Your bank statements play an important role in getting a mortgage. Whether you need to prove that you have the funds to close on the loan or you need to prove that you have reserves on hand, your bank statements are an important part of the underwriting process.Compare Offers from Several Mortgage Lenders.So what can you do to make sure that underwriters approve your … [Read more...] about The Top Ways to Get Underwriters to Approve Your Bank Statements
If you are a Native American and have trouble getting home loan financing, there could be help with the Section 184 Home Loan program. This HUD program helps Native Americans afford home ownership by allowing low down payments and low interest rates. HUD guarantees the Section 184 Loans 100%, which means they work in much the same way that other government-backed programs, such … [Read more...] about Understanding the Section 184 Home Loan for Native Americans
Stated income loans haven’t gone away totally, as some people mistakenly believe. While you won’t find them offered by every lender today, there are some that still offer it. Before you decide which loan option is right for you, it’s important to understand the different requirements of the two loans.Compare Offers from Several Mortgage Lenders. Standard Loan … [Read more...] about Standard and Stated Income Loans: What’s the Difference in Guidelines?
Most loan programs today look closely at your debt ratio. They want to make sure that you aren’t over committing your finances. For example, conventional loans have debt ratios of 28% for your housing ratio and 36% for your total debt ratio. VA loans, though, don’t have such specific ratios. While they have a maximum ratio they would prefer, they don’t put a lot of emphasis on … [Read more...] about How High can Your DTI be for VA Loans?
It’s a common myth that the self-employed cannot secure a mortgage. That’s not true today. Many lenders and/or mortgage programs make it easy for the self-employed to get a mortgage.Looking for Current Mortgage Interest Rates? Click Here.It all comes down to reliability and consistency. These are the same two factors lenders look at when you are self-employed. They need … [Read more...] about What do Lenders Look at on Self-Employed Income?