How does Student Loan Debt impact my debt ratio? The impact your student loan debt will have on your chances of getting a home mortgage loan has changed greatly over the years. It used to be that whatever student loan debt you had didn’t necessarily harm your chances of… Read Full Article Share FacebookTwitterLinkedIn
Is it a problem if I don’t have a strong credit history? Do I need a specific number of accounts in my credit profile to qualify for a mortgage? A strong credit history is always helpful when applying for a home mortgage loan. The strength of your credit profile is based upon many things — one of the most notable of which involves your credit history in terms of… Read Full Article Share FacebookTwitterLinkedIn
How many years of income do I need to show if I’m a self employed borrower? A lender will always require that you provide proof of income as part of your mortgage application. For example, personal/business tax returns, pay stubs or W2s give a lender an up close and personal view of your finances — which… Read Full Article Share FacebookTwitterLinkedIn
If I already own a home and want to purchase a second property, is there a minimum amount of money I will need for a down payment? Down payment requirements on second homes are more stringent for borrowers compared to when they bought their first home. Requirements vary depending upon the conventional mortgage product, but are not allowed for unconventional mortgage loans. See below: Fannie Mae (Conventional):… Read Full Article Share FacebookTwitterLinkedIn
Can we roll closing costs into the loan on a purchase? This is one of the most common misconceptions in the mortgage industry. You may have heard a friend or family member mention they were able to roll their closing costs into their mortgage loan; however this is not entirely true…. Read Full Article Share FacebookTwitterLinkedIn
If I’m purchasing a property on a road that is private and therefore not maintained by the local municipality, do I need a Private Road Maintenance Agreement with my neighbors in order to qualify for a mortgage? This questions comes up most often when the property in question is located in a rural setting. And believe it or not, it’s not rare for the lack of a Private Road Maintenance Agreement to halt or hinder a borrower… Read Full Article Share FacebookTwitterLinkedIn