California Housing Market Update For February 2019 Source: Pacific West Association of Realtors “It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions.
California Housing Market Update For June 2018 Source: Pacific West Association of Realtors “Housing markets across the nation are most assuredly active this summer, and buyer competition is manifesting itself into several quick sales above asking price. While the strength of the U.S. economy has helped purchase offers pile up, the Fed recently increased the
One of the factors that lenders look at when qualifying borrowers is debt to income ratio called DTI. In short, DTI ratio is the amount of debts dividing by borrower’s incomes. As you may have guessed, lenders like DTI to be low. For conventional loans, max DTI has recently increased since July 2017 from 45%
Some lenders may offer minimal documents from borrowers; however to ensure the income and assets are not missing out during approval process, please making sure you have this check list of documents for your loan officer: 1. W-2’s and or 1099’s, along with Federal Tax Returns with ALL Pages and ALL Schedules for 2 most recent
We tend to focus on borrower income base on their paystubs (for wage earners) and tax returns (for self employed), however there are many other sources of income that lender also allows for borrowers loan qualification. Here are the list of all possible sources of income: Alimony & Child Support: Allowed to use for
“HomeReady recognizes the growth of extended-income households by allowing the existence of non-borrower income to be considered a compensating factor in Desktop Underwriter® (DU®). HomeReady permits the borrower to have a higher debt-to-income (DTI) ratio – higher than 45%, up to 50% – considering available household income to provide additional assistance with household expenses if
At National Brokers, we understand that loan process can sometimes be stressful and take time to gather documents for loan approval review. Our lenders now offer e-signing documents that borrowers can sign while in line to get their lunch. In addition, we also minimize income documents from buyers. If you are W2 income borrowers and your
Federal Housing Administration, known to be the government insurer of low down-payment home loans, has just reduced annual mortgage insurance premium by 25 basis points. FHA pointed out that the reduction in insurance premium was due to the improved financial condition of the FHA’s insurance fund and continue to make home-ownership less costly. With the
California has updated mortgage loan limits which increase for FHA and VA loans. The FHA has published the 2017 Mortgage Limits. The new single-family low cost areas is $275,665 and the new maximum loan amount in high cost areas is $636,150*. The new FHA limits apply to case numbers assigned on or after January 1st, 2017
For prospective home buyers, a good FICO or credit score could mean thousands of dollars in potential savings. Yes, you can have better FICO score in 4 easy steps. A credit report is like a history book of how well you manage your tradelines with different creditors. A tri-merge report shows data from three most
