Home Loan Learning Center

What Is An Asset Statement? Why Do They Matter For A Mortgage?

One of the biggest sources of anxiety for the first time home buyer is the asset documentation needed for submission and for the final approval. First time home buyers can easily feel overwhelmed with the amount of documentation that is needed, especially when it comes to sending in their bank statements, large deposit sources, and other asset documentation. This blog post will aim to help the fist time home buyer prepare for this part of

Read More »

Mortgage Tips When Buying First Home: First-Time Buyer Advice

For the first-time home-buyer, choosing the first home can be a daunting, intimidating process. There seems to be a lot of rules and regulations, many different loan programs to choose from, and a lot of fancy mortgage jargon that can leave a first-time home-buyer intimidated and fearful they will not qualify. In this blog post, we’ll go over several tips we recommend when starting the process of buying a home. The hardest part of the

Read More »

What Is A 1004d Appraisal Form? The Completion Report

Updated 8/30/2019 For the first time home-buyer, a completion report may bring confusion, anxiety and uncertainty. However, I’m here to tell you that these completion reports should bring ease and comfort to the first time home-buyer. These reports are requested by lenders when the original home appraisal report has a label of “Subject To,” and has recommended inspections and repairs. For the first-time home buyer, this might spark anxiety, but usually the seller has to

Read More »

Who Are Fannie Mae And Freddie Mac? What’s The Difference?

The Skinny on Fannie Mae and Freddie Mac: Part 1 You may have heard the Names “Fannie Mae and Freddie Mac” while dabbing into the mortgage world and have asked yourself, “Who are they?” In short, Fannie-Mae and Freddie-Mac are not people, but entities. Fannie Mae and Freddie Mac are called government-sponsored enterprises, or GSE’s, and they play a significant role in the mortgage industry. These roles include buying mortgages from lenders and selling them

Read More »

What To Expect At The Closing On A Mortgage Loan

Signing The Dotted Lines and Receiving Your Keys When your loan processor submits all of the documents required by the conditional approval and your file passes through all of the last checks with the underwriters, you will be ready for closing. This stage is usually called “Clear to close.” The closing process is the last step to receiving the keys to your home. The Closing Process can also be called the “Settlement,” in which you

Read More »

What is the Debt to Income Ratio and How To Calculate It?

How Does My Annual Income Affect My Rate? Your annual income will not affect the rate of your loan, but it will affect the amount the lender will be comfortable giving you. A mortgage lender will be more apprehensive lending out a loan that they determined would be difficult for the borrower to repay, when including their other debts and required monthly payments. A calculation that is used by lenders to determine income eligibility is

Read More »

What Is Credit Worthiness? What If You Don’t Have Credit?

Part 3b: Credit-worthiness and You Credit-worthiness One of the biggest mistakes people make before applying for a mortgage loan is not checking their credit score. Applying for a mortgage loan without checking your credit first can be a costly mistake, either literally because your rate was increased resulting in a higher monthly payment, or figuratively when a lender denies your application. By checking your credit before your application, you will not be surprised about that

Read More »

Why Use A Mortgage Broker? 2 Best Reasons

There are two reasons why hiring an independent mortgage lender is better than seeking financing through a bank. The employees at a borrowing firm know more about all of the different kinds of loans than do bank laborers. Most of them encourage you to seek traditional mortgage options as they are the safest choices for the bank.  An independent lending firm will not be biased towards any particular plan. The workers at lending firms have

Read More »

USDA Loan Rental Property

Some individuals wonder why it is important to buy rather than rent a home. You might believe it is cheaper to pay back a landlord instead of a bank. There are distinct advantages to buying an abode with USDA Loans and rural development loans. Many people find that their mortgage bills are lower than their rent ones were. This is especially true if the home you buy is smaller or older than the structure that

Read More »

Why It Is Important For Apartment Dwellers To Work With An Independent Mortgage Broker

If you have a limited income, you might wonder how you will ever be able to afford a home of your own. You should speak to an independent mortgage broker rather than a bank officer. People who live at or slightly above the poverty line are often recipients of USDA Loans and Rural Development loans. Many apartment dwellers are nervous about leaving their living quarters for larger spaces. They fret about being able to scrape

Read More »

What To Do To Get A Government Home Loan By Your Wedding Day

Lots of couples plan a marriage and look for an abode at the same time. When you are looking to start a life in the country, you might wonder if you can afford the place of your dreams. To qualify for USDA loans and Rural Development loans, you must figure out what your combined credit score will be. You must also create a steady form of income. Many couples plan their ceremony and hunt for

Read More »

Why Are Mortgages 30 Years Long in the United States?

