[Lisa Jones]

Someone who is borrowing can qualify for an FHA loan with low FICO scores. Unlike conventional loans, which make them appealing to borrowers with lower credit scores, the FHA is known for being more flexible on credit score requirements. Here’s what you should know:

FHA Credit Score Requirements:

Minimum Credit Score of 580:

To qualify for an FHA loan, borrowers need a credit score of 580 or higher and a minimum down payment of 3.5%.

Credit Scores Between 500-579:

If a person’s credit score is between 500 and 579, they may still be eligible for an FHA loan but must make at least a 10% down payment.

Credit Scores Below 500:

Usually, but not always, borrowers are not approved for FHA loans if their credit scores are below 500. Nonetheless, there could be some exceptions when this rule can be violated, provided that strong compensating factors exist.

Compensating Factors:

For example, lenders might consider following compensating factors to make a borrower’s application stronger where their credit score is low:

• A bigger down payment.
• Low debt-to-income ratio (DTI).
• Stable employment history.
• Significant cash reserves or savings.

Additional Considerations:

Manual Underwriting:

Suppose you have a manual underwriting process applied to your application because the lender has determined that your credit score is too low. In that case, we will evaluate everything more carefully, such as your financial situation or even compensating factors, which become more important in this case.

Lender Overlays:

While it sets minimum guidelines, each lender could apply additional requirements that are stricter than those minimums, such as overlays. Thus, some may ask for a minimum credit score of at least six hundred and twenty, though HUD allows lower scores according to its guidelines.

Impact of Credit History:

The complete review by the FHA of somebody’s full records about credits, including late payments, collections, and bankruptcies, among others, can make one not qualify for consistent late payments or recent credit issues even with a qualifying FICO score.

An FHA loan might be the best choice for an individual whose FICO is low, especially if compensating factors exist. You should seek advice from lenders experienced in dealing with FHA loans to get enlightened about what you can do and how to raise your chances of getting approved.

[Lisa Jones]

Suppose a student loan repayment plan is altered to last longer. In that case, it can reduce the debt-to-income ratio (DTI) and enhance someone’s likelihood of qualifying for a mortgage. Here’s how it functions:

How Extended Repayment Plans Work:

Are they looking to slash monthly payments? Extended repayment plans allow people to stretch out their student loans over 20 or even 25 years rather than the usual decade. This reduces what they owe each month, significantly decreasing their monthly obligations.

Effect on DTI:

Lower Monthly Payment: Any decrease in monthly student loan installments directly affects one’s overall indebtedness. Thus, it is more likely that one will be approved for higher-interest loans with larger principal balances based on better debt-to-income ratio calculations.

Increased Mortgage Eligibility: When creditors notice that an individual is taking actions to reduce their debt levels, they perceive such persons as less risky borrowers, thereby giving them access to bigger amounts lent at lower rates than would have been possible without this undertaking.

Considerations:

Total Interest Paid: Normally, but not always, lengthening someone’s period of repaying educational loans means they will pay more over an extended duration, mainly due to additional interest charges that will accrue during such period (s).

Loan Program Requirements: Some types of mortgages may use a percentage figure. Percentage figures are based upon the total outstanding balance owed when calculating an applicant’s DTI ratio student loans under conventional financing guidelines. This is done by taking 0.50% of the outstanding student balance on deferred student loans instead of actual dollars paid towards said obligation. Therefore, anyone seeking these forms should confirm with their lenders which calculation method(s) shall be employed or whether switching to another category might prove more beneficial given the specific aspects surrounding one’s credit record.

This strategy can serve as a smart move in raising your chances for mortgage approval by improving your DTI ratio.

[Lisa Jones]

Yes, you can get a new VA loan even if your previous VA loan wasn’t part of your Chapter 7 bankruptcy. However, there are some things to keep in mind:

Key Points:

Bankruptcy Discharge:

Your Chapter 7 bankruptcy must be discharged before you can apply for another VA loan. This usually means waiting two years from discharge to become eligible for a VA loan.

Entitlement Restoration:

It would help if you had enough remaining entitlement to get another VA loan. If your previous VA loan wasn’t included in the bankruptcy and is still open, it could be using up all or part of your VA entitlement. You may need to sell the property, pay off the previous loan to restore full entitlement or use whatever’s left for a new loan.

Creditworthiness:

Lenders will consider your current credit situation despite the bankruptcy since the VA doesn’t set a minimum credit score. Specific requirements vary by lender, but most would like to see at least 620.

