Do you need a 3.5% down for any type of loan?

With so many loan options out there for first time home buyers like me, it can be quite confusing. Is it true that you need a 3.5% down payment for any type of home loan? I live in the Miami area and I ...

Any tips on how to choose the best lender?

I have been busy applying for pre-approval with various online lenders and usually get the reply that they need more information or that they can’t proceed with the request. I would like to find an ac...

can lender change interest rate or ask for more down payment right befor...

I think I was misguided by my loan officer. I'm in a mess and don't know...

I started a temporary job out of state and rather than rent a property there, decided to buy. I needed additional $ for the down payment and suggested leveraging the equity in my home by doing a cash o...

Will this affect my USDA application?

We are looking to get a USDA loan. My husband has had his current job since Sept 2019 and I’ve read that there’s no minimum required but the last 2 years of his employment will be considered. The jo...

FHA home qualifications?

After waiting so long I finally got a pre approval for an FHA loan depending on what state I choose. I saw a property but I don’t know if it would qualify. It doesn’t have a sink and stove in the ki...

What are costs associated with loans?

I plan to apply for a USDA loan but I’ve heard that when you pay off the loan it is not over. You have to pay thousands on top of the loan you paid off, is this true? I am not familiar with all the co...

Applied for USDA but got an FHA instead

Income is $50k with scores at 690, 727, and 699. I have student loans and credit cards while DTI is minimal. I applied for a USDA but was only approved for an FHA at $250k due to low credit. How did thi...

Conventional loan after FHA loan

Can I refinance with a credit score of 640 and DTI of 42%? I bought my home for $300k and it’s worth $400k today. I earned $69k a year for two years straight and I have been employed here for 5 years ...

Need a second home for bigger space

Hello, I have an FHA mortgage on my primary home and I’ve lived in it for the past 6 years. I plan on getting a second home and I want to know what kind of mortgage is best in my situation? I plan on ...

Cash refinance questions

I talked with my lender to inquire about a cash out refinance. They asked what it was for and I told them it was for debt consolidation. He ran our credit and came back and told me that I was approved a...

Loan application with income coming from own business

We are looking to buy land soon and would like to know what would a lender consider my income to be when my wife and I own a business? Our net profit for this year is $260k.

Will paying off my house hurt my scores?

My wife and I are planning to build a new home. We are selling our home but we have enough to pay it off now. I was thinking of paying just a chunk down on it to lower interest, last month's interest wa...

Debt payoff questions

Hi everyone, I have a question on mortgage approvals and debt payoff. I am currently in a revolving debt of around $50k with credit utilization of around 90%, zero late payments and scores are 750s. I p...

Need help with my loan application

I sold my house last year and made $5k profit. Since then, I’ve had late payments and a car repo that I need to start a payment plan for on a settled offer. Current scores are 549, 529, and 472. I wor...