How Much Can I Qualify For or Borrow When Buying A Home? There are many misconceptions about qualifying criteria and guidelines in general, but even more so about how mortgage lenders determine a borrowers maximum qualifying amount. Who Decides How Much I Can Afford or Qualify for? Many people have an image in their head […]
Prior to starting your home search and qualifying for a home mortgage loan, it’s important you know the difference between a mortgage prequal, pre-approval and a conditional loan approval. Many people, even lenders and real estate agents, wrongly use the terms interchangeably. What’s the difference between a prequalification, pre-approval, and a conditional loan approval? Each […]
Most homebuyers are not aware that disputing a tradeline account on your FICO credit report can actually get your home loan denied or delay the closing. In an attempt to improve or repair a credit score when preparing to finance a home purchase or refinance, many homebuyers hire ‘credit repair’ companies who will dispute […]
Unfortunately, very few home buyers in California using FHA loans to purchase realize they may qualify for down payment or closing cost assistance. Why is this? Why aren’t lenders telling home buyers about programs that will save their buyers money? OK, I admit it. This may be controversial among some of my peers, and I’ll […]
HUD recently announced that starting October 4th (recently delayed), FHA is reducing the amount to be collected for their Up Front Mortgage Insurance Premium (UFMIP). However, FHA will also increase how much they collect on their Annual Mortgage Insurance Premium (MIP – collected monthly) for California’s Inland Empire (Riverside & San Bernardino County) home buyers. Confused? […]
How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan.
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer? Regardless of the motivation for keeping one property while purchasing […]