Housing Wire

JULY 10, 2025

Rate predictions went awry Mark Worthington, a Bend, Oregon-based branch manager for Churchill Mortgage , says that clients were misled by loan officers who thought they could “predict” rates, leading them to push their budgets. “Most loans have a typical debt-to-income ratio of approximately 45%.

Debt-to-income ratio

Housing Wire

MARCH 30, 2021

It’s no secret credit scores can hinder a potential borrower’s ability to qualify for the best loan program, which can ultimately lead to poor borrower satisfaction. Borrowers don’t always know or understand how their credit or debt-to-income ratio (DTI) impacts the type of loan they can qualify for.

Pre-qualification

Housing Wire

MAY 29, 2024

Racamato is now orienting his team to look closely at clients’ bank statements to find multiple — and often interest-free — installments of a few hundred or thousand dollars paid to the same company on a biweekly or monthly basis. He wants to know whether the potential borrower has acquired a buy now, pay later (BNPL) loan. “And

Debt-to-income ratio

Housing Wire

OCTOBER 10, 2024

According to the consent order signed by Connecticut banking commissioner Jorge L. In November 2023, Wells Fargo sued LoanSnap for $431,511 in a district court in Minnesota, alleging breach of contract in selling a mortgage that did not meet contractual requirements, such as excessive and unsupported debt-to-income ratios.

Debt-to-income ratio

Keeping Current Matters

DECEMBER 21, 2020

Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer. New debt comes with new monthly obligations. Don’t Co-Sign Other Loans for Anyone.

Debt-to-income ratio

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

Housing Wire

AUGUST 26, 2024

Many independent mortgage banks opted to sell a substantial portion of their MSRs, aiming to free up cash and stay afloat amidst declining origination activity, anticipating future regulatory capital requirements or simply lacking interest in maintaining these assets. To further support this, UWM is offering incentives on some refi loans.

Mortgages

Point2Homes

OCTOBER 6, 2020

Specifically, if you’re hoping to use cash that was deposited into your bank account to contribute to the down payment, you might want to reconsider. 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.

Debt-to-income ratio

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. Banks and other firms are using underwriting standards that were set by Fannie Mae and Freddie Mac decades ago.

Debt-to-income ratio

Realtor.com

NOVEMBER 11, 2022

“Talk to your bank or a reputable mortgage company to see what you qualify to purchase,” explains Rosanne Nitti , a Realtor® with RMN Investments & Realty Services, in Laguna Beach, CA. Step 3: Learn how a loan officer can help.

Pre-approval

HomeLight

JUNE 22, 2023

Debt-to-income ratio After looking at how much money is flowing into your household, you’ll want to write down your monthly debts. That’s because lenders will also look at your debt-to-income ratio, or DTI. That number will be your debt-to-income ratio.

Debt-to-income ratio

Realty Biz

MARCH 9, 2021

This can be in the form of bank saving statements, investment portfolio account statements, or any other type of investment that represents the source of the down payment for the home loan. The parents will also be subject to a credit report review to ensure they have strong enough credit to get approved for the loan.

Pre-approval

HomeLight

OCTOBER 15, 2020

If you’re a would-be homebuyer searching for a home in a rural or even suburban area, you could potentially qualify for a United States Department of Agriculture (USDA) loan. These loans — like FHA and VA loans — are backed by the government. You can get a USDA loan with no money down on the house.

Loans

HomeLight

OCTOBER 15, 2020

Fannie and Freddie set requirements that all buyers have to meet to get a conforming loan. Maximum debt-to-income ratio of 43% (this is known as DTI, and it looks at how much debt you pay each month versus how much income you bring in). The most common interest options for conventional loans.

Loans

Realty Biz

JANUARY 19, 2024

Take a close look at your income, expenses, and existing debts. Start by gathering all relevant financial documents, such as bank statements, tax returns, and pay stubs. Many first-time home buyers have low credit scores and need help with high debt-to-income ratios.

Debt-to-income ratio

Redfin

FEBRUARY 10, 2021

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. Banks like to see a healthy savings account and other investments or assets (i.e. Have a Healthy Debt-to-Income Ratio (DTI).

Debt-to-income ratio

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

HomeLight

AUGUST 31, 2021

Adequate income. The number varies from program to program, but you’ll need a minimum debt-to-income ratio to qualify. You’ll make payments on this assistance loan monthly from the start, just like with your first mortgage. The kicker is that the loan will carry low-interest rates or even 0% interest.

FHA loan

Redfin

APRIL 25, 2022

Keeping the card’s balance below 30% of the available credit limits is always the goal,” says Joe Metzler, Senior Loan Officer at Cambria Mortgage. “If A lender will look at your income, savings, employment status and history, and any other financial obligations (such as a car loan, student loans, etc.)

Mortgages

HomeLight

SEPTEMBER 8, 2020

The Freddie Mac Home Possible loan is designed for buyers with lower credit scores. There are also other loans available for buyers with low credit scores, which your loan officer can share with you. Shop with a variety of lenders, such as credit unions, big banks, and online lenders. Some of them are preventable!

Inspection

HomeLight

MAY 31, 2021

One of the first things you’ll want to know is just how much house you can afford , which is based on your income, credit score, debt-to-income ratio (DTI), and savings amount (including your down payment). I had some clients a few years ago that had trouble qualifying because they had a lot of debt. Conventional.

Mortgages

Redfin

APRIL 7, 2023

Get pre-approved for a mortgage My advice to first-time homebuyers is to find a good loan officer and get pre-approved, fully underwritten approval is best. Work with that loan officer and their agent to understand what timeframes they’re comfortable with in an offer.

Pre-approval

HomeLight

JUNE 30, 2021

How does it factor into your overall debt-to-income ratio ? Jennifer Hernandez, senior loan officer and top producer at Legacy Mutual Mortgage in Houston, Texas, explains how lenders consider mandatory HOA costs. “We Is your HOA fee covered in your mortgage? Not necessarily.

Mortgages

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

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. Bank statements. Additionally, you may qualify for a conventional loan with as little as 3% down.

Purchase and sale agreement

HomeLight

JANUARY 27, 2021

A lender with a local presence will likely know the ins and outs of your market better than a big bank, and they’ll have local relationships that will make closing your deal easier. This can cause issues if there are errors on your application or if there’s something the loan officer missed. Title insurance is a must, too.

Closing costs

Housing Wire

APRIL 25, 2022

In Spokane, Washington, a mortgage loan officer at a regional bank has seen five borrowers qualify for a mortgage for one amount, only to have that number slashed a few months later. The reason behind the change, he said, is not that they had a sudden reduction in income, or an emergency expense that drained their savings.

Debt-to-income ratio

RIS Media

MARCH 25, 2022

From the weight it holds on their debt to income ratio to the challenges it presents on an aspiring buyer’s ability to save for a down payment, Lautz says that student loan payments pose an additional affordability challenge amid rising home prices and mortgage rates. Inflation is a tad higher,” Yun says.

Loans

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

The Close

DECEMBER 29, 2022

This is when a homeowner turns a deed over to the mortgaging bank to avoid going into foreclosure. This allows the borrower to avoid personal liability for the remaining unpaid debt. Borrowers can go into delinquency if they have stopped paying their monthly mortgage loan payments for a certain time period. Loan officer.

Purchase and sale agreement

Marco Santarelli

FEBRUARY 22, 2025

Its a bit of a mixed bag, and that's why digging into the details and talking to a loan officer is crucial. Get quotes from multiple lenders banks, credit unions, mortgage brokers. Rates can vary significantly from lender to lender, and doing your homework can save you thousands of dollars over the life of your loan.

Mortgages