Housing Wire

JANUARY 14, 2022

Kidwell said his company is looking for loan processors to identify fraud in non-QM loans, in addition to loan officers. The hiring trend at non-QM lenders stands in sharp contrast to recent layoffs at some consumer-direct lenders, which specialize in conventional refinance loans. 1, 2022.

Debt-to-income ratio 434

Debt-to-income ratio Lending Loans Loan Officer 434

Housing Wire

NOVEMBER 7, 2023

This implies easing inflation next year, and mortgage rates near 6% would help affordability issues caused by two things: The inflation fight has fueled the mortgage rate spike Low inventory and a steady job market have put a floor on home prices The good news is that GSEs remain committed to loan approval guidelines that help in these tough cycles.

Debt-to-income ratio 435

Debt-to-income ratio Mortgages VA loan Loans 435

Housing Wire

APRIL 4, 2022

As interest rates rise, so do the monthly mortgage payments, which could be problematic for low-to-moderate income borrowers, said Alex Naumovych, loan officer at Draper & Kramer Mortgage. Mark Westcott, a loan officer at CrossCountry Mortgage , said that borrowers who were pre-qualified at 3.5%

FHA loan 370

FHA loan Debt-to-income ratio Pre-approval Loan Officer 370

Housing Wire

MAY 25, 2022

Between significantly fewer refinances, rising mortgage rates and housing inventory nearly cut in half since 2020, loan officers (LOs) and brokers face a pivotal time where adaptation is a must for success. There’s no question that 2022 has seen serious changes to the housing market.

Debt-to-income ratio 418

Debt-to-income ratio Lending Pre-qualification Loans 418

Housing Wire

NOVEMBER 10, 2020

As is true with loans sold to Fannie and Freddie, non-QM lenders must ensure the borrower can pay back the loan and is credit-worthy. But unlike Fannie and Freddie, most non-QM loans rely on the borrower’s credit score and the loan-to-value ratio on the loan, rather than the debt-to-income ratio.

Debt-to-income ratio 459

Debt-to-income ratio Loans Banks Loan Officer 459

Housing Wire

AUGUST 27, 2021

When I started my career as a loan officer, there were no credit scores. The philosophy was that no credit wasn’t necessarily bad credit and underwriters could make judgement calls in order to approve a loan. This rule remains in effect today. The problem is that the old process resulted in racial bias as well.

Debt-to-income ratio 448

Debt-to-income ratio Purchase and sale agreement Pre-approval Loans 448

Housing Wire

JULY 25, 2023

Accurately calculating a customer’s front-end debt-to-income ratio (DTI) requires accounting for all housing expenses, including homeowners insurance premium. In the worst-case scenario, the rising cost of insurance could lead to a mortgage being denied during the underwriting process.

Marketing 370

Marketing Debt-to-income ratio Loan Officer Mortgages 370

Housing Wire

NOVEMBER 8, 2021

Alex Naumovych, a loan officer at Draper & Kramer , has noticed similar trends in his work at a lender. They have 100% financing, no mortgage insurance and there is no longer a loan limit and I am often able to give customers better interest rates even if they do not have a great credit score or their debt to income ratio is high.

VA loan 418

VA loan Agents Pre-approval Debt-to-income ratio 418

Housing Wire

AUGUST 26, 2024

Middleman pointed to average loan-to-value ratios of 50%, average debt-to-income ratios in the low 40% range, and credit scores in the low 700s as indicators of an “extraordinary” credit. And we really think we’re gonna have these customers with us for a really long time. That’s our goal.”

Mortgages 458

Mortgages Banks Debt-to-income ratio Loans 458

Point2Homes

OCTOBER 6, 2020

When you apply for a mortgage, the loan officer will review your income and compare it to your monthly expenses, which is your debt-to-income ratio — the lower the ratio, the better. Typically, to be eligible for a mortgage, your debt-to-income ratio must be 43% or less.

Debt-to-income ratio 144

Debt-to-income ratio Earnest money deposit Loans Loan Officer 144

GeekEstate

JUNE 26, 2022

Landis leverages data to create customized financial plans for our clients so that they can save more money, improve their debt-to-income ratio, increase their credit score, and build a stronger financial foundation. Mortgage loan officers send us their clients who aren’t quite ready for a mortgage yet.

Debt-to-income ratio 125

Debt-to-income ratio Technology Loan Officer Banks 125

Realtor.com

NOVEMBER 28, 2022

For most loans, this mortgage insurance remains throughout the life of the loan, or until you refinance out of an FHA loan to get rid of it, says Jordan Dobbs , a loan officer at Washington First Mortgage in Rockville, MD. A maximum debt-to-income ratio of 43%.

