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 436

Debt-to-income ratio Loans Banks Loan Officer 436

Rochester Real Estate

NOVEMBER 5, 2015

Did you know if you file a Chapter 13 bankruptcy, you can immediately apply for an FHA loan? If you have filed a Chapter 7 bankruptcy, the wait is only 2 years. This fantastic article has detailed some nuances that aren’t as talked about such as second tier entitlement, residual income, and purchasing a multifamily.

Finance 52

Finance Mortgages VA loan Pre-approval 52

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 79

Title search Debt-to-income ratio Title Loans 79

Realty Biz

SEPTEMBER 30, 2023

Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance. For example, you can get approved for an FHA loan with very low credit scores. Reduce your existing debt. These government-backed programs often have more lenient credit requirements.

Finance 96

Finance Debt-to-income ratio FHA loan Mortgages 96

Redfin

MARCH 3, 2022

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. Any changes to employment status could force the lender to decline the loan even at this point.”.

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Closing Title search Purchase and sale agreement Title 63

HomeLight

JUNE 30, 2022

Lenders will also want to know if you’ve ever declared bankruptcy or owned a house that went into foreclosure. VA loans for veterans, service members, and some surviving spouses offer 0% down to qualified borrowers, so this might be a great option if you belong in that category and want to finance all of your home purchase.

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Purchase and sale agreement Inspection Earnest money deposit Closing costs 96

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.

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Closing Purchase and sale agreement Title Home sale contingency 105