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VA Purchase and Refinance Guidelines after COVID forbearance

VA Purchase or Refinance after COVID-19 Forbearance Guidelines

By Scott Schang | Jul 9, 2020

Helping Veterans Impacted by COVID-19 The COVID-19 coronavirus pandemic hit everyone hard. Millions of lives disrupted. The economy ...

CARES Act Protections Not Federally Backed Mortgage

My Mortgage is Not Federally Backed, Will the CARES Act Help?

By Scott Schang | Jul 6, 2020

Impacted by the COVID-19 pandemic? What if you're experiencing financial hardship due to the COVID-19 pandemic, but your ...

Veteran’s Guide to COVID-19 VA Mortgage Payment Relief

By Scott Schang | May 25, 2020

Protecting Veteran Homeowners On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic ...

COVID-19 Payment Deferral Option Now Available

New COVID-19 Payment Deferral Option – Are You Eligible?

By Scott Schang | May 24, 2020 | 6 Comments

COVID-19 Payment Deferral Effective: Beginning July 1st, 2020, your servicer must evaluate you for a COVID-19 payment deferral ...

Fannie Mae Freddie Mac COVID-19 Refinance Guidelines

Conventional Refinance After Forbearance Guidelines Released

By Scott Schang | May 23, 2020

Refinance or Purchase After Forbearance May 19th, 2020 - Fannie Mae released an important update to its guidance ...

Forbearance Fact Sheet for FHA, VA, USDA Mortgages

By Scott Schang | May 6, 2020 | 2 Comments

BREAKING NEWS: May 6th, 2020 - The Department of Housing and Urban Development (HUD) released a resource for ...

Radical Refinance Solution for Homeowners in CARES Act forbearance

Will This Radical Refinance Idea Help Homeowners After COVID?

By Scott Schang | May 18, 2020

Radical Refinance Idea It is unlikely that you will be eligible to refinance for up to 12 months ...

What Can Go Wrong After Mortgage Forbearance?

By Scott Schang | May 2, 2020

Forbearance Time Bomb? There's a storm brewing right now, and it's not COVID-19. According to analytics firm Black ...

Will Bankruptcy save my home if forbearance goes wrong

Can Bankruptcy Save My Home if Forbearance Fails?

By Scott Schang | Apr 26, 2020

Forbearance Gone Wrong? A forbearance is a hardship workout option available to homeowners having a financial hardship. The ...

Deferring Payment after Mortgage Forberance

How Do I Defer Payments After Mortgage Forbearance?

By Scott Schang | May 1, 2020 | 1 Comment

What is Payment Deferral? Payment Deferral, when we're talking about mortgage forbearance reinstatement options, is about as good ...

Mortgage Forbearance Options for victims of COVID-19 coronavirus

Mortgage Forbearance is NOT Forgiveness – Read This First!

By Scott Schang | Apr 13, 2020

Mortgage Forbearance Fears As part of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) recently signed ...

Student Loan Forbearance because of COVID-19 Coronavirus - How does it affect my mortgage approval

COVID-19 Student Loan Forbearance, Will it Hurt My Home Loan Approval?

By Scott Schang | Apr 12, 2020 | 2 Comments

What We Know Now Student loan forbearance is not ideal if you're trying to qualify for a home ...

Are There Credit Consequences of Mortgage Forbearance?

By Scott Schang | Apr 12, 2020 | 2 Comments

Credit Consequences? As directed by the CARES Act, lenders must offer forbearance to anyone that experiences a hardship due to the ...

How Coronavirus COVID-19 Impacts Home Owners and Buyers

How COVID-19 Impacts Homeowners and Home Buyers

By Josh Lewis | Mar 21, 2020

Subscribe on our Facebook Page or YouTube Channel for Daily Market updates Hey there, my name is Josh ...

Refinance strategies that save homeowners thousands of dollars

Smart Refinance Saves Homeowners Thousands of Dollars?

By Scott Schang | Jul 31, 2019

Many homeowners refinance their home mortgage loan to access equity or take advantage of lower interest rates. As ...

Can I qualify for a VA loan if co-sign for car loan?

Can I Qualify for a VA Loan if I Co-Signed on a Car Loan?

By Scott Schang | May 31, 2019

So I got this question from T.T., was the initials of the person that left this question. He ...

Was your home loan denied because of your income-based repayment plan?

Home Loan Denied Because of IBR Student Loans?

By Scott Schang | May 28, 2019 | 2 Comments

Quicken and New American Denied Home Loan Because of IBR Student Loans. So Marcus asks a question. He ...

Veteran has VA loan denied by Veterans United - Don't take no for an answer

Veteran Denied by Veterans United – Don’t Take No For an Answer?

By Scott Schang | May 23, 2019

This question came from a Veteran. His name is Tony. Tony writes to me. He says, "I applied ...

Can a Veteran use the VA home loan benefit to buy a foreclosure home?

Can a Veteran use a VA Loan to Buy a Foreclosure Home?

By Scott Schang | May 20, 2019

This is a really good question that I got from a veteran here in California. Emmett asks me: ...

Was Your Pre-Approval Mortgage Turned Down Because of Student Loans?

Was Your Pre-Approved Home Loan Denied Because of Student Loans?

By Scott Schang | May 19, 2019

Ashley has a question about qualifying for a home loan with student loans and an IBR payment plan. ...

Can I Buyer a Home with IBR Student Loans with Only 4% Down Payment

Can I Buy a Home with IBR Student Loans and 4% Down Payment?

By Scott Schang | May 16, 2019

I have a question here from Chet. Chet asks a really good question. Chet has student loans and ...

Home Loan Horror Stories - Protecting Veterans from Over Charging

Veterans Be Aware! 3 Veteran Home Loan Horror Stories

By Scott Schang | Apr 24, 2019 | 2 Comments

Veterans that have served, or are serving in the Armed Forces have access to a special mortgage program ...

Qualifying for a Home Loan - Credit Requirements

Credit Qualifying Q&A – Ask a Mortgage Broker

By Scott Schang | Apr 1, 2019

This article was originally published on BuyWiseMortgage.com and is being republished with the author's permission. Ask a Mortgage ...

Can Student Loans be Discharged in Bankruptcy?

By Scott Schang | Apr 1, 2019

Educating and Empowering Consumers It was my great pleasure to have a conversation with a friend of mine, ...

Debt to Income Ratios – Answering First Time Buyer Questions

By Scott Schang | Mar 25, 2019

NOTE: This article originally appeared on BuyWiseMortgage.com, and has been republished here with permission from the authors. Ask ...

Interview with a Mortgage Broker - BuyWise Mortgage a California Mortgage Broker

[VIDEO] Ask a Mortgage Broker – Downpayment and Closing Costs

By Scott Schang | Mar 19, 2019

NOTE: This article was originally published on BuyWiseMortgage.com and being republished here with permission from the authors. Ask ...

Is This the Best Time to Buy a Home?

By Scott Schang | Feb 28, 2019

I often get asked about the best time to buy a home.... This specific time of the year ...

Interview with Sam Parker - Life After Bankruptcy

Life After Bankruptcy – An Interview with Sam Parker of MyCreditGuy.com

By Scott Schang | Feb 18, 2019

Bankruptcy Can be a New Beginning if When You Know How to Recover Gracefully. I had the pleasure ...

Mortgage Brokers push back with lower interest rates, fees, and more options

Mortgage Brokers are Fighting Back with Lower Rates, Less Fees, and More Options for Consumers

By Scott Schang | Feb 12, 2019 | 3 Comments

Mortgage Brokers across the Nation are joining forces to educate consumers and Real Estate professionals about the many ...

Creative Homebuyers have financing advantage in 2019

2019 Home Buyers Capitalize on a Shifting Market

By Scott Schang | Feb 4, 2019

2019 Home Buyers are coming out of one of the most volatile interest rate markets we've seen in ...

How Will the 2018 Tax Law Changes Affect You?

By Scott Schang | Jan 28, 2019

2018 tax law are bringing pretty significant changes for most tax payers this year. Last week I caught ...

2019 Guide to Understanding Mortgage Insurance

By Scott Schang | Jan 21, 2019

Mortgage insurance is one of the most misunderstood, and yet most valuable homebuyer assistance tools available on the ...