FHA loan 98

FHA loan Debt-to-income ratio Loans Loan Officer 98

Realtor.com

NOVEMBER 11, 2022

Step 3: Learn how a loan officer can help. If your financial profile reveals issues that throw a wrench in your ability to buy a home, your loan officer can recommend to you how to make improvements to it.

Pre-approval 131

Pre-approval Pre-qualification Debt-to-income ratio Loan Officer 131

Realty Biz

JANUARY 4, 2022

Without including him on the title, your father would never be able to own the home, refinance it, or use it to guarantee a loan for himself. The loan on your home would count against his debt-to-income ratio, he may even have trouble qualifying for a personal loan for which he otherwise would qualify.

Debt-to-income ratio 88

Debt-to-income ratio Loans Mortgages Title 88

HomeLight

SEPTEMBER 1, 2022

Student loan debt doesn’t make it impossible to live out your dream of homeownership; it just makes it a bit more difficult because of its impact on your debt-to-income ratio (DTI), credit score, and down payment savings. Debt-to-Income ratio.

Debt-to-income ratio 104

Debt-to-income ratio Loans FHA loan Equity 104

HomeLight

JUNE 22, 2023

Debt-to-income ratio After looking at how much money is flowing into your household, you’ll want to write down your monthly debts. That’s because lenders will also look at your debt-to-income ratio, or DTI. That number will be your debt-to-income ratio.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

Realty Biz

MARCH 9, 2021

If a parent or parents currently have a home mortgage and other debt, it would seem a bit of financial stress to take on a 2 nd mortgage on a separate mortgage. For the Family Opportunity Loan, the guidelines state that the debt to income ratio can be as high as 50%. Fannie Mae Does Not Require Large Down Payment.

Pre-approval 144

Pre-approval Earnest money deposit Debt-to-income ratio Loans 144

Broke Agent Media

JANUARY 9, 2023

Hold off on large purchases that require financing —This is not the time to make any large purchases that involve financing (cars, boats, major appliances), which would increase their debt-to-income ratio and negatively impact the size of the mortgage loan for which they can qualify. . Nicole Bachaud.

Loans 98

Loans Debt-to-income ratio Finance Loan Officer 98

HomeLight

NOVEMBER 29, 2023

“When they lock their loans, they’re transferring the risk of the rate rising during the time it takes to process the loan.,” They’re giving it to the lender, broker, or loan officer, so they are now responsible for handling that interest rate risk.” That’s an increase of $14,859 over the life of the loan.

Mortgages 115

Mortgages Debt-to-income ratio Loans Loan Officer 115

Realty Biz

JUNE 15, 2022

Department of Veterans Affairs (VA) loan. Check with your loan officer to see if you qualify for any first-time buyer programs. Student Loan Debt Must Be Paid off. The notion that you must be free and clear of student loans in order to qualify for a mortgage simply isn’t the case.

Debt-to-income ratio 98

Debt-to-income ratio VA loan Fixed-rate mortgage Loans 98

HomeLight

SEPTEMBER 21, 2022

Consult your loan officer. You might be able to use your rental income to help offset your debt-to-income ratio when applying for a mortgage on a second home, so be sure to talk to a licensed loan officer about that possibility. Some good financial news!

Debt-to-income ratio 105

Debt-to-income ratio Loans Equity Loan Officer 105

HomeLight

OCTOBER 15, 2020

Fannie and Freddie set requirements that all buyers have to meet to get a conforming loan. Maximum debt-to-income ratio of 43% (this is known as DTI, and it looks at how much debt you pay each month versus how much income you bring in). The most common interest options for conventional loans.

Loans 98

Loans FHA loan Debt-to-income ratio VA loan 98

Realty Biz

OCTOBER 20, 2020

You’ve never had trouble qualifying for a mortgage because your credit rating was high, your debt-to-income ratio was good, and you bought a house that you could afford. One treats ongoing distributions from IRAs, 401k accounts, and similar funds as income that’s acceptable for home-mortgage applications.

Mortgages 67

Mortgages Debt-to-income ratio Loan Officer Loans 67

Realty Biz

JANUARY 19, 2024

Many first-time home buyers have low credit scores and need help with high debt-to-income ratios. It takes a special loan officer who knows exactly how to work through these issues to help make their first purchase go smoothly Calculating Your Budget Determining your budget is a crucial step in the home-buying process.

Debt-to-income ratio 100

Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

Realty Biz

SEPTEMBER 30, 2023

Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance. For example, you can get approved for an FHA loan with very low credit scores. Reduce your existing debt. These government-backed programs often have more lenient credit requirements.

