The U.S. Department of Veterans Affairs (VA) is the federal government agency governing VA loans. Per VA credit score guidelines, there is no minimum credit score requirements on VA loans. All government and conventional home mortgage programs have a minimum credit score requirement. The higher the borrower’s credit scores, the lower the layered risk for...
One of the most common questions we get at Capital Lending Network, Inc. is can I qualify for conventional loans with outstanding collection accounts? FHA loans are the most forgiving loan program when it comes to bad credit. HUD, the parent of FHA, sets the most lenient algorithms on the automated underwriting system (AUS) to...
Credit scores is one of the most important factors during the qualification and pre-approval process. Credit scores determine whether a borrower qualifies for a mortgage. All mortgage programs have a minimum credit score requirement. For example, HUD, the parent of FHA, requires a 580 credit score for a 3.5% down payment home purchase FHA loan....
Can I Get Approved For An NMLS MLO License If I Was Arrested? This is an often asked question by many people wanting to enter a new career as an NMLS licensed loan officer as well as licensed loan officers who want to get licensed in multiple states. Why would you want to go through...
This Article Is About What Is The Difference Between Mortgage Brokers Versus Mortgage Bankers What Is The Difference Between Mortgage Brokers Versus Mortgage Bankers is a question many borrowers often ask. Should borrowers go to a mortgage broker or a mortgage banker to qualify for a home mortgage? Is a loan officer from a mortgage...
We will be covering the HUD Guidelines On Credit Scores On FHA Loans. FHA Loans remain the most popular home mortgage program in the nation due to its lax guidelines on credit and down payment. Homebuyers with credit scores down to 500 FICO can become eligible for an FHA loan with an approve/eligible per automated...
Are you a Chapter 13 bankruptcy? Do you currently own a property with equity? OR – do you rent and wish to buy before your mortgage rates rise? If this is the case, there may be good news for you. Homeowners or renters under present FHA and VA programs might have access to home loan...
This ARTICLE On Rebuilding Credit After Bankruptcy To Qualify For A Mortgage Homebuyers can qualify for a mortgage after bankruptcy. Bankruptcy is a great tool for consumers to get rid of unsecured debts and get a new fresh start in their financial life. There are many Americans who would benefit from filing for bankruptcy. However,...
The FHA One-Time Close Construction Loans is one of the most popular home mortgage programs at Capital Lending Network, Inc. The U.S. economy was booming prior to the coronavirus outbreak in 2020 The historic low unemployment rate of under 3.5% The Dow Jones Industrial Averages hit 29,000 for the first time in U.S. history Homeownership...
This Article Is About How Can I Qualify For A Mortgage With High Student Loan Debt How Can I Qualify For A Mortgage With High Student Loan Debt is one of the most frequently asked questions by many of our viewers at Capital Lending Network, Inc. With the booming housing market and historic low mortgage...
The team at Capital Lending Network, Inc. often get asked daily by our viewers on How To Get A Mortgage With Late Payments And Get AUS Approved. Timely payments is one of the things mortgage underwriters scrutinize when underwriting borrowers. You can have prior bad credit, a prior bankruptcy, a prior foreclosure, outstanding collections and...
The qualification and pre-approval process is the most important step of the mortgage approval process. The loan officer should fully take their time in qualifying borrowers prior to issuing a pre-approval letter. The number one reason why there are delays or stress in the mortgage process is due to the fact the borrowers were not...
This Article Is On Loan Level Pricing Adjustments To Rates On Home Mortgages Mortgage rates are at historic lows. After the Central Bank lowered interest rates to zero percent, mortgage rates started to tumble like never before. 30-year fixed mortgage rates are under 3.0% while 15-year fixed rates are under 2.5% for prime borrowers. The...
Homebuyers can qualify for a mortgage one day out of bankruptcy with low credit scores and bad credit. In this article, we will be discussing qualifying for a mortgage one day out of bankruptcy with non-QM loans on a home purchase and/or refinance transaction at Capital Lending Network, Inc. Homebuyers can qualify for a home...
All home purchase and refinance mortgage transactions have closing costs. Closing fees and costs are any costs and charges that the borrower incurs during the home purchase and/or refinance transactions. What Are Mortgage Closing Costs? If you’re taking out a mortgage to buy a home, you can expect to have to pay closing costs. These...
This Article Is About Credit Disputes Can Halt The Mortgage Process Credit Disputes Can Halt The Mortgage Process. Loan officers should never issue a mortgage pre-approval letter with outstanding credit disputes. The credit score with outstanding credit disputes is not an accurate credit score. Whenever a consumer disputes a derogatory credit tradeline, the credit bureaus...