Does your loan officer know how to help you qualify for a no appraisal home loan?

Qualifying for a No Appraisal Home Loan?

By Scott Schang | Jan 13, 2019

A no appraisal home loan is available with Conventional financing underwritten by either Fannie Mae or Freddie Mac. ...

Buying Your First Home in 2019?

By Scott Schang | Jan 8, 2019

Buying your first home is a little scary, mixed with a whole lot of exciting! 2019 looks like ...

[VIDEO] Interview with a Millennial First Time Homebuyer

By Scott Schang | Dec 30, 2018

This Millennial first time homebuyer was well prepared and asked lots great questions. I was so impressed with ...

2019 Financial Health Checkup?

By Scott Schang | Dec 26, 2018

Start 2019 off on the right foot by following this simple and powerful financial health checklist. Why do ...

2019 Real Estate Market Predictions

By Scott Schang | Dec 17, 2018

There is a significant and noticeable shift in interest rates and home prices as we roll into our ...

Bank Buster Wholesale Jumbo Loan - BuyWise Mortgage, A California Mortgage Broker

Bank Buster Wholesale Jumbo Roars Onto Market

By Scott Schang | Dec 11, 2018

Mortgage Brokers Celebrate a New Wholesale Jumbo Mortgage Loan available in December, 2018. This new wholesale jumbo mortgage ...

Keir Jones - State Farm Insurance Agent - Homeowners Insurance Guide

Homeowner’s Insurance Expert Interview with Keir Jones

By Scott Schang | Dec 2, 2018

This week I catch up with Keir Jones, a State Farm Insurance Agent, and we discuss homeowner's insurance. ...

No Down Payment FHA Loan for California Fire Victims

California Wildfire Victims Eligible for No Downpayment Mortgage?

By Scott Schang | Nov 26, 2018 | 2 Comments

California Wildfires The devastating California Wildfires have made Thanksgiving, and the upcoming holidays, a little more challenging for ...

SurfCityLawyers.com - Anna Serrambana Estate Planning Attorney

Estate Planning with Anna Serrambana

By Scott Schang | Nov 19, 2018

It was my extreme pleasure to be able to interview Anna Serrambana from SurfCityLawyers.com in Huntington Beach, California about ...

More Single Women are Becoming Homeowners

Single Women, Successful Homeowners

By Scott Schang | Oct 11, 2018

The Rise in Single Female Homeowners This post is being republished with permission from www.SurfCityLawyers.com. Ana and Christine ...

Everybody wins using a seller concessions strategy

Seller Concessions Secret to Reversing Rising Interest Rates?

By Scott Schang | Oct 15, 2018 | 4 Comments

Realtors and Lenders Work Together to Reverse Rising Interest Rates with This Creative Home Buyer Assistance Strategy. Rising ...

Refinancing with a plan is the best way to save time, and avoid financial hardship in the future

Last Chance to Strategically Refinance?

By Scott Schang | Oct 2, 2018

Smart Reasons to Strategically Refinance Before Interest Rates Rise Much Higher. Interest rates continue to rise as we ...

Packing Guide - How to Stay Sane when Moving

The Essential Packing Guide for Moving

By Scott Schang | Sep 11, 2018 | 1 Comment

Packing before moving has to be one of the most frustrating tasks known to man. If you're like ...

Is Your Home Smart Enough to Save You Money?

Smart Homes Can Pay Off Big With Savings

By Scott Schang | Aug 27, 2018

Smart homes are a smart idea. Even if you have trouble using the toaster, you've probably heard about ...

How to Avoid Credit Repair Scams

By Scott Schang | Jul 14, 2018

The goal of most credit repair scams is to get you to pay a monthly fee for as ...

How to Restore Your Credit After Bankruptcy

Restoring Credit After Bankruptcy

By Scott Schang | Jun 25, 2018 | 2 Comments

Restoring your credit after bankruptcy can be surprisingly easy if you follow this advice. Bankruptcy can be a ...

Should I be a Co-Signer or Authorized User?

Authorized Users and Co-Signing for a Mortgage

By Scott Schang | Jul 14, 2018 | 2 Comments

Should You Co-Sign for Someone? How will it Affect Your Ability to Qualify for a Mortgage? In this ...

Meet Evan Wade – Veteran Housing Advocate

By Scott Schang | Jun 21, 2018

Evan Wade - Expert Interview Evan Wade is a professional mortgage loan officer, and valued member of our ...

How Do Home Buyers Win in a Seller’s Market?

By Scott Schang | Jun 18, 2018

Buying a home in a competitive seller's market can be an uphill battle for the unprepared home buyer. ...

How to Get Your Closing Costs Paid by Others

By Scott Schang | Jun 11, 2018

Now that you have enough money for your down payment, here's how to get your closing costs paid ...

Refinance Rush Triggered by Lower Rates

By Scott Schang | Jun 3, 2018

Home owners are rushing to refinance as the last hope of lower rates looks to have passed, again. ...

Interest rates climb to 2018 high last week

Interest Rates Hit 2018 High – What’s Next?

By Scott Schang | May 21, 2018

This article looks at 2018 interest rates, taking a cautiously optimistic approach toward being prepared for what the ...

CAIVRS measures waiting period from foreclosure, short sale, deed in lieu

FHA Waives CAIVRS Waiting Period After Foreclosure, Short Sale or Deed in Lieu?

By Scott Schang | May 13, 2018 | 58 Comments

CAIVRS is an automated monitoring system that tracks defaults on Government debt. If you have been a victim ...

Read the fine print - there are hidden costs with buyer assistance

Beware of Hidden Costs With Buyer Assistance

By Scott Schang | May 13, 2018

Buyer assistance is a great way to get into your first home, and it's important to understand the ...

Conventional 3% Down Payment Mortgage - First Time Home Buyers

HomeOne First Time Home Buyer Mortgage

By Scott Schang | Apr 30, 2018 | 8 Comments

Freddie Mac announces a NEW first time home buyer mortgage 3% down payment first time home buyer mortgage ...

USDA Guaranteed Home Loan

By Scott Schang | Apr 23, 2018 | 4 Comments

USDA Guaranteed Rural Development home loans offer 100% financing to eligible home buyers throughout the United States. In ...

Home Prices Increases During the Summertime

Why Home Prices Go Up During Summer

By Scott Schang | Apr 17, 2018

Home buyers will face higher home prices this summer, here's why! If you've been thinking about buying a ...

Cash Out Refinance to Pay Off Debt

By Scott Schang | Apr 9, 2018 | 2 Comments

Is a cash out refinance to pay off debt a good idea, or not? There are two sides ...

No Income Limit Counties for HomeReady and Home Possible

86 Counties with NO HomeReady or Home Possible Income Limit

By Scott Schang | Apr 2, 2018

Did you know there are low cost conventional loan programs with no income limits? Available in Low to ...

2017 and 2018 Mortgage Tax Deductions and Credits

How Much Can Homeowners REALLY Save at Tax Time?

By Scott Schang | Mar 20, 2018

Mortgage tax deductions and credits make tax time a little less stressful when you own a home. If ...

2020 Guide to Qualifying for a Mortgage with IBR Student Loans

By Scott Schang | Jan 19, 2019 | 251 Comments

When you have student loans, qualifying for a mortgage can get tricky. COVID-19 UPDATE: Federally serviced student loans ...

New Conventional Jumbo mortgage available Nationwide

Is This Conventional Jumbo Loan a Game Changer?

By Scott Schang | Mar 11, 2018

March 2018 - NEW Conventional Jumbo home loan alternative was announced earlier this month. Conventional Jumbo Highlights Up ...

Refinancing your home in 2018. Does it still make sense?

5 Reasons Refinancing Make Sense in 2018

By Scott Schang | Mar 8, 2018 | 2 Comments

Refinancing your home is one of the great benefits of homeownership. Unlike most retirement accounts, you can borrow ...

Increasing interest rates impact home buyers in 2018

How Increasing Interest Rates Impact Home Buyers

By Scott Schang | Feb 19, 2018

Increasing interest rates are causing big issues for home loan shoppers in 2018. Shopping for a lender that ...

CalHFA School Program replaces Extra Credit Teacher Program - New and Improved for 2018

NEW: California School Program Shocks Education Industry?

