New Mortgage Program Proposal
Recently five US senators introduced a bill that could help families with modest means build wealth through homeownership. This new proposal is called the LIFT Act, or Low-Income First-Time Homebuyers Act, and is currently only a bill. This new bill is hoped to...
Solutions for the End of Mortgage Forbearance
Shortly after the pandemic began, the government put into place protections that required mortgage lenders to offer mortgage forbearance programs for homeowners that saw themselves struggling to make ends meet while things were shut down. These Covid relief...
Mortgages Near $1 Mill. Backed by Fannie Mae and Freddie Mac
For many years the federal entities of Fannie Mae and Freddie Mac would back mortgages and purchase them from lenders within certain rules. Traditionally Fannie Mae and Freddie Mac set a limit on how much a mortgage lender can lend out for them to guarantee and back a...
Frequently Asked Questions About Bank Statements for Mortgages
It is not uncommon for every mortgage loan applicant to be asked to provide at least one bank statement when trying to seek approval for a home purchase. Here are some frequently asked questions that loan applicants have about bank statements when it comes to a...
Mortgage Lenders are Increasing Jumbo Mortgage Limits
Some lenders are offering what seems to be a great relief to those hoping to purchase or refinance a home above California’s $548,250 conventional mortgage loan limit. This is well ahead of the expected credit limit hikes to take place this month. Some motivated...
3 Items Lenders Hope Not to Find in Bank Statements
When applying for a mortgage loan, most lenders will ask you to supply at least one or two months of bank statements to get a better picture of your financial stability and responsibility. If you are applying for a bank statement loan, you could be asked for about one...
Reasons Mortgages Get Held Up in Underwriting
Reasons Mortgages Get Held Up in Underwriting – An underwriter for a mortgage, in a sense, has the job of playing the “bad cop” role in approval. They are tasked with looking over all of the details with a fine-tooth comb. They look over every detail of a...
What Does a Mortgage Lender Look for When they Ask for Bank Statements?
When applying for a mortgage loan to purchase a home, a lender is going to want to see the documentation that provides solid proof of your income history and current income status. Most lenders require this proof in the form of a tax return, but there are other forms...
Stated Income Mortgage Options 2021
Stated income loans are not as widely available as they were prior to the recession of 2008 when several houses went into foreclosure. These no-document mortgages became harder to find in favor of strict income verification rules to help mitigate the large risks and...
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Here you’ll find tips, updates on mortgage laws and changes that can affect your loan or approval. Check back often for more great ideas.