Calculating the Income of a Self-Employed Individual
Lenders underwrite income on salaried borrowers versus self-employed borrowers differently. If you are salaried, the lender will use your current gross base income as your qualifying income. They do want to see a 2-year history of employment without any gaps, and...High Balance Temporary Loan Limits Set to Expire 9/30/11
Fannie Mae’s current temporary limits for high-balance loan amounts are set to expire on September 30th. On October 1st of this year, they will revert back to the permanent high-balance limits. The limits are dependent on the county you live in, but for many...A New Program to Help California Homeowners in Trouble on their Mortgage
Every once in a while, I am contacted by homeowners that want and need to refinance, but are unable to on account of high qualifying ratios, being underwater on their home, or because they lost their job. Unfortunately, I cannot help people directly when it comes to...Fannie Mae Offers 3.5% Closing Cost Assistance
This 3.5% assistance applies to Homepath properties, but it is available only during a small window of time. Homepath is an excellent financing program available for Fannie Mae-owned homes. Check out the features of Homepath in my previous blog, but as a quick...Delay to the Loan Originator Compensation Law (Updated)
Updated 4/6/11: As expected, the stay has been lifted and the appeal got denied. We are proceeding with the new compensation law. See my previous post regarding its details. The National Association of Mortgage Brokers won an appeal to the Loan Originator...New Compensation Law for Loan Originators: What it Means to You
A new law is going into effect on April 1st that regulates how much loan originators* will get compensated on each loan. Yes, this will affect me and everyone else in my profession, but it will also affect you too. The law has many complexities, but my goal here is...How Your Credit Score Impacts the Cost of a Loan
On Conventional loans, your credit score can have a significant impact on the interest rate for which you qualify and/or how much more the loan is going to cost you. You can generally accept a higher interest rate so that you do not have to pay out of pocket for the...Jumbo Loan Rates, 3/7/11
A Jumbo loan is any loan amount that exceeds the high-balance loan limit set per county. High-balance loan limits for your city in California can be found here: California City High-Balance Loan Limits with a current absolute maximum of $729,750.00. If you exceed this...What is Title Insurance and Why Do I Need It?
Title insurance is one of the more expensive items you pay for in a purchase and/or refinance transaction. The title company performs a detailed and comprehensive search to determine if any person or entity may have an interest in the property. The title insurance...Loan Calculator
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