By Scott Schang | Feb 11, 2018

The NEW California School Program offers more down payment and closing cost assistance to first time home buyers. ...

2018 Rising Interest Rates impacts home owners

3 Things Every Homeowner Should Know About 2018 Interest Rates

By Scott Schang | Feb 4, 2018 | 2 Comments

2018 Interest Rates Are Rising Faster Than High Tide During a Full Moon. In this article, we explain ...

Mia Schultz, Mortgage Therapist

By Scott Schang | Jan 27, 2018 | 2 Comments

https://www.facebook.com/FMWHome/videos/1840061916028356/ Meet Mia Ferraro Schultz I had to laugh when Mia referred to her self as a "mortgage ...

2018 CA Down Payment Assistance Updated Expanded

2018 Buyer Assistance Update Making California More Affordable?

By Scott Schang | Jan 21, 2018 | 4 Comments

NEW 2018 Income limit allows more California first time home buyers to qualify for down payment assistance. Income ...

No Appraisal Home Loan Saves Time and Money

By Scott Schang | Jan 21, 2018 | 2 Comments

2018 home loans use big data and automation to make your mortgage easier to qualify for and less ...

Home equity loans can be tax deductible in 2018 if used to purchase your home.

Is a Home Equity Loan Tax Deductible in 2018?

By Scott Schang | Jan 16, 2018 | 2 Comments

A home equity loan allows you to borrow against the value of your home by taking out a ...

3 Great Reasons for Buying a Home in 2018

By Scott Schang | Jan 16, 2018

Buying a home is something that most folks would love to do, but many believe they could never afford ...

2018 Tax Cuts include mortgage interest deduction.

Mortgage Interest Tax Deductible in 2018?

By Scott Schang | Dec 28, 2017 | 6 Comments

The short answer is Yes. All homeowners, and most home buyers will still be able to write off ...

MCC Mortgage Credit Certificate Available in 2018

2018 MCC – First Home Buyer Tax Credit

By Scott Schang | Dec 28, 2017 | 16 Comments

MCC mortgage credit certificates are a dollar for dollar Federal tax credit only available to eligible first time ...

Requiring a benefit test is a good idea for VA refinance

Veteran Homeowners Win Fight Against Predatory Lenders

By Scott Schang | Jun 22, 2018

Veteran Homeowners Receive a Huge Win Against Predatory Lenders. Any VA streamline refinance loan started after March 25th, ...

2018 FHA Loan Limits Increased

By Scott Schang | Dec 13, 2017 | 2 Comments

2018 FHA loan limits were announced last week, As predicted, FHA has followed the Conventional loan limit increase ...

2018 FHA Loan Limits Expected to Increase

2018 FHA Loan Limit Increase Likely

By Scott Schang | Dec 4, 2017

NEWS: FHA Announces loan limit increases in 2018! See update here The 2018 FHA loan limit was not ...

2018 Loan Limit Increases to $453,100

By Scott Schang | Nov 30, 2017

The Federal Housing Finance Agency (FHFA) announces that Conventional loan limit will increase in all but 71 Counties ...

Will Mortgage Interest Deduction be Around in 2018?

By Scott Schang | Nov 28, 2017 | 2 Comments

The mortgage interest deduction is again at risk as the House tax plan looks to limit this tax ...

Will CFPB Changes Make Mortgages Easier in 2018?

By Scott Schang | Nov 27, 2017 | 2 Comments

Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) resigned from his position as head of the ...

Katy Parsons is a mortgage expert that specializes in helping self employed people qualify for a mortgage

Meet Katy Parsons – Mortgage Expert for the Self Employed

By Scott Schang | Nov 20, 2017

Katy Parsons Expert Interview Katy Parsons is a professional loan officer that specializes in helping self employed families ...

A Mortgage Expert will avoid frustration during the underwriting process

Mortgage Expert More Important Than Automation?

By Scott Schang | Nov 13, 2017

J.D. Power, a global leader in consumer insights, advisory services and data and analytics, releases a telling 2017 report ...

Steven Woloszyk Mortgage Expert - FMWH Live Interview

Meet Steven Woloszyk – First Time Home Buyer Expert

By Scott Schang | Nov 12, 2017

Steven Woloszyk Expert Interview Steven Woloszyk is a professional loan officer, and an expert at guiding first time ...

Freddie Mac IBR student loan payment calculation updated in January 2018

Freddie Mac Stops Allowing $0 on IBR Student Loans

By Scott Schang | Nov 6, 2017 | 4 Comments

Qualifying for a mortgage with income based student loan payments just got a little harder. Freddie Mac stops ...

Meet Jim Duffy – Mortgage Expert

By Scott Schang | Nov 6, 2017 | 2 Comments

Jim Duffy Expert Interview It was my great pleasure to sit down with Mortgage Expert Jim Duffy the ...

A Review of the new 2017 Reverse Mortgage Guidelines

2017 New Reverse Mortgage Gets Positive Review?

By Scott Schang | Oct 31, 2017

Guest Author: John A. Krochman | Branch Manager - NMLS# 278683 | Broadview Mortgage Corporation Cell / Text ...

Bank statements reviewed for closing costs and reserves at closing table

How Bank Statements Can Kill Homebuyer Hopes at the Closing Table

By Scott Schang | Oct 16, 2017 | 64 Comments

Avoid Surprises One of the final and most important steps toward closing on your new home mortgage is ...

The Shocking Truth Behind Mortgage Call Centers

By Scott Schang | Oct 16, 2017 | 4 Comments

When Telemarketers Compete, You Lose! It Could Happen to Anyone These are actual, recent (2017) online ...

CAIVRS waiting period after an FHA foreclosure

CAIVRS Waiting Period After FHA Foreclosure

By Scott Schang | Oct 9, 2017 | 27 Comments

The Question The CAIVRS waiting period is important if you had a FHA mortgage on a home that ...

What is the waiting period for a foreclosure after bankruptcy?

Foreclosure After Bankruptcy Waiting Period

By Scott Schang | Oct 5, 2017 | 2 Comments

The Question I received a great question this week from one of our readers regarding the waiting period ...

Disaster Relief Mortgage Expert Interview

Disaster Relief Mortgage Offers 100% Financing

By Scott Schang | Oct 4, 2017

Show Notes On this week's show, I've invited two mortgage veterans to discuss mortgage options that are available ...

Qualify for a Mortgage with Temporary Leave Income

By Scott Schang | Sep 25, 2017

What is Temporary Leave? Temporary leave from your place of employment is usually short in duration and is ...

Hurricane Relief Mortgage Allows 100% Financing

By Scott Schang | Sep 25, 2017

HUD Hurricane Relief Options In the wake of Hurricanes Harvey, Irma, and Maria this, HUD announced a reminder ...

Buying Multi-Family as Your First Home

By Scott Schang | Aug 21, 2017

Show Notes A Multi-Family residence, also known as a duplex, triplex or fourplex, is a powerful investment strategy ...

How FHA Mortgages Work

By Scott Schang | Aug 17, 2017 | 2 Comments

Show Notes FHA mortgages don't always get a fair shake. I often speak to home buyers that claim ...

Mortgage Included in Bankruptcy?

By Scott Schang | Aug 11, 2017

Including a mortgage in a bankruptcy will not prevent you from buying again, and you might be surprised ...

How Homebuyer Assistance Works

By Scott Schang | Aug 11, 2017

Show Notes Homebuyer assistance programs, for the purposes of this discussion are defined as money available for the ...

The Digital Mortgage Explained

By Scott Schang | Sep 5, 2017 | 2 Comments

Show Notes Who wouldn't love an easy button? The internet, and technology has created easy buttons for many ...

Do 2017 Reverse Mortgage Changes Hurt Seniors

Do New HECM Rules Hurt Seniors?

By Scott Schang | Sep 6, 2017 | 2 Comments

2017 HECM Update I would like to extend a special thank you to a lender friend of mine ...

Josh Lewis - BuyWise Mortgage - Certified Mortgage Consultant

Josh Lewis – Expert Interview

By Scott Schang | Sep 1, 2017

Josh Lewis has been in the mortgage business since 1995, and he shares a wealth of knowledge and ...

2017 DU Underwriting Updates

By Scott Schang | Aug 24, 2017 | 2 Comments

Over the weekend of July 29th, 2017, Fannie Mae rolled out it's latest major update to Desktop Underwriter ...

