FHA Tightens Eligibility Requirements

FHA Tightens Eligibility Requirements

  It just got a little harder to get an FHA loan as the Federal Housing Administration tightens eligibility requirements.   FHA mortgages account for nearly 1 in 4 mortgage loans nationwide.  FHA loans are attractive to borrowers for the low 3.5% down payment, and attractive to lenders as payment is insured by the Federal Housing Administration. But borrowers are finding it more difficult to qualify for an FHA loan after the Federal Housing Administration recently changed its mortgage guidelines, affecting how lenders underwrite and approve FHA-insured loans.  In particular, the FHA has tightened its income verification for self-employed and...Read more
How To Raise Your Credit Score FAST

How To Raise Your Credit Score FAST

    Learn how to improve your credit before applying for a home loan Your credit score can greatly impact the rate of your home loan, both positively and negatively.  Lenders look at your credit score as one factor in determining your debt-to-income ratio (DTI).  Having a high credit score can help you secure a better rate on your loan which translates to lower monthly payments.  A low credit score may place you in an “at risk” category, and lenders will charge more for assuming that risk.  With banks increasing their scrutiny of applications for mortgages and other loans, a strong...Read more
How to Get A Home Loan

How to Get A Home Loan

Not all lenders are created equal! Find out how to secure the best home loan to fit your needs. If you are thinking about buying a new home, one of the first steps is to establish your price range.  The best way to determine your home buying power is to speak with a lender or mortgage banker/broker.  S/he will ask you for information to determine your debt to income ratio (DTI).  You will need to provide tax returns, W2s, pay stubs, and bank statements, and they will also need to obtain your credit score.  There are usually no up-front fees...Read more