A Two-Year Work History is NOT Necessarily Needed! In addition to verifying whether a borrower earns enough to qualify, lenders are required to verify the stability of a borrower’s income. The …
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To qualify for a mortgage, there are many other possible sources of income besides earned income? When applying for a mortgage, I’ve seen too many occasions where a borrower was denied by “their …
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Lenders Are Underwriting Condos and Coops More Strictly Than Ever Before! In June 2021, the twelve-story, oceanfront condominium, Champlain Towers, in Miami Florida collapsed, killing ninety-eight …
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New Credit Score Formulas Were Recently Approved For Use By the Mortgage Industry! For the past 20 years, Fannie Mae, Freddie Mac, and FHA have used the Classic FICO credit score model delivered by …
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Can A Lender Close a MortgageOn A House Owned Within A Trust? This is a question I am asked often. The answer is: “It depends upon the type of mortgage!” There are many reasons why …
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Does the Federal Reserve Dictate Mortgage Rates? It’s no secret that mortgage rates have skyrocketed since the beginning of 2022. One question I often receive from borrowers is, “How will the Fed’s …