How Portfolio Loans Work

By Scott Schang | Aug 23, 2017

Show Notes A portfolio loan is not necessarily a specific loan program, but an approach to lending that ...

How to Use Gift Funds when Buying a Home

By Scott Schang | Aug 3, 2017 | 4 Comments

Show Notes It is very common to use "gift funds" to help with the down payment and closing ...

How Automated Underwriting Systems Work

By Scott Schang | Jul 27, 2017 | 2 Comments

Show Notes Automated underwriting systems (AUS) are used by all traditional lenders to determine your eligibility for a ...

How to Buy a Home with Student Loans

By Scott Schang | Jul 26, 2017

PodCast Show Notes: Student loans weigh heavy on many Millennial first time home buyers. These loans will show ...

How to Buy a Home after a Financial Hardship

By Scott Schang | Jul 26, 2017

Show Notes Having a financial hardship in the past does not mean that you cannot qualify for a ...

Buy or Rent? Which is Better for You?

By Scott Schang | Jul 23, 2017

This guest post was contributed by Real Estate Experts, a leading real estate agency in the Chapel Hill ...

Millennials Buying FHA Units as First Home

By Scott Schang | Jul 17, 2017

Primary Residence Units Millennials have figured out a little used, but very smart strategy for jumping into real ...

How Much Mortgage Can I Afford?

By Scott Schang | Jul 16, 2017

Rent is Crazy Can I afford a mortgage? There's got to be another way, right? The cost to ...

Why Sellers Don’t Like Offers with FHA Financing

By Scott Schang | Jul 7, 2017 | 4 Comments

The Problem Are you hitting road blocks getting your offers accepted by home sellers? It could be your ...

Mortgage Call Centers Deny Loans Because They are Not Easy Enough?

Home Loan Denied Because it’s Not Easy Enough?

By Scott Schang | Jul 15, 2017 | 2 Comments

Bait and Switch? Home loan denied because it's not easy enough? Yes, it's true, and it happens every ...

VA Manual Underwriting - Gaps in Employment

VA Manual Underwriting – Employment Gap

By Scott Schang | Jun 25, 2017 | 5 Comments

Experience Matters Jim Duffy is one of the experts that we count on to solve underwriting challenges that ...

VA Manual Underwriting – Credit Reporting Errors

By Scott Schang | Jun 25, 2017

VA Experience This is another great example of VA manual underwriting heroics. As part of our series on ...

VA Manual Underwriting – Ch 13 BK and Short Sale

By Scott Schang | Jun 19, 2017

Manual Underwriting VA manual underwriting success stories are something that we love around here! VA loans are a ...

VA Guidelines – Manual Underwriting

By Scott Schang | Jun 18, 2017 | 26 Comments

Second Chance If your lender is unable to get an automated underwriting approval, or if you've been turned ...

4 Refinance Options after Bankruptcy

By Scott Schang | Jun 11, 2017

Refi Fast Lane Refinance options are available to many homeowners that were forced into bankruptcy during the recession ...

6 Major Fannie Mae Guideline Updates in 2017

By Scott Schang | Jun 10, 2017 | 10 Comments

Home Loans Easier? In an aggressive move to make qualifying for a Conventional home loan easier, Fannie Mae recently ...

Qualifying for a home loan with self employed income

Qualifying for a Mortgage with Self Employed Income – 2017 UPDATE

By Scott Schang | Jun 5, 2017 | 4 Comments

Self Employed Easier? On May 30th, 2017 Fannie Mae announced a shocking relaxation of the guidelines that determine ...

Fannie Mae debt to income ratio guidelines

Fannie Mae Loosens Debt to Income Ratios in 2017

By Scott Schang | Jun 4, 2017 | 18 Comments

Updated July 29th, 2017 In a May 20th announcement, Fannie Mae released a sneak peek of it's 10.1 update ...

Home Loan Outside the Box?

By Scott Schang | May 30, 2017 | 2 Comments

Not Easy Enough One of the biggest challenges you will run into while applying for a home loan is ...

Cash-Out Refinance Guidelines

By Scott Schang | May 23, 2017

February 2018 UPDATE - A cash-out refinance is going to be more expensive in the future as interest ...

How to refinance your home loan if you have student loans

Reduced Cost Student Loan Consolidation for Homeowners

By Scott Schang | May 23, 2017 | 4 Comments

Updated Guidelines Fannie Mae recently announced a new refinance underwriting guideline that relaxes lending rules on borrowers with student loans. ...

Buy a Home with Your Zero Payment ($0) Student Loan

By Scott Schang | May 7, 2017

Income Based Payment It is not uncommon to have a zero payment ($0) on a student loan that ...

Jumbo Loan Low Downpayment Options

By Scott Schang | May 7, 2017

Get the Low Down A Jumbo home loan is any mortgage that exceeds conventional conforming loan limits for the ...

Portfolio Loan Interest Rates and Guidelines

By Scott Schang | May 3, 2017 | 2 Comments

Specialized Solutions A portfolio loan is a home loan that falls outside of the underwriting guidelines of more ...

New 2017 Student Loan Guidelines Make Homeownership Easier

By Scott Schang | May 2, 2017 | 15 Comments

Effective Immediately A new student loan guideline published by Fannie Mae will make it much easier for you ...

Fannie Mae IBR Student Loan Updates Make it Easier to Buy a Home

By Scott Schang | Apr 25, 2017 | 9 Comments

Removing Hurdles Fannie Mae announced today that they are removing hurdles that will help homebuyers with student loans. Previously, ...

Bankruptcy and Foreclosure Success Story

By Scott Schang | Apr 18, 2017 | 2 Comments

Find the Right Lender We created this website to protect consumers from misinformation and inexperience. Our goal is ...

Shocking Lies that Loan Officers Tell

By Scott Schang | Apr 18, 2017 | 40 Comments

Why Are You Lying? Statistically speaking, the volume of lies that loan officers tell readers of this site ...

Are You at Risk of Being Turned Down for a Home Loan?

By Scott Schang | Apr 18, 2017 | 5 Comments

Do I Qualify? The truth is, the most risk comes from working with a loan officer that is inexperienced, ...

Fresh Start No Waiting Period Portfolio Loan

How No Waiting Period Portfolio Loans Work

By Scott Schang | Apr 3, 2017

Portfolio Loans Portfolio loans give homebuyers options for buying a home after a financial hardship with little to ...

New Down Payment Grant is a Game Changer

By Scott Schang | Apr 2, 2017

Down Payment Grant There is an experimental new conventional loan program available that offers a down payment grant for ...

First Time Home Buyer Programs

By Scott Schang | Mar 26, 2017

Buying Your First Home Buying your first home can be both exciting and scary at the same time. ...

Graduated Payment Loan Lowers Interest Rate 2% In First Year

By Scott Schang | Mar 19, 2017 | 2 Comments

Ease Into Ownership A new home loan program lowers your interest rate by 2% in your first year, and ...

Did you Loan Officer Approve Your Loan and Now it's Declined?

Loan Officer Approved and Now You’re Declined?

By Scott Schang | Mar 12, 2019 | 2 Comments

Being told that your previously approved loan is declined is an inconvenient result of the lack of underwriting ...

Community Home Advantage Program

By Scott Schang | Mar 21, 2017

Community Home Advantage Program A new community assistance home loan program is now available for specific zip codes ...

Refinance an investment property to increase cash flow or pay off sooner

How to Refinance an Investment Property

By Scott Schang | Mar 1, 2017 | 1 Comment

Refinancing an investment property is much more difficult than a traditional refi on an owner occupied home. There ...

Student Loan PAYE, REPAYE & IBR Mortgage Guide

By Scott Schang | Feb 26, 2017

Paying For Education Pursuing an advanced education is getting more and more expensive. Especially if you're pursuing an ...

Ask Me Anything About Buying a Home After Bankruptcy

Ask Me Anything About Buying After Bankruptcy

By Scott Schang | Feb 22, 2017 | 4 Comments

Buying after bankruptcy is a topic that we have become experts at. We get readers from all over ...

Loan Options that Lender Will Not Tell You About

Loan Options Your Lender Will Not Tell You About

By Scott Schang | Feb 7, 2017 | 4 Comments

My Lender Said.... This is one of those times when I wish I had a bigger megaphone than ...