Debt-to-Income Ratio (DTI):

Your debt-to-income ratio will also come into play. If your prior VA loan is still open and you are making monthly payments. This can affect your DTI and your ability to qualify for another one.

Residual Income:

According to the VA, specific residual income requirements by region and family size must be met. This helps ensure you have enough monthly money after paying major expenses to financially support yourself or your family.

Documenting The Exclusion:

You might be required to prove why your last VA home alone was not listed under Chapter 7 bankruptcy and provide evidence that it has been maintained well since then.

If you have enough remaining entitlement and meet other eligibility criteria discussed above, contact an approved lender who can evaluate your situation more closely based on these guidelines.

[Lisa Jones]

Certainly, an FHA appraisal can be passed to another mortgage lender. However, the appraisal report is usually valid for 120 days per HUD guidelines. FHA home appraisals can be transferred from one lender to another.

Mutual Agreement: The original lender needs to agree to the transfer of the appraisal to a new lender. In practice, this usually means sending the appraisal from the original lender to the new lender together with a letter allowing for such transfer.

Appraisal Validity: When it is transferred, it must still be within its validity period (120 days). Otherwise, another one will have to be done.

Same FHA Case Number: The new lending company has requested the FHA case number changeover while transferring an appraised credit facility originally assigned by their previous provider.

No Alterations: There should be no alterations or modifications when moving between organizations during the handover process. It must remain exactly as is.

New Lender’s Acceptance: If doubts about quality or authenticity exist, some institutions may ask for additional documents or even refuse to accept already-made valuation reports. They have concerns about meeting their underwriting requirements altogether, although this rarely happens. So, if you plan on doing so, always speak with old and new lenders.

[Lisa Jones]

Indeed, it is possible to secure a mortgage even with good credit scores. This is despite having made a late payment recently. The worst thing anyone can have is a recent late payment in the past twelve months. You can have outstanding collections, charge-offs, and late payments over twelve months or older. However, a recent late payment triggers concerns to creditors, especially mortgage lenders. One 30-day late payment may not be a deal killer, especially if you have other credit tradelines that have been paid timely. Nevertheless, this can prove to be quite difficult. Below are some of the things that could determine whether or not you qualify for a mortgage:

How Late It Was Made And How Severe The Situation Was: Normally, lenders will consider how late the payment was (30, 60, or 90 days) and when it happened in relation to now. A thirty-day late from several months ago might carry less weight than sixty or ninety days just last year.

Your Complete Credit Profile: If there is only one recent late payment alongside an otherwise strong borrowing history, the pros might be more lenient towards such cases. Any other part of your profile, including but not limited to debt ratios (DTI), income levels, and employment records, would also be considered.

The Loan Type: Every loan program has guidelines concerning late payments. FHA loans may be more forgiving than conventional ones. For example, they may allow recent rates under specified conditions, especially if DTIs are low or savings are significant.

Explanation and Documentation: Lenders can also look for good reasons behind these defaults. This is especially true when they are caused by events beyond someone’s control, like illness, which only happens once in a lifetime. Thus, they require proof thereof, too.

Interest Rates Impact: Even if one qualifies for a mortgage, they should expect slightly higher rates after making late payments recently. According to them, you become somehow riskier. Hence adjusting rates accordingly.

Compensating factors: Other positive aspects, such as substantial savings and low DTI, can help alleviate the impact of defaulting on your repayment plan at some point.

If you’re worried about how this might affect getting approved for another loan, try contacting different lenders. They will consider everything else besides the fact that somebody once failed to honor their obligations.

[Lisa Jones]

You can be approved for a W-2 income mortgage without paying tax returns. This is possible even if commissions are a big part of your pay. However, it depends on the particular lender and how they compute income.

Things to remember

W-2 Income Income that includes Commissions: As a rule of thumb, lenders normally want to see that you have received a steady income stream over two years. Mortgage lenders want to verify if the commissions make up most of your earnings. While they may not need your tax returns, these financial institutions will review your recent pay stubs and W-2 forms to affirm the consistency in earnings from the commission.

Lender prerequisites:

FHA Loans: If you can prove regularity in earning through your W-2s and pay stubs, then some FHA lenders might accept this arrangement, in which no tax return is given.

