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

As interest rates rise, so do the monthly mortgage payments, which could be problematic for low-to-moderate income borrowers, said Alex Naumovych, loan officer at Draper & Kramer Mortgage. Mark Westcott, a loan officer at CrossCountry Mortgage , said that borrowers who were pre-qualified at 3.5%

FHA loan 370

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

Housing Wire

NOVEMBER 10, 2020

So when that happens, you don’t originate, you don’t lend at par for something at 88. 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. And non-QM loans in my experience are harder.”. So you stop.”. Everyone bowed out.

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Debt-to-income ratio Loans Banks Loan Officer 451

Housing Wire

AUGUST 27, 2021

When I started my career as a loan officer, there were no credit scores. The philosophy was that no credit wasn’t necessarily bad credit and underwriters could make judgement calls in order to approve a loan. This rule remains in effect today. The problem is that the old process resulted in racial bias as well.

Debt-to-income ratio 440

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

Housing Wire

NOVEMBER 8, 2021

Alex Naumovych, a loan officer at Draper & Kramer , has noticed similar trends in his work at a lender. Although many listing agents do not want to work with VA loans, lenders, on the other hand, love them. From a lending perspective they are the easiest loan to work with,” Naumovych explained.

VA loan 411

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

Housing Wire

AUGUST 26, 2024

Middleman pointed to average loan-to-value ratios of 50%, average debt-to-income ratios in the low 40% range, and credit scores in the low 700s as indicators of an “extraordinary” credit. And we really think we’re gonna have these customers with us for a really long time. That’s our goal.”

Mortgages 451

Mortgages Banks Debt-to-income ratio Loans 451

HomeLight

JUNE 22, 2023

Why must there be so many lending companies, all of which have different requirements and terms? 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.

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Debt-to-income ratio Mortgages FHA loan Loans 98

HomeLight

SEPTEMBER 1, 2022

Student loan debt doesn’t make it impossible to live out your dream of homeownership; it just makes it a bit more difficult because of its impact on your debt-to-income ratio (DTI), credit score, and down payment savings. Debt-to-Income ratio.

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Debt-to-income ratio Loans FHA loan Equity 104

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 98

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

HomeLight

OCTOBER 15, 2020

For a USDA loan, you should have a minimum FICO score of 640. While the USDA does not designate a minimum credit score, lenders will have a minimum requirement of typically 640,” explains mortgage loan officer Jane Hammond. Then shop around for someone you trust, and who is experienced in this type of lending.

Loans 85

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

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. One popular program is the Federal Housing Administration (FHA) loan.

Finance 96

Finance Debt-to-income ratio FHA loan Mortgages 96

Redfin

SEPTEMBER 6, 2024

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. A higher interest rate means you’ll pay more in interest over the life of the loan, resulting in higher monthly payments.

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

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

HomeLight

OCTOBER 11, 2021

How much house can you afford if you’re getting an FHA loan? The FHA sets loan limits, or maximum lending amounts. Borrowing limits for FHA loans aren’t the same across the country; they’re based on your county. How much income do you earn relative to your debts? Source: (Ethan Garvey / Unsplash).

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

Redfin

FEBRUARY 10, 2021

Have a Healthy Debt-to-Income Ratio (DTI). Another key component banks consider when issuing loans, is your debt-to-income ratio. The debt-to-income ratio is a lender’s way of comparing your monthly housing expenses and other debts with how much you earn.

Debt-to-income ratio 76

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

HomeLight

AUGUST 31, 2021

The FHA doesn’t lend money itself. The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. Adequate income. The number varies from program to program, but you’ll need a minimum debt-to-income ratio to qualify. Solid credit.

FHA loan 105

FHA loan Loans Debt-to-income ratio Banks 105

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 59

Pre-approval Agents Pre-qualification Debt-to-income ratio 59

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

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

The Close

DECEMBER 29, 2022

Borrowers can go into delinquency if they have stopped paying their monthly mortgage loan payments for a certain time period. Debt-to-income ratio (DTI). You can help your clients calculate their DTI by adding together all of their monthly payments and dividing the total by their gross monthly income.

Purchase and sale agreement 98

Purchase and sale agreement Title Pre-approval Proof of funds 98