Is an Adjustable Rate Hybrid Mortgage (ARM) Right for You?

By Scott Schang | Feb 7, 2017

Safe and Predictable Option If you got caught up in any of the mortgage mess from the past ...

HomeReady and Home Possible Convnetional

Conventional Low Down Payment Options for Purchase or Refinance

By Scott Schang | Jan 23, 2017

Get the Low-Down Few people know that Conventional financing will allow less than a 20% down payment. I ...

Lender Mistakes Can Cause Your Mortgage to be Declined!

Can My Lender Decline My Mortgage by Mistake?

By Scott Schang | Jan 18, 2017

We have been informing, educating, and empowering consumers on this website for almost 10 years now. We get tens ...

Why Automated Mortgages Do Not Work……Yet

By Scott Schang | Jan 18, 2017

Failure to Launch Rocket Loans are all over TV, radio, billboards, and it seems like everywhere you look. ...

FHA Slashes 2017 Mortgage Insurance Premiums

By Scott Schang | Jan 10, 2017

FHA Lowers Costs This morning, in one of the final moves before handing over the reigns to President ...

Freddie Mac Student Loan Underwriting Guidelines

VA Student Loan Underwriting Guidelines

By Scott Schang | Jan 1, 2017

Deferred Payments VA Guaranteed loans are the only underwriting guidelines that will allow you to have deferred student loan ...

FHA and USDA Student Loan Guidelines

By Scott Schang | Dec 18, 2016

Deferred Payments FHA does not currently allow you to have deferred student loan payments when qualifying for a home ...

Fannie Mae Student Loan Guidelines

By Scott Schang | Dec 29, 2016 | 2 Comments

Deferred Payments Fannie Mae does not currently allow you to have deferred student loan payments when qualifying for a ...

How to Refinance After Bankruptcy

By Scott Schang | Jan 3, 2017

Your options when trying to refinance after bankruptcy are most often limited by the experience of your loan ...

Freddie Mac Student Loan Guidelines

By Scott Schang | Jan 3, 2017 | 53 Comments

Deferred Payments Freddie Mac does not currently allow you to have deferred student loan payments when qualifying for ...

Are Self Employed Mortgages Making a Comeback?

By Scott Schang | Dec 19, 2016

Qualifying Income Let's face it, the only difference between a standard, traditional loan and a "self employed" home ...

Mortgage Broker, Lender or Bank – Which is Better?

By Scott Schang | Dec 13, 2016

Is there a Difference? The short answer is Yes, there can be a huge difference. But it's probably not ...

Conventional Loan Limits Increase in 2017

By Scott Schang | Dec 7, 2016

Increased for Most UPDATE: See California 2017 FHA loan limits UPDATE: See California 2017 Conventional loan limits UPDATE: See ...

Minimum Down Payment Requirement 2019

By Scott Schang | Mar 4, 2019

Minimum Down Payment by Loan Type VA - Veteran Housing Benefit - No Down Payment USDA Guaranteed - ...

Qualifying for a Home Loan with Collections, Charge Offs or Judgements

By Scott Schang | Nov 25, 2016 | 16 Comments

A lot of people have had challenges in the past, resulting in a collection, charge-off, or judgement showing ...

Jumbo Home Loan after BK, Foreclosure, Short Sale or Deed in Lieu?

By Scott Schang | Nov 20, 2016

Jumbo Loan Woes There are many areas in the Country that require a Jumbo home loan if you want ...

Homebuyer Assistance Alternatives

By Scott Schang | Nov 20, 2016

Assistance Alternatives There's a good chance that you're here as the result of a google search about homebuyer assistance alternatives. ...

Predicting what interest rates will do after 2016 Election

2017 Mortgage Interest Rate Predictions

By Scott Schang | Nov 13, 2016

Interest Rates are on everyone's radar after the Election. Regardless of which dog you chose in the race, ...

The Final Steps - Docs Signed Funded and Recorded

10. Finish Line – Signing, Funding, and Recording

By Scott Schang | Oct 26, 2016 | 2 Comments

The Finish Line Once you've signed your Closing Disclosure, you're almost done. You are able to sign your ...

3. How to Hire a Loan Officer and Real Estate Agent

By Scott Schang | Sep 15, 2016

Hiring a Loan Officer Hiring a loan officer is more important than hiring a lender. You will not ...

Mortgage Terms and Definitions for Normal People

Bonus – Mortgage Terms and Explanations

By Scott Schang | Oct 29, 2016 | 2 Comments

If you're here because your "so called" loan officer is launching abbreviated mortgage terms and acronyms at you like ...

Insider Tips on Finding the Best Home for You

8. Finding the Best Homes for Sale

By Scott Schang | Oct 9, 2016

Getting Lucky Finding the best homes for sale relies heavily on your ability to be lucky. When I say ...

Do you know how your loan officer and real estate agent get paid?

Bonus – How Your Agent and Loan Officer is Paid

By Scott Schang | Oct 30, 2016

Motivation It's important to understand how your Loan Officer and your Real Estate Agent are paid and why ...

Bonus – New Home Owner Checklist

By Scott Schang | Oct 28, 2016

Congratulations! You've successfully closed on the purchase of your new home and you are officially a Homeowner! Once ...

Once your offer is accepted, here's what's next

9. Offer Accepted….Now What?

By Scott Schang | Oct 22, 2016

Now it's Our Turn This is where your preparation pays off. I trust that you've chosen well, and ...

7. Searching for Homes Online

By Scott Schang | Sep 18, 2016

Trusting Data Searching homes for sale online is incredibly easy to do, and can actually be quite fun! There are ...

The Ultimate Guide to Home Buyer Assistance

6. Home Buyer Assistance

By Scott Schang | Sep 18, 2016

A Helping Hand Buyer assistance is a topic that I'm very experienced with in my home State of California. ...

Get Pre-Approved for a Mortgage is the First Step to buying a home

4. Get Pre-Approved for a Home Loan

By Scott Schang | Sep 17, 2016

Getting Pre-Approved Getting pre-approved for a home loan should be one of the first steps towards becoming a homeowner. ...

Journey starts here for first time home buyer - Ultimate Guide

1. Buying Your First Home?

By Scott Schang | Sep 6, 2016 | 10 Comments

Start Here Buying your first home is both scary and exciting at the same time. It gets incredibly ...

Home Buyer Education Means Being Prepared and Avoiding Surprises

2. First Time Home Buyer Education

By Scott Schang | Sep 12, 2016

Education is Empowerment First time homebuyer education, also called first time homebuyer counseling, is a requirement of many buyer assistance ...

When Does My Waiting Period Start?

By Scott Schang | Aug 9, 2016 | 35 Comments

When Can I Buy Again? Trying to figure out the waiting period after Bankruptcy? Foreclosure? Short Sale? Deed ...

Trended Credit Data – Fannie Mae DU 10.0

By Scott Schang | Jul 23, 2016

Credit Qualifying Over the weekend of September 24th, 2016, Fannie Mae is updating DU to Version 10.0, and introducing ...

Mortgage Insurance – PMI vs FHA, Which is Better?

By Scott Schang | Jul 29, 2016 | 2 Comments

A mortgage insurance policy is required anytime you have less than a 20% down payment, or equity, at the ...

Reserve Requirements multi financed properties

Reserve Requirements for Multi Financed Properties

By Scott Schang | Jul 25, 2016

Investor Relief? Fannie Mae policy changes the reserve requirements for borrowers with multiple financed properties in Desktop Underwriter ...

Eliminate waiting periods with FHA streamline refi

FHA No Wait after BK, Foreclosure, Short Sale?

By Scott Schang | Jul 10, 2016

An FHA streamline refinance might be your ticket to lowering your rate and payments with no waiting period ...

No Cost FHA Refi Lowers Your Rate and Loan Balance?

By Scott Schang | Jun 26, 2016

Frustrated with FHA? Why? Are you one of those people that hate their FHA mortgage because it has ...

Critical Credit Decisions That Can Make or Break Your Home Loan

By Scott Schang | Jun 13, 2016

Don't Be Surprised When applying for a home loan, your credit is one of the most important factors ...

