Today every loan program requires some type of income verification, whether that means paystubs and W-2s or two years’ worth of tax returns. The days of no verification loans are long gone, but that does not mean that mortgage loans are hard to obtain. Every lender has their own way of verifying income, but there […]
How to Get a Divorced Spouse Off of the Property Title
Going through a divorce is hard enough, but if you do not take the necessary steps to get your divorced spouse off of the property title, divorce decree or not, he is still part owner. You have several things you have to do to legally remove your ex-spouse from the property title if that is […]
Can you Qualify for a Mortgage with Irregular Income?
In a perfect world, lenders would like it if every borrower had a standard salary that is predictable and stable. Unfortunately, that is not the case today. In fact, a majority of people have an irregular income since so many people are self-employed or work on commission. People have had to get creative in their […]
Stated Asset Loans: What to Expect When Qualifying
Stated asset loans were quite the popular mortgage program a few short years ago and stated asset lenders were much more commonly available than they are today. The lenders offered flexible guidelines and low stated asset rates, unfortunately after the credit crisis the lenders were quick to get rid of the stated asset programs. Stated […]
Understanding No Doc Loans
You may have heard of stated income, stated asset or no doc loans before. Basically a loan you can get by “stating” your assets and income rather than showing actual documentation to your lender. These loans are usually utilized by self-employed borrowers. While, No Doc Loans are very similar to stated income and stated asset […]
What to Expect During the Mortgage Approval and Closing Process
With the historically low interest rates currently available, many people are now buying homes for the first time. If you’ve never been through the mortgage application and closing process, you might not know what to expect during this 30 to 60 day window that it takes. To be forewarned is to be forearmed, so here’s […]
How to Make Overtime Income Help you Qualify for a Mortgage
Overtime income is becoming more and more popular today, but that does not mean it will automatically give you the approval you need on your mortgage. If you do not handle it correctly, it will not help your case. Lenders cannot take overtime income at its face value and add it to your base income. […]
The Necessary Compensating Factors Needed for Low Doc Loans
Low doc loans are the new form of subprime loans that we all got so used to in the past. Because subprime really is not a thing anymore, lenders had to come up with a more creative program that still met the Ability to Repay Rules. This program is the low doc program, which essentially […]
Should You Consider Subprime Home Loans?
Subprime loans originally had a bad rap, especially after the housing crisis with a large percentage of those loans gone bad being part of the subprime industry. Today, however, they are making a comeback. You might not find it as easy to obtain this type of loan as you once did, but they are still […]
Money in a Mattress? You might Need Stated Asset Loans
Today, lenders need to document everything about your home loan, including where your cash came from. So if you have your money stashed away under your mattress rather than in a Charles Schwab account, you might find it hard to get a loan. Sure, you might get the approval based on your credit, income, and […]