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%

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Housing Wire

JUNE 29, 2022

Loan officers must understand what modern millennial and Gen Z homebuyers want from their lenders. For mortgage professionals looking to buoy their loan volume through the rest of the year and beyond, understanding the motivations, behaviors and the barriers to entry for these borrowers will only become more vital for success.

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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.

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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

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.

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Marketing Debt-to-income ratio Mortgages Loan Officer 369

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.

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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.

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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.

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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.”

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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.

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Debt-to-income ratio Mortgages FHA loan Loans 98

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.

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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.

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

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.

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Debt-to-income ratio Loans Mortgages Title 88

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.

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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.

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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.

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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.

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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.

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Mortgages Debt-to-income ratio Loans Closing 115

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

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.

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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.

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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.

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Mortgages Debt-to-income ratio Loan Officer Loans 67

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.

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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.

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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!

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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

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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.

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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.

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

Redfin

APRIL 7, 2023

Get pre-approved for a mortgage My advice to first-time homebuyers is to find a good loan officer and get pre-approved, fully underwritten approval is best. Work with that loan officer and their agent to understand what timeframes they’re comfortable with in an offer.

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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

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.

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Debt-to-income ratio Pre-approval Inspection Purchase and sale agreement 76

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.

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

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.

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Loans Mortgages FHA loan Debt-to-income ratio 95

Redfin

APRIL 25, 2022

Keeping the card’s balance below 30% of the available credit limits is always the goal,” says Joe Metzler, Senior Loan Officer at Cambria Mortgage. “If A lender will look at your income, savings, employment status and history, and any other financial obligations (such as a car loan, student loans, etc.)

Mortgages 66

Mortgages Debt-to-income ratio Loans Banks 66

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

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