All Posts Tagged With: "qualification"
Mortgage Qualifying Improved With Credit Card Change
It’s being widely reported that the Bank of America has decided to eliminate overdraft fees for debit cards. This is a mortgage issue, a consumer issue and a common sense issue that should concern anyone who wishes to finance or refinance a home.
New rules from the Federal Reserve will make it more difficult for lenders [...]
VA Mortgage Basics
Since the end of World War II the US has had an extensive benefits program in place for those with military service. The benefits include healthcare, help with college tuition and home loans.
The VA mortgage program is the single best form of real estate financing available because qualified individuals can purchase with nothing down and [...]
3Dec2009 | Peter G. Miller | 0 comments | Continued
Can Mortgage Lenders Ignore My Monthly Auto Costs?
Question: Is there any way that auto payments will not reduce my ability to qualify for a loan?
Answer: Yes.
You MUST tell lenders about all outstanding debt and payments. In the case of an auto loan or other installment debt, some loan programs will not count the debt against qualifying ratios if there are only [...]
Do lenders count child care as a monthly “debt?”
Child care is regarded by most loan programs as something other than “debt” for mortgage qualification purposes. The logic is that child care is not an obligation in the sense of a car loan or credit card bill.
For details, speak with loan officers.
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31Aug2008 | Peter G. Miller | 0 comments | Continued
Can Car Payments Reduce My Home Buying Ability?
Generally, yes. However, under some loan program guidelines (but not all), if you have 6 to 10 remaining car payments, and if you have generally good credit, your auto debt will not be counted against you for qualification purposes. The logic is that the loan will be paid off not long after you move into [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
Is Bonus Income Okay With Lenders?
If bonus income is steady and expected to continue, generally yes.
For details and required paperwork, speak with loan officers. Be sure to ask about verification requirements.
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30Aug2008 | Peter G. Miller | 0 comments | Continued
What rules make it easier to qualify for FHA financing?
In recent years FHA has make qualifying easier. Some improved standards include:
• Allow overtime income if regular and expected to continue.
• Dump the old five-year test for income stability.
• Accept part-time income if regular and expected to continue.
• Child care expenses not counted as a debt
• It’s okay [...]
What are the basic VA financial qualification standards?
Under VA rules, in general terms up to 41 percent of your monthly income can be used property mortgage principal, mortgage interest, property taxes, and property insurance (PITI). Up to 41 percent of your income can be used for PITI plus monthly bills such as car payments, student loans, etc.
This means that if you [...]
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