Your credit score or FICO score tells the lender a lot about your ability to afford a loan. It’s the lender’s first glance at your financial responsibility. If you have a high FICO score, a lender is likely to move forward with your loan application to see if you can afford the loan. If you have a low FICO score, the lender is more likely to decline your application without moving … [Read more...]
Can Child Support be Counted as Income for a VA Mortgage?
In order to qualify for a VA mortgage, you must prove that you can comfortably afford the payments. Sometimes this can be done with your regular income, but sometimes you need that little boost to give you the chance to obtain approval.Looking for Current Mortgage Interest Rates? Click Here.The VA, like any other mortgage program, wants to make sure that your income is stable, reliable, … [Read more...]
What are the Typical Closing Costs for a VA Loan?
Veterans have the distinct advantage of securing 100% financing with a VA loan. Just because you don’t need a down payment doesn’t mean you won’t pay closing costs, though. Luckily, the VA does have a say in which closing costs you pay, helping you to keep your loan costs to a minimum.Compare Offers from Several Mortgage Lenders.Below are the typical closing costs you’ll find on a VA … [Read more...]
Everything you Need to Know About Applying for a Mortgage While Self-Employed
If you are self-employed, you may think it’s impossible to get a loan. While it is certainly a little trickier, there are definitely lenders and loan programs available to help you get the loan you need. It all comes down to your documentation and how prepared you are for the loan.Get Matched with a Lender, Click Here.Below we help you understand what you need as a self-employed borrower … [Read more...]
Is PMI Required on VA Loans?
If there’s one benefit to focus on with VA loans, it’s the fact that you won’t pay PMI. That alone could save you hundreds of dollars each month and thousands of dollars over the life of the loan. The lack of PMI is even more shocking when you think about the fact that you don’t need a down payment. So you can borrow 100% of your home’s price and not pay any extra fees, with the exception of the … [Read more...]
