Home Loan Learning Center
Mortgage Loan Denied – What To Do?
December 11, 2014
Common Reasons for Loan Denials in Underwriting Understanding common reasons for mortgage denials is crucial. There are six main factors contribute to loan denials:+. High Debt-to-Income (DTI) Ratio Lenders assess your total debt relative to your pre-tax income. Even cosigned debts or recent payoffs affecting ...
How to Get A Mortgage Preapproval
December 8, 2014
What Is A Mortgage Preapproval? A mortgage preapproval is a process where a lender evaluates your financial situation to determine how much you are eligible to borrow for a home loan. This involves a thorough review of your credit history, income, assets, and debts, including ...
USDA Loan Preapproval and Prequalification Process
December 5, 2014
USDA loans are backed by the United States Department of Agriculture and are aimed at people wishing to buy a property in a rural area. People working from home or who can adjust their lifestyle to a rural setting can benefit from low mortgage rates ...
USDA Bankruptcy Waiting Period – Loan After Chapters 7 and 13
December 2, 2014
Understanding the Path Forward Filing for bankruptcy doesn’t mean you can’t obtain a home. Chapters 7 and 13 are legal arrangements that help people overcome financial difficulties and bounce back. Mortgage after bankruptcy is still an option. Generally, you need to wait 3 years after ...
Why is the underwriter asking for more documents
November 5, 2014
As a first time home buyer, this question may be haunting you throughout the loan process. Here are a few reasons why your underwriter may ask for more documents. The original documents sent in for review didn’t cover all the requirements to get your loan ...
What is a Sourced Deposit?
October 28, 2014
The underwriter is requesting you send “source documents” for non-payroll deposits over $100 showing on your bank statements. What exactly does “source documents” means? These documents are the original record of transaction and can be used as evidence that a transaction occurred. You must tell the underwriter in writing along with ...
USDA Preliminary Approval Process
October 21, 2014
The USDA Guaranteed 502 Program is an excellent loan for any individual interested in a home purchase. It allows for minimal out of pocket cost and helps people obtain property in a manner unlike any other mortgage program. Society Mortgage is a leader in this ...
How to Get a Mortgage Pre Approval?
October 15, 2014
How to Get a Mortgage Pre Approval? Thinking about buying a home can be really exciting, but it also comes with lots of information and right decisions. One of the first things you’ll need to do is get something called a mortgage preapproval. But what ...
UDSA & FHA Septic And Well Distance Requirements
October 8, 2014
Who Is In Charge Of The Septic and Well Requirements? An inspector from the local health department or a laboratory certified by the state takes water samples for testing. State laboratories performing analyses of drinking water compliance samples must meet the minimum criteria established by ...