Housing Wire

NOVEMBER 10, 2020

As is true with loans sold to Fannie and Freddie, non-QM lenders must ensure the borrower can pay back the loan and is credit-worthy. But unlike Fannie and Freddie, most non-QM loans rely on the borrower’s credit score and the loan-to-value ratio on the loan, rather than the debt-to-income ratio.

Debt-to-income ratio 424

Debt-to-income ratio Loans Banks Mortgages 424

Realty Biz

JANUARY 20, 2023

You'll need to provide documents such as: Valid ID and Social Security number Recent pay stubs W-2 or I-9 forms from the past two years Federal tax returns Recent bank statements Details on long-term debts like car or student loans Your loan officer, mortgage broker, or home lending advisor sends this information to the underwriter.

Title search 78

Title search Debt-to-income ratio Title Loans 78

Redfin

MARCH 3, 2022

Make sure you know in advance how you will be getting a bank check or wire transfer, so you’re able to close on time. To avoid a closing delay or, even worse, the sale falling through, it’s essential to be upfront and honest with your loan officer. Give your loan officer full disclosure from the start – tell us everything.

Closing 62

Closing Title search Purchase and sale agreement Title 62

HomeLight

JUNE 30, 2022

You also want to check your FICO score, as this is what the majority of lenders use ; you can often get your FICO score for free if your banking institution provides it, but otherwise you might have to pay for this service. Lenders will also want to know if you’ve ever declared bankruptcy or owned a house that went into foreclosure.

Purchase and sale agreement 72

Purchase and sale agreement Inspection Earnest money deposit Closing costs 72

HomeLight

JULY 29, 2022

This can radically alter their debt-to-income ratio and jeopardize the whole deal. If you can’t secure new employment swiftly, you might be able to add a cosigner to your loan and count that person’s income toward your purchase. Talk to your agent and loan officer about these options.

Closing 104

Closing Purchase and sale agreement Title Home sale contingency 104