It is important to understand why you can only get a thirty year mortgage from the government. You might have read about interest only and ARM plans. USDA loans and Rural Development loans are only offered in classic, thirty year formats. Many people are interested in obtaining funding for a new home. You might have read about different kinds of contracts on the Internet. Those options could seem suitable for your situation. You may wonder

Read More »

How To Get A USDA Loan With Student Loans? (Guidelines)

The average college freshman wonders where he will live when he studies. If you will have a steady job and an excellent credit score, you might be able to apply for a Rural Development loan. You may be able to get a home in the same town where your university is located. Many college scholars work full time and go to school. If your family cannot afford to pay for your education, you might find

Read More »

Grants To Help Disabled Persons Buy A Home: USDA Loans

If you have aquired a new disability due to an illness or injury, you do not need to depend on a friend or family member to house you. People who have steady incomes can apply for Rural Development Loans to pay for new structures. Your new place in a small town will need to be guaranteed to meet your requirements. Many people who have new limitations on their skill sets often live with friends or

Read More »

USDA vs. FHA Loans: What’s the Difference Between The Mortgages

USDA and FHA loans offer borrowing terms for people who might find it hard to qualify for a conventional mortgage to buy a home. FHA and USDA loans are geared toward people with low incomes and less-than-stellar credit scores who might not be able to access the property ladder with a conventional loan.  USDA and FHA loans also offer lower mortgage rates and lower down payments to make it even easier for people who struggle

Read More »

Vital Reasons Why You Can Benefit From A House Relocation Loan

Many folks obtain Rural Development loans when they need to relocate their homes. There are lots of reasons why you might desire to move your dwelling to a new location. If you desire to live in a country setting, you can get money from the government to do so. Some people never consider the possibility of moving their dwellings to new locations. Surprisingly, this happens more often than you might think. People who love their

Read More »

Mortgage Process Steps In The Application

The mortgage process can seem daunting to those who have not yet been through it. There can seem to be an endless amount of hoops to jump through, accompanied by strings of phrases and terminology which can appear to be a completely foreign language. At Consumer Real Estate, however, we pride ourselves on making this process as streamlined and simple as possible. The first step is to let us know how we can help you.

Read More »

What Is Community Property State?

  When you purchase a home in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin) and are married, you need to take into account your spouse’s debts in relation to yours, even if one person is going on the loan due to credit or income reasons. For example Mr. and Mrs. Smith just got married and Mrs. Smith has a $500 a month car payment and a $25 minimum credit

Read More »

USDA Underwriting Guidelines

When trying to obtain a USDA home loan an underwriter has many guidelines that they look at when qualifying a borrower.  On top of having a middle credit score of 640 or higher the underwriter’s want the applicants to have open and active trade lines that have a 12 month or greater payment history.  This is required to demonstrate to the lender that you are able to properly manage your budget and pay your bills

Read More »

What Is A Trade Line On A Mortgage And How They Affect Credit Scores

  When trying to obtain a USDA rural development loan an underwriter has many guidelines that they look at when qualifying a borrower.  On top of having a middle credit score of 640 or higher the underwriter’s want the applicants to have open and active trade lines that have a 12 month or greater payment history.  This is required to demonstrate to the lender that you are able to properly manage your budget and pay

Read More »

Need A Loan But Keep Getting Declined? Loan Denial Reasons

In order to process usda loans smoothly and quickly it is imperative that you submit your documents in their entirety and accurately. Often times documents are rejected due to small errors.  Here are some common errors that are often the reason for documents being rejected. Missing information such as signature, dates is by far the most common reason that documents get rejected.  Make sure you sign and date all documents that are submitted. Another reason

Read More »