Housing Wire

MARCH 30, 2021

It’s no secret credit scores can hinder a potential borrower’s ability to qualify for the best loan program, which can ultimately lead to poor borrower satisfaction. Borrowers don’t always know or understand how their credit or debt-to-income ratio (DTI) impacts the type of loan they can qualify for.

Pre-qualification 451

Pre-qualification Debt-to-income ratio Pre-approval Loan Officer 451

Housing Wire

OCTOBER 10, 2024

In November 2023, Wells Fargo sued LoanSnap for $431,511 in a district court in Minnesota, alleging breach of contract in selling a mortgage that did not meet contractual requirements, such as excessive and unsupported debt-to-income ratios. The total judgment in these cases is more than $1.1

Debt-to-income ratio 403

Debt-to-income ratio Mortgages Loan Officer Banks 403

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. Riches in the niches.

Debt-to-income ratio 417

Debt-to-income ratio Lending Loans Loan Officer 417

Keeping Current Matters

DECEMBER 21, 2020

You’re undoubtedly excited about the opportunity to decorate your new place, but before you make any large purchases, move your money around, or make any major life changes, consult your lender – someone who is qualified to tell you how your financial decisions may impact your home loan. New debt comes with new monthly obligations.

Debt-to-income ratio 341

Debt-to-income ratio Mortgages Loan Officer Banks 341

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.

Debt-to-income ratio 441

Debt-to-income ratio Loan Officer Loans Mortgages 441

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 417

Debt-to-income ratio Mortgages VA loan Loans 417

Housing Wire

APRIL 4, 2022

Text sign showing hand written words FHA Home loan. Over 80% percent of FHA purchasers are first-time homebuyers, and borrowers of color obtained over 40% of FHA loans last year, according to HUD. The FHA also insured more than twice as many loans to Black and Hispanic borrowers last year as the rest of the mortgage market combined.

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. For instance, processing non-QM loans manually can be prone to human error, cutting into the efficiency of a business.

Debt-to-income ratio 403

Debt-to-income ratio Lending Pre-qualification Loans 403

Housing Wire

NOVEMBER 10, 2020

His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. At that point, Dodson was actively working on a jumbo loan for friends of his from church. And whether you do it or someone else does it, that loan is going to get done.” So you stop.”. Everyone bowed out.

Debt-to-income ratio 441

Debt-to-income ratio Loans Banks Loan Officer 441

Housing Wire

NOVEMBER 8, 2021

After completing countless Veterans Administration (VA) mortgage loan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. He will also inform the listing agent that he is a veteran himself and implores them to ask any questions or express concerns they have about VA loans.

VA loan 403

VA loan Agents Pre-approval Debt-to-income ratio 403

Housing Wire

AUGUST 27, 2021

Second , the reporters looked at conventional loans only, meaning loans only from Fannie Mae and Freddie Mac , and did not include loans from FHA / VA / USDA. The result here is that borrowers who have FICO scores below, say, 720 with a high loan to value (LTV) will often find a better deal by going to the FHA.

Purchase and sale agreement 430

Purchase and sale agreement Debt-to-income ratio Pre-approval Loans 430

Housing Wire

JULY 25, 2023

BM: Lenders need to be aware of the insurance landscape as it can have a significant impact on their ability to efficiently close a loan due to availability and pricing. Accurately calculating a customer’s front-end debt-to-income ratio (DTI) requires accounting for all housing expenses, including homeowners insurance premium.

Marketing 370

Marketing Debt-to-income ratio Loan Officer Mortgages 370

Housing Wire

AUGUST 26, 2024

In the meantime, these companies could market other products, such as home equity loans, to borrowers in these portfolios. 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.

Mortgages 440

Mortgages Banks Debt-to-income ratio Loans 440

Realtor.com

NOVEMBER 28, 2022

designer491/iStock FHA loans, which are insured by the Federal Housing Administration, help home buyers secure financing to buy a home despite their low income, lack of savings, or poor credit scores—the kind of things that often prevent people from getting a conventional loan. A maximum debt-to-income ratio of 43%.

FHA loan 98

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

Point2Homes

OCTOBER 6, 2020

In particular, the lender needs to confirm that the money was obtained through legal means and that it isn’t a loan. Accordingly, they will verify any money you have on hand (in addition to your income). 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

HomeLight

SEPTEMBER 1, 2022

Well, hello there, student loan debt. Millennials and Gen-Zers have on average $36,000 in student loan debt , as the Education Data Initiative reports in its 2021 study. with student loans and are worried about how that may impact your ability to buy a home. Why might that be? The best place to start? Get Started.

Debt-to-income ratio 104

Debt-to-income ratio Loans FHA loan Equity 104

Realtor.com

NOVEMBER 11, 2022

Unless you have enough cash lying around to buy some real estate outright—and let’s face it, few do—first-time home buyers will need a loan first, not a real estate agent. Furthermore, lenders don’t just hand out loans to everyone who walks in their door. Step 2: Qualify for a home loan or loan pre-approval.

Pre-approval 131

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

Realty Biz

JANUARY 4, 2022

But I’m heavily saddled with student loans to the tune of $425 per month. I’ve been deferring my student loan payments and I’m hoping for loan forgiveness some time down the road. But I’ve been saving the student loan money and diligently saving everywhere that I can to come up with a down payment for a home.

Debt-to-income ratio 88

Debt-to-income ratio Loans Mortgages Title 88

Broke Agent Media

JANUARY 9, 2023

According to a new analysis by Zillow Home Loans, recent updates to conforming loan limits mean over 2 million U.S. homes no longer require a jumbo loan. . The Federal Housing Finance Agency (FHFA) increased conforming loan limits to $1,089,300 in some high-cost markets, making them more accessible to buyers.