Short Term Investment using Portfolio Loans to Buy a Home

Use a Short Term Portfolio Loan to Buy Now, Save Later

By Scott Schang | Jun 7, 2016

Short Term Solutions It's been a few years now since your bankruptcy, foreclosure, short sale or deed in ...

Zombie “Second Mortgages” Haunt Unsuspecting Homeowners

By Scott Schang | May 31, 2016 | 9 Comments

Foreclosure Nightmares A second mortgage included in bankruptcy can foreclose years after it has been discharged, and can ...

6 Reasons Why FHA is Better Than Conventional

By Scott Schang | May 17, 2016

Somewhere along the line, FHA loan got a real unfair reputation as being a loan option that you should ...

How Big Box Lenders are Failing Consumers

Are Big Box Lenders are Failing Homebuyers?

By Scott Schang | Jun 26, 2017 | 6 Comments

Changing the Game? Big box lenders are those companies that advertise on television and radio with claims about ...

Secrets to Buying Sooner After Hardship

By Scott Schang | May 3, 2016

Have you been looking for home financing options that allow recent credit challenges related to Bankruptcy, Foreclosure, Deed ...

What Your Attorney Didnt Tell You About Mortgage in BK

What Your Attorney Didn’t Tell You About Including Your Mortgage in Bankruptcy

By Scott Schang | Apr 5, 2016 | 20 Comments

Mortgage Discharged? My expertise is helping homebuyers understand the lending guidelines for buying a home after a financial ...

Down Payment When Buying Multi Family Units

By Scott Schang | May 3, 2016 | 2 Comments

Buying Multi Family With interest rates as low as they are after 1st quarter 2016, home loan financing ...

Do You Know Your (Loan) Limits When Buying Your Home?

By Scott Schang | Apr 1, 2016

Home Sweet Home You have worked hard to prepare for the purchase of your new home and are ...

The Rental Property Easy Button

By Josh Lewis | Mar 30, 2016

Building Wealth Many of us dream of owning a portfolio of rental properties. Acquiring a property and using ...

3 Fatal Income Calculation Mistakes (and how to avoid them)

By Scott Schang | Mar 29, 2016

Unique Perspective I am in a unique position as lender. Because I have been educating and empowering homebuyers ...

IBR Student loan payments home loan guidelines

Qualifying for a Mortgage with Income Based Repayment (IBR) Student Loans

By Josh Lewis | Sep 23, 2017 | 291 Comments

Getting a Mortgage with Student Loans Qualifying for a mortgage when you have IBR student loans can put ...

Low Interest Rates Open Doors to Many Options

Low Rates Inspire Creative Solutions

By Scott Schang | Sep 13, 2017

Low Rates When it comes to paying interest on a mortgage loan, everybody likes low rates, that's too ...

How to Buy a Duplex with FHA Financing

By Scott Schang | Feb 29, 2016

3.5% Down Payment Do you dream of having your tenants make your mortgage payment for you each month? ...

Great Mortgage Rates (When Preparation Meets Opportunity)

By Josh Lewis | Feb 16, 2016

Everyone loves getting a great deal. In the mortgage world, the concept of a great deal usually means ...

Is a Portfolio Loan a Good Option?

By Scott Schang | Aug 8, 2017 | 44 Comments

Not What You Think When you hear terms like hard money, or private money, or portfolio loan, many ...

How to Qualify for a Jumbo loan after a financial hardship

Jumbo Loan Options After Financial Hardship

By Scott Schang | Sep 10, 2017 | 16 Comments

A Jumbo loan is typically much less flexible than traditional financing like Conventional or FHA if you've had ...

What Do Lenders Look at to Get a Loan Approval?

By Scott Schang | Jan 11, 2016 | 2 Comments

Beyond Guidelines Understanding what lenders are looking for in the documentation you provide when trying to qualify for ...

3 Reasons Why Interest Rates May Drop in 2016

By Scott Schang | Jan 9, 2016

Rising Rates Wrong? Many thought that the Federal Reserve’s decision in December to raise interest rates by .25% ...

New Homeowners Benefit From Lower Rates

By Scott Schang | Jan 20, 2016

A Penny Earned Saving money always feels like a great accomplishment. Have you ever noticed when you're at the grocery ...

How Real Estate Tax Breaks Work

By Scott Schang | Dec 28, 2015

Tax Benefits Homeownership is one of the most powerful tax savings vehicles available in America today. With the ...

rent vs own - are you asking the right questions

RENT VS. OWN: Are You Asking The Wrong Question?

By Josh Lewis | Dec 9, 2015 | 1 Comment

A Critical Question A quick Google search for the phrase “rent vs own” returns 283,000,000 results. Obviously, this ...

How to Battle Discrimination Against Veterans and VA Loans

By Scott Schang | Nov 22, 2015 | 12 Comments

The Ugly Truth There is a very disturbing and ugly pattern of discrimination against VA Loans that happens ...

How Do Mortgage Rates Work?

By Scott Schang | Nov 16, 2015

What Are Your Rates? On almost a daily basis I receive calls from people interested in purchasing or ...

How do Reverse Mortgages Work?

By Scott Schang | Nov 6, 2015

What is a Reverse Mortgage? A Reverse Mortgage is a loan secured by a primary residence of 1 ...

Important Fannie Mae Changes Make Qualifying Easier in 2016?

By Scott Schang | Nov 6, 2015 | 1 Comment

December 12, 2015 Fannie Mae will update its Automated Underwriting System (AUS) to implement changes to file requirements ...

VA Loans – Do You Know Your Benefits?

By Scott Schang | Nov 4, 2015

Your VA Benefit When it comes to home financing, it is hard to beat the opportunities provided through ...

How Do I Get A Loan Approval? Credit,Capacity,Collateral

By Scott Schang | Nov 1, 2015

Education Reduces Risk Whether you are getting ready to purchase a new home or are looking to refinance ...

3 Ways to Not Pay Mortgage Insurance

By Scott Schang | Jan 31, 2016

Mortgage Assurance I often hear that homebuyers, and homeowners want to avoid mortgage insurance on their home loan. ...

Are There Any Risks With Using Down Payment Assistance?

By Scott Schang | Oct 12, 2015 | 4 Comments

Get the Facts I'm sure you've heard it from parents and mentors your whole life..."If it sounds too ...

5 Ways to Take Advantage of Low Interest Rates

By Scott Schang | Jun 20, 2016 | 2 Comments

Rare Rate Drop The reality of mortgage rates is that they change every single day. The ability to ...

3 Important Changes to FHA Loans September 2015

By Scott Schang | Oct 7, 2015 | 2 Comments

New Guidelines FHA is going through a significant overhaul of it's underwriting guide, as well as the guidelines ...

How much are down payment and closing costs

How Much Do I Need to Buy a Home?

By Scott Schang | Sep 30, 2015

How Much Downpayment Do I Need To Buy A Home Depending on what kind of loan you are ...

How to Qualify for a FHA Loan with a Low Credit Score

By Scott Schang | Oct 29, 2015 | 1 Comment

Not Bad Credit Having a low credit score does not necessarily mean that you have bad credit, or ...

Portfolio loans may offer interest only payments

Interest Only Portfolio Loan Options

By Scott Schang | Sep 7, 2017

What We've Learned Interest only loans were very popular at one time, and were mostly associated with what ...

How Conventional Automated Underwriting Decisions Work

By Scott Schang | Nov 6, 2015 | 30 Comments

What is Automated Underwriting? Computer generated mortgage loan underwriting decisions are the most common way to get approved for ...

How to Sell Your Home for the Highest Price

These 3 Things Can Help You Sell Your Home for the Highest Price

By Scott Schang | Oct 8, 2015 | 1 Comment

Planning for Profits Selling your home for the highest price is much more science than it is an art. ...

Mortgage Credit Certificate Boosts Buying Power

First Time Buyers Boost Options with this Tax Credit

By Scott Schang | Apr 9, 2017 | 8 Comments

Mission Impossible? A recent Associated Press article, Mission nearly impossible this spring: Finding a home to buy, talks ...

How Mortgage Credit Certificates Work – Introduction

By Scott Schang | Oct 6, 2015 | 2 Comments

A Mortgage Credit Certificate, commonly known as MCC, is a dollar for dollar tax credit similar to the first ...

