Forum Replies Created
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Gustan
AdministratorAugust 20, 2024 at 10:02 am in reply to: Do you have a minimum loan amount for FHAThe Federal Housing Administration (FHA) does not set a particular smallest loan amount. Nevertheless, private lenders may influence their minimums by their lending policies. In general, these loans are designed to serve those with lower or moderate incomes, and for this reason, they are commonly used in financing more affordable homes, which may require smaller amounts of money borrowed. Before making any assumptions, you should consult with your chosen lender about their minimum loan size.
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Gustan
AdministratorAugust 20, 2024 at 9:59 am in reply to: Does Free Online Credit Report Check is ReliableYes, the free check of your report on the internet can be trusted using legitimate sources. Experian, Equifax, and TransUnion are the three big credit bureaus, and they give out free reports at AnnualCreditReport.com, the only federal government-mandated site for this purpose. Credit Karma and Credit Sesame are other reliable services that provide free monitoring and reporting. However, they might only show some parts of your credit history or use a scoring model like lenders. Always verify legitimacy to avoid scams with any such service.
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Gustan
AdministratorAugust 20, 2024 at 9:56 am in reply to: Does USDA Have Two Different Underwriting ProcessYes, the USDA has two types of underwriting: automated and manual.
USDA Mortgage Process:
- Prequalification – Based on income, credit, and property location.
- Application Submission – Collects necessary documents (income, assets, etc.) and applies.
- Underwriting – Automated underwriting through the USDA’s Guaranteed Underwriting System or manual if not approved automatically.
- Approval: USDA reviews the lender’s underwriting decision.
- Closing: The loan is finalized, and funds are disbursed when approved.
The USDA process may be more involved because of stringent income and property eligibility requirements.
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Yes, there is a big difference if private or government (federal) student loans are delinquent or in collections.
Federal Student Loans:
Delinquency/Collections: Federal student loans have more flexible repayment options. These include income-driven repayment plans, deferment, forbearance, etc. You can rehabilitate or consolidate the loans if they default to get back on track with payments.
Private Student Loans:
Delinquency/Collections: The lender sets the rules for private student loans. They’re typically not as forgiving as federal lenders. This means that you might not be able to put off payments through deferment, forbearance, or loan rehabilitation, and it also means that missing several months’ worth of payments will send your loan into collections quickly.
Credit-wise, lenders might be rougher on delinquent privates when getting mortgages than governments, which offer more resolution options.
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Gustan
AdministratorAugust 20, 2024 at 9:47 am in reply to: Do you have Non QM Refinance programs for Self Employed peopleRefinancing programs for self-employed are indeed there. Such programs can help those who may not be eligible for common loans because they have variable earnings or cannot provide usual proof of income. Bank statement loans, depletion of assets loans, and profit and loss statement loans are some examples to select from. They assess revenue using bank accounts statements or assets or another financial index rather than traditional tax returns. You should discuss with a Non-QM lender which program suits you best.
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Gustan
AdministratorAugust 20, 2024 at 9:44 am in reply to: Do You Need Verification Of Rent OR Mortgage On Bank Statement LoansDepending on the financial institution’s rules, bank statement loans might require rent or mortgage verification. Basically all non-qm loans require verification of rent or mortgage. It can be waived if you do not have VOR or VOM. Lenders use this confirmation to review payment history and ensure that borrowers have been paying their rent or mortgage regularly. However, what is required varies; some lenders may waive it if other compensating factors exist, like a higher down payment or excellent credit. Therefore, always ask the lender what is needed for bank statement loans.
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Gustan
AdministratorAugust 20, 2024 at 9:40 am in reply to: Do I have to be a US citizen to get a reverse mortgage on a home in the USNo, a reverse mortgage doesn’t need to be taken by a person having citizenship in the United States, but he must be its legal resident. One should be at least 62 years of age, and the property you own should be free from any mortgage, or if there is any, then the balance should also be low; moreover, this property must be your main place of living. Usually, permanent residents with valid social security numbers and proof of residency can apply for reverse mortgages; however, sometimes, non-citizen borrowers might need extra papers to support their application.
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Gustan
AdministratorAugust 20, 2024 at 9:37 am in reply to: Does a FHA loan require mortgage insurance through out the of the loanTypically, if the down payment is lower than 10%, then FHA loans need mortgage insurance all through the life of the loan. You must pay this monthly with an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP). You can cancel the mortgage insurance after 11 years if you make a down payment of at least 10%. For conventional loans, when your loan reaches 20% equity, private mortgage insurance (PMI) can be taken out; however, with FHA loans, less than 10% down, MIP is needed until it is paid off.
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Thank you, Sapna.
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