A nonqualified mortgage is a home loan that falls outside the federal definition of a qualified mortgage, a legal category tied to the loan’s features, price, and how your lender documents your income. https://www.youtube.com/watch?v=TsIiSRQAhhU Borrowers with solid income and good…
If child support is part of your monthly finances, it directly affects how much home you can buy. https://www.youtube.com/watch?v=_5AY04dtQUI Whether you qualify for a mortgage with child support depends on whether you’re paying or receiving it. Support you receive can…
Wire fraud at closing targets buyers when they expect to send their down payment and closing costs. https://www.youtube.com/watch?v=7tA3hX5BXkY A scammer sends an email that appears to come from your title company, including your name, closing date, and account numbers. Most…
If you plan to rent out your house when you buy your next home, Fannie Mae’s updated rental income rules can change how much you qualify for and how much savings you need to keep available. https://www.youtube.com/watch?v=PpP_f4TGd-4 Your lender now…
Switching employers three or four times a year is a normal part of union dispatch, and plenty of lenders still treat that job history as a red flag. https://youtu.be/nbwzwyA0ouY Add a slow winter with no paycheck for a few weeks,…
A store credit card opened at checkout can push a refinance back into underwriting days before closing, and so can a new truck payment, a co-signed loan, or a deposit that doesn’t match its paperwork. https://youtu.be/IhxDZa5QLew These refinance mistakes usually…
VA loan misconceptions keep many eligible veterans from buying a home before they ever apply. https://www.youtube.com/watch?v=i75uzUAvbI0 The VA sets no minimum credit score and no maximum debt-to-income ratio, so a lender's credit or debt cutoff reflects that lender's own policy,…
Many people who own a lot assume they need to save a separate cash down payment before they can build. https://www.youtube.com/watch?v=1znEw6MJsUs If you plan to build on land you own, the land itself may cover some or all of that…
The VA loan process works best when you lock in financing before calling a real estate agent. https://www.youtube.com/watch?v=ElNw1BNQyXI Buyers who call an agent first can lose a home to a better-prepared buyer who moves faster, or they can run into…
A home purchase can fall apart over a trip to Vegas, a new car, furniture for the new house, or a store credit card opened for a quick discount. https://www.youtube.com/watch?v=R2ODCoEf-yY The most costly home buying mistakes happen after the seller…