Conventional Loans: Some conventional lenders may provide loans based only on W2 forms, particularly when commissions are indicated there instead of being treated as self-employed revenue. Mortgage lenders could still insist upon additional paperwork, wanting more proof of stability linked to one’s commission-based income.

Non-QM Loans: Alternative financing and non-QM loans could be suitable for people with large amounts from commissions. Non-QM loans do not wish to use tax returns as their basis for the application. Typically, such loans have less stringent documentation requirements.

Income calculation:

The qualifying income is usually determined by finding an average over 24 months earned from selling houses or other jobs under a real estate sales agent license. If there are significant fluctuations within different periods during this two-year time frame, then one should expect lower averages than in recent times, hence lowering the mortgage amount qualified for.

Documentation: Your last two W2 forms, recent pay stubs, and a Verification Of Employment (VOE) from your employer may be required as evidence supporting the level of income you claim.

Next steps:

Mortgage Broker or Lender Consultation: W2-only loan programs are offered by some lenders. Therefore, talk with any mortgage broker so that they can guide you on how to apply for loans that suit your case best because only W-2 forms will be used.

Documentation Gathering:

Have all W2s and recent paystubs ready. Income documents need to show consistency in earnings over time. More documents indicating stability improve chances. A good lender who understands commission-based income is essential for a smooth approval process, even though there might not be tax returns when seeking a mortgage loan. This type of revenue forms a large portion of one’s salary.

[Lisa Jones]

Mortgage rates on FHA loans are lower than rates on conventional loans.

[Lisa Jones]

The claim that Joe Biden has passed away and been substituted with a look-alike has been news to me since 2019. First and foremost, I have no respect for Joe Biden. I never did and never will and have reasons to justify my opinions. Joe Biden never had a job in his life. He was a politician all his adult life, not a good one. He has done many evil things throughout his political career.

Furthermore, how can a politician become a multi-millionaire on a politician’s salary? Joe Biden has committed treason and crimes against humanity and has enriched his family through getting payoffs and bribes. However, I will not go off in a different direction and stick to the topic of Joe Biden being dead. According to news reports, the concept of Joe Biden being dead and being dead for some time first broke on social media sites such as YouTube, Rumble, and various internet forums. Let’s take a closer look:

Origin and Dissemination of the Theory

Social Media and YouTube: YouTube and Rumble have greatly spread this baseless theory. Many posts or videos manipulate images or clips to prove their point.

Lack of Reliable Sources: A credible news organization and verified global news media source have supported this theory. It relies purely on conjecture backed by witnesses, data, and hearsay.

Claims Review

Visual Changes: Advocates of the theory often cite apparent discrepancies in Joe Biden’s physical appearance over time. If you compare the photos and videos of Joe Biden before 2019 and after 2019, you will see two different people. Aging, illnesses (or other health-related issues), and different photographic contexts and lighting can account for these.

Behavioral Analysis: Allegations about changes in behavior are subjective judgments that can be swayed by selective information presentation.

Official Appearances Made By Joe Biden Versus Body Double

Joe Biden’s constant public outings, meeting world leaders face-to-face and interacting with journalists during press conferences, would make it difficult even for one best body double.

Fact-Checkers’ Rebuttals

Many credible sources have similar claims by providing evidence against them and pointing out reputable sources supporting them.

Psychological & Sociological Perspectives

Why People Believe Conspiracy Theories: Some people are skeptical of mainstream media or official narratives. Hence, conspiracy theories like these become appealing. They also contribute to fact-checked sources about politicians and other public figures.

Confirmation Bias: Those who hold onto belief systems will only accept facts that favor them while discarding contradictory evidence, thus failing to test fair-mindedness applied here, i.e., confirmation bias at work.

The theory that claims Joe Biden is dead and has been replaced by a body double needs more data to prove it is true. Right now, it thrives on less-regulated social media platforms where fact-checking is not stringent enough. Snopes has verified similar claims with proof, crediting them and pointing out their lack of trustworthy sources backing up such statements. Politifact found some basis for these allegations during its review process. From continuous public appearances coupled with engagements involving different world leaders and media organizations, President Joe Biden seems to be in seclusion due to getting coronavirus again.

https://youtube.com/shorts/f7lms092xz8?si=evT7Swow2N95kifT

• This reply was modified 3 months, 3 weeks ago by  Gustan.

[Lisa Jones]

Can you please explain the biography of actor Michael J. Fox: The great times, tradgedy, and life of Michael J. Fox, his parents, his wife, his children, his pets, and what he is doing today.