Finance 96

Finance Debt-to-income ratio FHA loan Mortgages 96

HomeLight

OCTOBER 15, 2020

For a USDA loan, you should have a minimum FICO score of 640. While the USDA does not designate a minimum credit score, lenders will have a minimum requirement of typically 640,” explains mortgage loan officer Jane Hammond. Hammond suggests working with a loan officer who works for a mortgage broker.

Loans 85

Loans Purchase and sale agreement Loan Officer Debt-to-income ratio 85

Redfin

SEPTEMBER 6, 2024

Non-qualified mortgage loans Non-QM (non-qualified mortgage) loans are a type of mortgage that doesn’t meet the strict underwriting guidelines established by Fannie Mae and Freddie Mac. A higher interest rate means you’ll pay more in interest over the life of the loan, resulting in higher monthly payments.

Debt-to-income ratio 68

Debt-to-income ratio Fixed-rate mortgage Principal Loans 68

Realty Biz

JANUARY 20, 2023

You'll need to provide documents such as: Valid ID and Social Security number Recent pay stubs W-2 or I-9 forms from the past two years Federal tax returns Recent bank statements Details on long-term debts like car or student loans Your loan officer, mortgage broker, or home lending advisor sends this information to the underwriter.

Title search 79

Title search Debt-to-income ratio Title Loans 79

Realty Biz

SEPTEMBER 21, 2022

You’ve never had trouble qualifying for a mortgage because your credit rating was high, your debt-to-income ratio was good, and you bought a house that you could afford. One treats ongoing distributions from IRAs, 401k accounts, and similar funds as income that are acceptable for home-mortgage applications.

Mortgages 53

Mortgages Debt-to-income ratio Loan Officer Loans 53

Realtor.com

APRIL 8, 2021

Decent credit score: You must have a minimum credit score of 660 for a conventional low-income-rate loan, and a minimum credit score of 680 for a conventional standard-rate loan. Income cap: Your earnings can’t exceed CalHFA’s income limits , which are based on the specific area you are looking to buy in.

Debt-to-income ratio 95

Debt-to-income ratio Closing costs Loans FHA loan 95

Redfin

FEBRUARY 10, 2021

Have a Healthy Debt-to-Income Ratio (DTI). Another key component banks consider when issuing loans, is your debt-to-income ratio. The debt-to-income ratio is a lender’s way of comparing your monthly housing expenses and other debts with how much you earn.

Debt-to-income ratio 76

Debt-to-income ratio Pre-approval Inspection Loans 76

HomeLight

OCTOBER 11, 2021

She advises having a loan officer run an estimate based on your home budget when deciding where to look for homes. How much income do you earn relative to your debts? With FHA loans, your debt-to-income ratio will be taken into consideration.

FHA loan 104

FHA loan Loans Debt-to-income ratio Closing costs 104

Realtor.com

NOVEMBER 28, 2022

“USDA home loans are a fantastic option for qualified homebuyers and aren’t limited to rural properties like farms,” says Tan Tunador , a senior loan officer with Atlantic Coast Mortgage in Loudon County, VA. Types of USDA loans.

Loans 95

Loans Mortgages FHA loan Debt-to-income ratio 95

HomeLight

MAY 31, 2021

One of the first things you’ll want to know is just how much house you can afford , which is based on your income, credit score, debt-to-income ratio (DTI), and savings amount (including your down payment). I had some clients a few years ago that had trouble qualifying because they had a lot of debt.

Mortgages 85

Mortgages Debt-to-income ratio Loans Closing costs 85

HomeLight

SEPTEMBER 8, 2020

The Freddie Mac Home Possible loan is designed for buyers with lower credit scores. There are also other loans available for buyers with low credit scores, which your loan officer can share with you. For example, avoid making any huge purchases right after applying for a home loan. Some of them are preventable!

Closing costs 98

Closing costs Inspection Debt-to-income ratio Title 98

HomeLight

AUGUST 31, 2021

Adequate income. The number varies from program to program, but you’ll need a minimum debt-to-income ratio to qualify. Then that loan officer will be able to help you decide if you want to go FHA.”. Assistance program participants often have to attend a class on personal finance and homebuying. Solid credit.

FHA loan 105

FHA loan Loans Debt-to-income ratio Banks 105

Broke Agent Media

JANUARY 9, 2023

Hold off on large purchases that require financing —This is not the time to make any large purchases that involve financing (cars, boats, major appliances), which would increase their debt-to-income ratio and negatively impact the size of the mortgage loan for which they can qualify. . Nicole Bachaud.

Loans 52

Loans Debt-to-income ratio Finance Loan Officer 52