FHA and Conventional loans are the two most popular home mortgage programs in the nation that allow non-occupant co-borrowers to be added to the main borrower on a home purchase and/or refinance mortgage. There are three government-backed mortgages: FHA loans VA loans USDA loans Government-backed mortgages are for owner-occupant homes only. You cannot finance second...
This Article Is On Verification Of Employment During The Mortgage Process By Lenders Verification Of Employment is one of the most important steps in the mortgage process. Employment Verification is often referred to as VOE. It is when a lender will require employment and salary verification by the employer of the mortgage loan applicant. Borrowers...
Fannie Mae And Freddie Mac Foreclosure Guidelines On Conventional Loans: Borrowers can qualify for conventional loans after foreclosure, deeds in lieu of foreclosure, or short sales. However, there are mandatory waiting period requirements after a housing event to qualify for a conventional loan. The waiting period requirements after a foreclosure, deed in lieu of foreclosure,...
Despite the coronavirus outbreak, shutdowns of county and city government, schools closed, economic uncertainty, the 2021 housing market forecast expected to be best in 15 years., Many economists and so-called experts are dumbfounded by how strong the housing market has been in 2020. Despite the coronavirus outbreak hitting the nation in February 2020, the housing...
This Article Is About The Loan Estimate And Closing Disclosure During The Mortgage Process The Loan Estimate And Closing Disclosure are the two most important documents in the mortgage application and approval process. The Loan Estimate commonly referred to as the LE has replaced the old Good Faith Estimate (GFE). The Closing Disclosure is commonly...