home buying

What Can Stop You from Buying a House? Common Obstacles and How to Overcome Them

You have a down payment saved up, a good credit score, and a low debt to income ratio; it is time to buy your dream home. However, something prevents you from buying the home. What can stop you from buying a house? In this article, we will explore some common obstacles and how you can overcome them.

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home ownership

How to Reach Out to a Mortgage Lender: Finding the Right Advocate in Your Home Buying Process

If you are buying a home, you will need a mortgage lender to help you fund it. There are many mortgage lenders available, so finding the right one can be difficult sometimes. Here, we will look at how to reach out to mortgage lenders so that you can find the best lender available to help you finance your dream home.

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small condominium

2-4 Unit Condos Are Easier To Get A Mortgage Loan For These Days

In some urban markets a multifamily home is converted to condominiums. For example, a duplex is turned into two condominium units. Or a triplex is turned into three condominium units. Or a fourplex is turned into four condominium units.

The required condominium project review that needs to be done on most condominiums is waived on condos that don’t consist of more than four units. Read More

monopoly houses

Maximum number of financed properties

There are some mortgage agencies, like Fannie Mae, that will not do a loan for an investment property buyer that already has what they consider to be excessive financed properties.

If you are buying a new primary residence, there is no limit to the number of financed properties that you already have.

However, if you are buying a second home/vacation home or rental property, you cannot have more than 10 financed properties already. Read More

law books judge gavel

Condominium Litigation When Getting A Mortgage

If a condominium has litigation against it, to get a loan approved there are certain things a mortgage lender has to document or the loan may be denied.

A mortgage lender has to prove that the litigation has no impact on the safety and structural soundness of the condo.

And the insurance carrier that insures the condominium building has to have agreed to provide the defense, and the amount of the litigation must be covered by the HOA’s insurance.

There are other reasons why litigation against a condominium may not be an issue, such as:

  • It is non-monetary litigation including, but not limited to neighbor disputes or rights of quiet enjoyment;
  •  the HOA is the plaintiff in the litigation and not the defendant;
  •  the reasonably anticipated or known damages and legal expenses are not expected to exceed 10% of the project’s funded reserves.Financing a condominium can be tricky for other reasons. Mortgage guidelines have the ability to change at any time, so always talk to a well-reviewed mortgage loan officer to make sure you understand the current guidelines and how they might apply to you.
VA loan US flag

Getting A VA Mortgage Approved With Student Loan Debt

When calculating a student loan payment on a VA loan there are various rules to pay attention to as far as what monthly payment is counted on that student loan debt.

If written evidence shows the student loan debt will be deferred at least 12 months beyond the closing date, no monthly payment is counted.

If a student loan is in repayment or scheduled to begin within 12 months from the date of a VA mortgage loan closing, the lender must consider the anticipated monthly payment in calculating the debt-to-income ratio. A payment is established by calculating each loan at a rate of 5% of the outstanding balance divided by 12 months. Read More

solar panels

Getting A Mortgage Loan With Solar Panels On Your House

With the popularity of electric cars and solar panels increasing, it’s important to point out that having solar panels on your house may impact your ability to get a mortgage. Many times, buying solar panels will be financed, and that is what they have an impact on your ability to purchase or refinance a mortgage. Read More

condo building

Limited Review Condo Approval

A limited review condo approval means that when you get a mortgage to purchase a condominium you don’t have to go through the normal extensive document review to approve the condominium. You must have an approved condo to get a mortgage approved to buy a unit in the building. The approval review is more limited/abbreviated with a limited review condo approval. Read More

divorce

Getting A Mortgage Loan With Child Support And/Or Alimony

I sometimes have people ask me what the requirements are to count alimony or child support income towards qualifying for a mortgage.

First we need a copy of a divorce decree or separation agreement (if the divorce is not final) that explains all the terms of any alimony and child support, and any other financial arrangements that may have a positive or negative impact on your mortgage application.

In general, we have to review the payment history to determine if it’s been stable income for the borrower. We have to document no less than six months of the borrower’s most recent regular receipt of the full payment. Read More

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VA Mortgage Refinance Seasoning

Some people don’t know that you can’t refinance your VA loan without waiting 210 days after your last loan. Some people do know this guideline. However, there are some specifics that people are not aware of. 

One very important nuance is that you have to wait 210 days from the date that the first payment was due on the prior loan. The 210 day waiting period doesn’t start from the date of your prior closing date.

Below is an example:

A VA loan closed in January, and had a first payment due date of March 1st, a check is written March 8th, and that check clears March 12th. 

Can they refi 210 days from January 1st, March 1st, March 8th, or March 12th, in order to meet the VA seasoning requirements?

The answer is they can refinance 210 days from March 1st, and they also have to have made 6 payments to close a new VA refinance.

Mortgage guidelines have the ability to change at any time, so always talk to a well-reviewed mortgage loan officer to make sure you understand the current guidelines and how they might apply to you.