Home Improvement Loans Offered by FHA

By Scott Schang | Jul 18, 2015

Repairs Preventing Refinance? There are two types of home improvement projects. The first type is not necessary, but ...

Fannie Mae Removes Buy and Bail Rule

By Scott Schang | Oct 7, 2015

Restriction Removed Approximately 1 year after the rapid decline of home values in the aftermath of the great ...

Your Credit Score Impacts Your Interest Rate

How Much is Your Credit Score Costing You?

By Scott Schang | Jul 13, 2015

Your credit score has a direct impact on the cost of your home loan. Knowing how this works ...

Top 3 Biggest Mistakes Homebuyers Make

By Scott Schang | Oct 8, 2015

Save Yourself Time, money and sometimes your dream home could be at risk if one of these mistakes goes ...

Veteran Mortgage Benefits to Remember

By Scott Schang | May 25, 2015

If you are an eligible military Veteran, you are eligible for a special home loan program that allows ...

How Lenders Calculate Qualifying Income

By Scott Schang | Aug 20, 2015

Qualifying Income Assuming you have good credit and assets to buy a home, the most important factor in qualifying ...

Interest rates are affected by your credit score

How Credit Scores Impact Interest Rates

By Scott Schang | Apr 27, 2015 | 2 Comments

Your interest rate is directly impacted by your credit score and the equity in your home. While there ...

LLPA fees increase for Conventional loans in 2015

Fannie Mae Raises LLPA Fees for Most Borrowers

By Scott Schang | Apr 27, 2015

A loan level price adjustment (LLPA) is a method that conventional loans use to factor in risk factors ...

Ten Commandments of Pre-Approval Preservation

5. Pre-Approval Preservation

By Scott Schang | Sep 18, 2016

Financial Lockdown Once you’ve received a Pre-Approval from your lender, it is vitally important that nothing changes in ...

Waiting period for buying after a short sale included in bankruptcy

Short Sale Waiting Period Waived if Included in Bankruptcy?

By Scott Schang | Mar 9, 2015 | 8 Comments

Changes to the waiting period for mortgage debt that was discharged through bankruptcy took place over the weekend of August 16th, ...

How to Buy a Home After a Short Sale

By Scott Schang | Mar 2, 2015

After a financial hardship like having to short sale your home, it's important to know that your next home is within ...

Low Rates Slow Lenders Down

By Scott Schang | Aug 15, 2016

Low Rates There are very few people complaining about interest rates plummeting to near historic lows in July ...

VA streamline refinance benefits Veterans

How VA Streamline Refinance Works

By Scott Schang | Feb 2, 2015

The VA streamline refinance offers a reduced cost, reduced paperwork solution to help eligible Veterans take advantage of ...

FHA streamline refinance reduced cost and paperwork

How Does a FHA Streamline Refinance Work?

By Scott Schang | Jan 18, 2015 | 4 Comments

An FHA streamline refinance is a reduced cost, reduced paperwork loan program available to anything that currently has ...

Qualifying to buy your first home is not as difficult as you think

Qualifying Basics – First Time Homebuyer Survival Guide

By Scott Schang | Jan 5, 2015

From qualifying for a home home to shopping, offering and closing on your first home can seem quite ...

Tax advantage mortgage insurance converts PMI into mortgage interest

What is Tax Advantage Mortgage Insurance?

By Scott Schang | Nov 30, 2014

Tax Advantage Mortgage Insurance is a great option for buying or refinancing a high Loan to Value (LTV) ...

How to Prepare for Buying a Home After Bankruptcy

By Scott Schang | Sep 29, 2015 | 10 Comments

A Simple Plan Going through bankruptcy is both emotionally and financially exhausting. Buying a home after a bankruptcy ...

How to qualify for a home loan if you have student loan debt

Qualifying for a Mortgage with Student Loans

By Scott Schang | May 22, 2017

Student Loan Payments The biggest challenge with student loans is that they are often deferred while you are ...

VA loan benefits you might not know about

5 Things You Might Not Know About VA Loans

By Scott Schang | Nov 11, 2014

VA loans becoming more and more popular as market changes have brought to light the features of this ...

Private Mortgage Insurance has advantages over FHA permanent mortgage insurance

3 Advantages of Private Mortgage Insurance

By Scott Schang | Nov 1, 2014

Private mortgage insurance offers much more flexibility for home buyers with less than a 20% down payment. Many ...

Reverse Mortgage - Home Equity Conversion Mortgage

What is a Reverse Home Equity Conversion Mortgage?

By Scott Schang | Oct 12, 2014

A Home Equity conversion Mortgage (HECM), also known as a Reverse Mortgage, is government insured loan program offered ...

Creative ways to pay down payment and closing costs when buying a house

10 Creative Ways to Pay for Down Payment and Closing Costs

By Scott Schang | Sep 29, 2014 | 4 Comments

There are many ways that you can raise the money to cover your down payment and closing costs ...

How to Remove Home Loan Mortgage Insurance

How to Remove Mortgage Insurance

By Scott Schang | Sep 14, 2014 | 3 Comments

The ability to remove mortgage insurance is a topic that not many home owners understand. Both Private Mortgage ...

Why do lenders lie about buyer assistance

Why do Lenders Lie About Homebuyer Assistance?

By Scott Schang | Oct 8, 2015 | 7 Comments

You're Not Alone A local lender friend of mine, Brad Yzermans of HomeLoanArtist.com, is one of the good ...

Low Interest Rates Benefit the Prepared

By Scott Schang | Feb 15, 2016

Warning: Falling Rates Last week interest rates dipped to near historic lows again, driven by global economic volatility ...

Buy sooner if you had a foreclosure on a home discharged in bankruptcy

Buy Sooner if Mortgage Included in Bankruptcy

By Scott Schang | Aug 10, 2014 | 4 Comments

You can now buy sooner after Guideline changes announced by Fannie Mae on July 29th, 2014. Fannie Mae has changed ...

Short Sale Waiting Period Extended August 2014

Buying After Short Sale Waiting Period Extended

By Scott Schang | Oct 5, 2015 | 3 Comments

Buy Again After A Short Sale - And Have 20% Down UPDATED: Last week Fannie Mae announced a ...

Foreclosure waiting period waived if discharged in bankruptcy

Fannie Mae Waives Waiting Period on Foreclosure after Bankruptcy

By Scott Schang | Jul 30, 2014 | 272 Comments

On July 29th, 2014 Fannie Mae made an unprecedented move to loosen up waiting period for borrowers that ...

Avoiding surprises as a first time home buyer

3 Qualifying Surprises That Home Buyers Can Avoid

By Scott Schang | Jul 28, 2014

You do not want any surprises while you're in the middle of an escrow on a new home. Most ...

Home Buyer Get Turned Down By Inexperienced Loan Officers

Why Home Buyers Get Turned Down

By Scott Schang | Jul 27, 2014

I am always surprised at how many potential home buyers are unwilling, or reluctant to gather all of ...

Open House survival strategies for first time home buyers

Buyers Beware: Open House Survival Guide

By Scott Schang | Jul 6, 2014

The danger of window shopping at an open house is that you could fall head first into an ...

The Ultimate Home Buyers Guide to Credit Improvement and Preservation

The Ultimate Home Buyer Guide to Credit Improvement

By Scott Schang | Oct 31, 2017

Not Now. Not No! Credit improvement is not something you should spend money on if you are trying ...

Rent vs Own is a cost analysis to determine if you should buy a house

Rent vs Own Doesn’t Address All Buyer Concerns

By Scott Schang | Jun 9, 2014

The "rent vs own" argument doesn't even begin to address the questions that first time home buyers have. ...

An Insider’s Guide to Credit Preservation

By Scott Schang | May 11, 2014 | 2 Comments

Credit preservation is proactive act of doing the right things to increase your credit scores. In many cases, ...

Employment history is important when applying for a home loan

Employment History for a Mortgage Application

By Scott Schang | May 4, 2014

Your employment history includes calculating income and establishing continuity of employment. There are a lot of moving parts ...

Which is the best loan? FHA and conventional are both great options

When is FHA the Best Loan?

By Scott Schang | Apr 17, 2014

What is the best loan for a first time home buyer? FHA loans get a bad rap, but ...

