All Posts Tagged With: "qualifying"
Real Estate: Less Money, Fewer Sales
The Census Bureau is reporting that incomes nationwide fell between 2007 and 2008 under the Bush Administration.
___ Real median household income in the United States fell 3.6 percent between 2007 and 2008, from $52,163 to $50,303. This breaks a string of three years of annual income increases and coincides with the recession that started in [...]
Why Do Lenders Want Tax Returns?
There are several reasons why lenders want to review tax returns for the past two or three years.
First, they want to assure that the income you claim in your loan application is also the income you report to the IRS.
Second, if you are self-employed lenders may be able to “add back” items which are deductible [...]
Must I Pay Off All Credit Cards To Get a Mortgage?
No. Lenders do not expect individuals to be debt free — though that certainly would be helpful.
What lenders do expect is that prospective borrowers will have debt which is within their means — not too much in total, and not too much in terms of monthly payments and always paid in full and on time.
Generally, [...]
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 A National Guard Volunteer Get A VA Loan?
According to the DVA, you need to review your call-up orders. If activated under Title 10 you may qualify for a VA loan if you are on an active-duty status for 90 days or the full period called (this could be less than 90 days).
If you were called up under Title 32 you may not [...]
What Are “Front” and “Back” Ratios?
Different loan programs use different calculations, or ratios, to qualify would-be borrowers.
The “front” ratio is generally equal to your monthly costs for principal, interest, property taxes, and property insurance (what lenders call “PITI”). The “back” ratio includes the front ratio plus all regular monthly costs such as credit card payments and auto payments.
For [...]
What Is “Qualifying Income” For A Mortgage Loan?
In general, your income is all money reported to the IRS for the last two or three years as well as your income to date for the current year.
There are some qualifications. For instance, it must be expected that your income will continue at or above current levels.
It’s possible that your income for mortgage [...]
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