Each year, the government-backed mortgages have different loan limits. Understanding these limits can help you determine how much you may be eligible to borrow whether to purchase or refinance your home.Looking for Current Mortgage Interest Rates? Click Here.This year, loan limits jumped just short of 7%, similar to last year’s increase. This is due to the increasing … [Read more...] about The Loan Limits for Government-Backed Mortgages in 2019
Underwriting
What do Lenders Look at on Self-Employed Income?
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?
Qualifying for a Mortgage Even If You Don’t Meet Income Requirements
When you apply for a mortgage, you have to disclose your income. Every mortgage program requires this today – the days of the stated income loan are gone. What happens if you don’t make enough money, though? Are you going to be unable to get a mortgage?Compare Offers from Several Mortgage Lenders.Luckily, there are ways around it. While you have to be able to prove that … [Read more...] about Qualifying for a Mortgage Even If You Don’t Meet Income Requirements
What Types of Assets Qualify as Liquid Reserves for Home Loans?
When you apply for a mortgage, lenders ask you a lot of questions not only about your credit and income, but your assets too. Basically, they want to know that any money you use for the loan is your money. Typically, this means money from income you made. But in some cases, it can also mean gift money.Get Matched with a Lender, Click Here.Whatever the case may be for … [Read more...] about What Types of Assets Qualify as Liquid Reserves for Home Loans?
Common Reasons for Needing a Non-Conforming Mortgage
You find out that you don’t qualify for a conforming loan. The lender tells you that you have a better chance look at non-conforming loans. What exactly does that mean and why did this happen?Compare Offers from Several Mortgage Lenders.First, we want you to know it’s not a bad thing. You are not automatically going to pay inflated interest rates or closing fees. It’s … [Read more...] about Common Reasons for Needing a Non-Conforming Mortgage