Loans 98

Loans Debt-to-income ratio Finance Loan Officer 98

HomeLight

OCTOBER 15, 2020

We talked to Jessica Sanchez, Director of Underwriting & Loan Management at HomeLight Home Loans, to walk through the ins and outs of conventional loans. What’s a conventional loan? A conventional loan is a private mortgage that’s not backed by the federal government (we’ll get to government loans in a bit).

Loans 98

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

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 124

Debt-to-income ratio Technology Loan Officer Banks 124

Redfin

JULY 9, 2025

A loan officer manually reviews your documents and verifies your information. To determine your eligibility, lenders typically review: Credit score and report: Most lenders require a minimum score (often 620 for conventional loans). Income and employment history: Pay stubs, W-2s, or tax returns.

Pre-approval 31

Pre-approval Pre-qualification Loans Debt-to-income ratio 31

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

HomeLight

AUGUST 31, 2021

The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. In 2020, only about 10% of all home loans were FHA-backed, according to the agency’s annual report. If somebody’s credit isn’t strong enough, they may not qualify for another loan.

FHA loan 105

FHA loan Loans Debt-to-income ratio Banks 105

HomeLight

OCTOBER 15, 2020

Many wishful homeowners would just keep on driving and try to forget that their dream home is on the market … but you know how to apply for a USDA loan, so you turn your car around and head home to do just that. These loans — like FHA and VA loans — are backed by the government. Among its attractive features?

Loans 85

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

Realty Biz

MARCH 9, 2021

For most loans like FHA, USDA, VA, or even most Fannie Mae and Freddie Mac home loans, the borrower must plan to live at the home as their main residence. The parents can sign the loan on behalf of their child. Getting Pre-Approved for the Family Opportunity Loan. Better Ratios for Debt to Income Calculations.

Pre-approval 144

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

HomeLight

OCTOBER 11, 2021

You’re getting ready to start shopping for a house, and you’re pretty certain you want to go with an FHA loan. The Federal Housing Administration backs loans with less strict credit requirements and low down payment options to help families become homeowners. But maybe you’re a little unclear on what the different loan guidelines mean.

FHA loan 104

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

Marco Santarelli

MAY 19, 2025

Average Loan Size: The average loan size in a state can also play a role. In areas with higher property values and larger loan amounts, lenders might adjust rates to reflect the increased risk associated with larger mortgages. Heres a snapshot of national averages for various loan types: Loan Type Rate (%) 30-Year Fixed 7.01

Mortgages 52

Mortgages Debt-to-income ratio Loans Loan Officer 52

Realtor.com

NOVEMBER 28, 2022

While there are a variety of mortgages aimed at helping homebuyers afford a home—such as FHA loans and VA loans —one type that’s often overlooked are USDA loans, which offer excellent terms to those who qualify, including a 0% down payment and low interest rates. What is a USDA loan? Types of USDA loans.

Loans 95

Loans Mortgages FHA loan Debt-to-income ratio 95

HomeLight

NOVEMBER 29, 2023

Applying for a mortgage involves a number of phrases that you might not have ever heard, and when your loan originator asks you whether you want to “lock in your mortgage rate,” you might not have a clue what they mean. What’s a mortgage loan rate lock, anyway? Locking in a rate is an essential step to getting a home 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. The higher your credit score, the better your chances of securing a loan with more favorable terms. Student Loan Debt Must Be Paid off. Department of Agriculture (USDA) or U.S.

Debt-to-income ratio 98

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

HomeLight

SEPTEMBER 21, 2022

Look at your current home’s mortgage loan. Next, you need to double-check whether you can legally rent out your home by looking at your current loan agreement. Most loans on your primary residence will stipulate that you have to live in the house for a certain amount of time — usually 12 months — before you can rent it.

Debt-to-income ratio 105

Debt-to-income ratio Loans Equity Loan Officer 105

Realty Biz

SEPTEMBER 30, 2023

By comparing loan options, understanding loan terms and interest rates, and exploring resources for mortgage comparison, you can find the right mortgage lender for your financial situation. Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance.

Finance 96

Finance Debt-to-income ratio FHA loan Mortgages 96

Rochester Real Estate

NOVEMBER 5, 2015

It’s unfortunate, but not every prospective buyer is going to be able to qualify for a home loan. In the simplest terms the main difference is that a bank has its own lending criteria and offers loans by using its own funds. You have no control over who you loan gets sold to. In contrast, a mortgage broker is a middleman.

Finance 52

Finance Mortgages VA loan Pre-approval 52

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. Fannie Mae and Freddie Mac backed loans come with requirements that lenders must follow. These programs typically take two forms.

Mortgages 67

Mortgages Debt-to-income ratio Loan Officer Loans 67

Broke Agent Media

JANUARY 9, 2023

According to a new analysis by Zillow Home Loans, recent updates to conforming loan limits mean over 2 million U.S. homes no longer require a jumbo loan. . The Federal Housing Finance Agency (FHFA) increased conforming loan limits to $1,089,300 in some high-cost markets, making them more accessible to buyers.

Loans 52

Loans Debt-to-income ratio Finance Loan Officer 52

Realtor.com

APRIL 8, 2021

But the good news is that many first-time home buyers in California qualify for special loans and financial assistance that can lower the costs of homeownership. CalHFA’s first-time home buyer loan programs. Here is a list of home buyer eligibility requirements to help you understand whether or not you qualify for these loans.

Debt-to-income ratio 95

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