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Bank statement loans are typically used for individuals who have difficulty documenting their income using traditional methods. These loans are particularly suitable for self-employed individuals, freelancers, small business owners, contract workers, 1099 employees, and other borrowers with non-traditional income sources.…
Mortgage lenders typically require a minimum of two years of employment history if you are hired by a staffing agency to include the income on a mortgage application. This is primarily driven by lenders’ need to assess the stability and…
When determining the self-employed income for mortgage qualification, lenders usually take an average of the applicant’s income over a specific period. The NET INCOME (after all tax deductions/write-offs) is averaged out over 2 years to calculate self-employed income. However, if…
Understanding the difference between closing costs and down payment and how they vary between VA, FHA, and conventional loans can help you figure out how much money you need to save for your purchase. Let’s look at some information about…
When you’re purchasing a home, you’ll want to familiarize yourself with the terms closing costs and down payment as those terms are sometimes confused and misused. Understanding the difference between the two and how they vary between VA, FHA, and…
When you rent a home, you typically pay a monthly rent to your landlord. You’re not responsible for property taxes, homeowners’ insurance, maintenance, and repairs. When you own a home, you’re responsible for everything. This initially makes renting a less…
When applying for a mortgage, lenders typically evaluate a borrower’s ability to repay the loan based on their income and employment history. One common misconception among potential borrowers is that having two jobs will automatically increase their chances of qualifying…
Buying a house is one of the most significant financial decisions that a person can make in their lifetime. This is why it is important to understand the upfront fees that are associated with the process. Let’s examine three of…
When applying for a mortgage, lenders typically evaluate a borrower’s ability to repay the loan based on their income and employment history. One common misconception among potential borrowers is that having two jobs will automatically increase their chances of qualifying…
An FHA loan is a type of mortgage that is insured by the Federal Housing Administration (FHA). This type of loan is popular among first-time homebuyers, buyers with lower credit scores, smaller down payments, or higher debt ratios. In addition…
