Key Takeaways Borrowers are not required to undergo a criminal background check by lenders. Lenders are more concerned with your current financial potential than with your previous criminal history. Before … Read more
Key Takeaways Underwriting is the process of determining whether or not an applicant’s finances are suitable for an FHA loan. In 2020, the FHA loan denial rate was 14.1%. Before … Read more
Key Takeaways After a foreclosure, you must wait three years There are exceptions for this three-year period, but only in extreme cases. In addition to the time frame, you must … Read more
Key Takeaways Lenders utilize home appraisals and inspections to determine how much money they will lend you. These are mandatory for If the assessment is lower than what you offered, … Read more
Key Takeaways The seller has the option to reject and select whichever offer or loan they believe is best for them. The tighter home inspection is the most unappealing part … Read more
Quick Summary To qualify for an FHA streamline refinance loan, you must already have an FHA loan. If you have had your mortgage for at least 6 months, you may … Read more
Quick Summary Lenders will want a two-year employment history supported by W-2 and/or 1099 papers. Any employment gaps must be explained; school and military service are exceptions to the two-year … Read more
Quick Summary DACA recipients will be able to apply for FHA loans starting on January 19, 2021. As a Dreamer, you must demonstrate your legal right to be in the … Read more
Summary The FHA 203(b) loan, also called the Basic Home Mortgage loan, makes it easier to get a mortgage by requiring lower credit scores and less of a down payment. … Read more
Quick Summary FHA loans have a lot of benefits, like requiring less of a down payment and a lower credit score. FHA loans are easier to get because lenders are … Read more