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Keywords: FHA; Lown-Income; Conventional; Mortgage Loans. 5 Factors That Determine if You'll Be Approved for a Mortgage 1. Your credit score Your credit score is determined based on your past payment history and borrowing behavior. When you apply for a mortg...

Key words: Low-income Home Possible Mortgage,provided by Freddie Mac, is for those whose income is 80% of area median income (AMI) for the Property’s location. For the income requirement,you need to verify only a borrower's qualifying income. For example, if...

Key words: Business bank statement; self-employed Bank statement program is one of the most popular programs. It is designed for borrowers who are self-employed and would use only business bank statements to qualify. P&L ? Not required! Tax return? Not require...

The hazard insurance section of standard homeowners insurance policies does not cover flooding from external natural causes, like heavy rainstorms, or man-made ones, like a dam break. Only specifically named flood insurance, a separate insurance policy, can ...

Keywords: FHA; Lown-Income; Conventional; Mortgage Loans. A mixed-use property as defined is a one-to-four (1-4) unit residential property with a home-based business. The following requirements must be met: 1. The business cannot interfere or conflict with the...

Keywords: FHA; Lown-Income; Conventional; Mortgage Loans. FHA vs Conventional Loan Types: Which is Right for Me? An FHA loan allows for lower credit scores and can be easier to qualify for than a conventional loan.  However, Conventional loans may not requ...

Keywords: DSCR, Non-QM, Mortgage, Rent, Investment We all know DSCR, which is a very simple program and just need to put the occupancy into consideration. DSCR is preferred by a lot of agents, so let’s talk about DSCR for foreigners. Here are requirements fo...

Keywords: DSCR, Non-QM, Mortgage, Rent, Investment DSCR (Debt Service Coverage Ratio) is designed for experienced real estate investors and qualifies borrowers based on cash-flows solely from the subject property. How to calculate DSCR ? See Below: Advantages ...

Keywords: Escrow account; Impound; Tax & Insurance; Reserve The bank statement is a product that estimates a borrower’s income by analyzing deposits in the account. It use DTI to qualify like conventional loan. This category of products can be divided into t...

Keywords: Escrow account; Impound; Tax & Insurance; Reserve Do you know anything about Condo Project Review (or HOA Questionnaire)? Escrow impound accounts are those accounts which lenders set up to collect 'up-front' money from you, when you take out a mortga...