounts.

FHA loan 104

FHA loan Loans Debt-to-income ratio Closing costs 104

Realtor.com

NOVEMBER 28, 2022

While there are a variety of mortgages aimed at helping homebuyers afford a home—such as FHA loans and VA loans —one type that’s often overlooked are USDA loans, which offer excellent terms to those who qualify, including a 0% down payment and low interest rates. What is a USDA loan? Types of USDA loans.

Loans 95

Loans Mortgages FHA loan Debt-to-income ratio 95