What your lender doesnt know will hurt you

Lazy Lender? What They Don’t Know Will Hurt You

By Scott Schang | Oct 8, 2015 | 1 Comment

There's No Excuse Homeowners and homebuyers have plenty of reasons to be both suspicious and cautious about working ...

Reduce Housing Costs by Reviewing compromises you may have made when buying

3 Ways to Reduce Housing Costs

By Scott Schang | Jan 20, 2014

Reduce housing costs and enjoy lower payments and fixed costs on your home. We all want to save ...

Should I Pay Discount Points on my Home Loan?

By Scott Schang | Jan 8, 2016

Return on Investment I know it seems counterintuitive saying that spending money will save you money, but that's ...

FHA Back to Work Extenuating Cirumstances Explained

FHA Back to Work Extenuating Circumstances Explained

By Scott Schang | Sep 30, 2015

Victims of the recent recession may be eligible to buy a home in as little as 12 months ...

How home buyers win in a competitive sellers market

How Home Buyers Win in a Competitive Real Estate Market

By Scott Schang | Jan 1, 2018

2018 home buyers should prepare for a very competitive real estate market. The key to winning is planning. ...

First Time Homebuyer Basics – Where Do I Start?

By Scott Schang | Feb 7, 2016

Start at the Beginning Buying your first home is one of the most exciting things you will ever do. It ...

Should I Get An Adjustable Rate Mortgage?

By Scott Schang | Oct 7, 2015

An Adjustable Rate Mortgage, or ARM, is a valuable home mortgage financing option that can offer a wide ...

Credit scores are different every time you look. Here's why!

How are Credit Scores Calculated?

By Scott Schang | Jul 8, 2018 | 1 Comment

Credit scores are calculated each time you pull your credit, based on which model the creditor is using. ...

Short sale after bankruptcy will not hurt credit

Can a Short Sale After Bankruptcy Hurt My Credit?

By Scott Schang | Oct 7, 2015 | 79 Comments

Challenges with the economy, job loss, lay offs and a slow recovery has forced many homeowners to file ...

How Do I Fix A Zombie Foreclosure?

By Scott Schang | Oct 7, 2015

Boomerang buyers are those families that fell victim to bankruptcy, foreclosure or short sale in the past and ...

Zombie Foreclosures Haunt Boomerang Buyers

By Scott Schang | Oct 7, 2015 | 10 Comments

When this phenomenon first began to rear it's ugly head, I initially tried to avoid using the term ...

How to Improve Your Credit After Bankruptcy

By Scott Schang | Apr 15, 2013

Improving your credit after bankruptcy is like getting a complete fresh start. This past week I've had 3 ...

Credit Reporting Errors Prevent Buying after Short Sale

Credit Report Errors Prevent Purchase After Short Sale

By Scott Schang | Oct 8, 2015 | 27 Comments

Errors On Your Credit Report Could Cost You Thousands The credit monitoring companies aren't lying when they make ...

Maternity leave will not prevent you from buying a house

Home Loan Qualifying Guidelines for Maternity Leave

By Scott Schang | Mar 4, 2013

Maternity leave does not have to prevent you from buying a home. One of the greatest motivating factors ...

No Automatic FHA Loan Approval 3 Years After Foreclosure

By Scott Schang | Jan 21, 2013 | 1 Comment

Qualifying for a FHA loan 3 years after meeting the waiting period is not a guaranteed. Tens of ...

FHA mortgage insurance is permanent since 2013

FHA Mortgage Insurance Permanent 2013

By Scott Schang | Nov 19, 2012 | 1 Comment

FHA mortgage insurance has been required to be remove automatically when the current balance hits 78% of the ...

Money Saving Mortgage Insurance Options

By Scott Schang | Sep 24, 2012 | 2 Comments

Mortgage insurance is something that most first time home buyers are going to have to deal with. ...

Debt to income ratio flexibility with car loan?

Debt to Income Ratio too High?

By Scott Schang | Aug 27, 2012 | 1 Comment

Your debt to income ratio is what determines how much you qualify for when applying for a home ...

How to use Seller Concessions when buying a home

Using Seller Concessions When You Buy Your Home

By Scott Schang | Jul 23, 2012

.Seller concessions occur when an interested third party like a seller, real estate agent or lender contribute to ...

What Does it Mean to Reaffirm Your Mortgage in Bankruptcy?

By Scott Schang | Oct 2, 2015

To reaffirm your mortgage is a topic that comes up quite often and seems to be very misunderstood. ...

Bankruptcy does not change ownership in home

Including a Mortgage in Bankruptcy DOES NOT Affect Home Ownership?

By Scott Schang | Jul 9, 2012

I have written several articles about how bankruptcy, short sale, foreclosure or deed in lieu of foreclosure will ...

Conventional home loan cheaper than FHA? YES!

Conventional Low Down Payment is Cheaper than FHA Alternative

By Scott Schang | May 7, 2012

Conventional financing with a 3% down payment is, for certain home buyers, a far better option than FHA ...

Get an Appraisal and Home Inspection to Protect Yourself

Home Appraisal and Home Inspection When Buying A Home

By Scott Schang | Apr 24, 2012

Protect yourself with an Appraisal and Home Inspection as part of your due diligence when you buyer. The ...

VA Application Denied - Get a second opinion

Was Your VA Home Loan Declined? Don’t Take No For An Answer

By Scott Schang | Jun 20, 2017 | 173 Comments

If your VA loan was denied, it's possible that your loan officer made a mistake or the lender ...

Was there a mortgage included in your bankruptcy?

Mortgage Included in Bankruptcy?

By Scott Schang | Oct 7, 2015 | 344 Comments

Since 2011, I have been focusing much more time and energy to educating folks about being able to buy ...

FHA Streamline Refinance – What’s the Catch?

By Scott Schang | Jul 9, 2015 | 32 Comments

I know that sometimes FHA home loans get a bad rap because of the mortgage insurance premium, but there ...

5 Down Payment Sources You May Not Know About

5 Creative Down Payment Sources for Home Buyers

By Scott Schang | Jan 9, 2012 | 2 Comments

Coming up with the down payment and closing costs is the most common reason renters give for not ...

short sale and deed in lieu waiting periods extended after 2014

Buy Again Sooner after Short Sale or Deed in Lieu of Foreclosure?

By Scott Schang | Oct 7, 2015 | 80 Comments

NOTE: Short Sale and Deed in Lieu of Foreclosure guidelines were changed in August, 2014 - See new ...

Mortgage Advertising Land Mines Can be Avoided

How to Avoid Mortgage Advertising Landmines

By Scott Schang | Nov 7, 2011 | 2 Comments

Avoiding mortgage advertising landmines is not a topic that I'm real happy to have to write about. Thing ...

Are Adjustable Rate Mortgages Risky?

By Scott Schang | Sep 5, 2011

Adjustable rate mortgages, or ARM loans, are often blamed for the "toxic mortgage" time bomb that went off ...

Adjustable Rate Mortgage Basics

By Scott Schang | Sep 5, 2011

An adjustable rate mortgage, or ARM, is an incredible option under the right circumstances. ARM loans made up ...

Foreclosure is not the only option. short sale or deed in lieu might be better?

Foreclosure, Deed in Lieu, Short Sale – Which is Better?

By Scott Schang | Jul 4, 2011 | 6 Comments

Buying after foreclosure is a topic that I am passionate about. You should know that there is light ...

Can I Rent Out My Upside Down Home and Buy Again?

By Scott Schang | Oct 7, 2015 | 34 Comments

Is your home upside down? Falling home values and record low interest rates make this an incredible opportunity ...

Mortgage included in bankruptcy could keep you from buying again

Mortgage Discharged in Bankruptcy is NOT Free and Clear?

By Scott Schang | Oct 7, 2015 | 1125 Comments

December 2017 UPDATE: When Fannie Mae changed the waiting periods for a foreclosure on a mortgage included in ...

Rent to Own – Good Idea or Not?

By Scott Schang | Mar 14, 2011 | 11 Comments

Rent to own sounds like a really good idea until you start asking questions. I get this question ...

Update to FHA short sale waiting period exception

UPDATE: Buy Again One Day Out of Short Sale?

By Scott Schang | Feb 28, 2011 | 14 Comments

UPDATE: Last week I passed along a recent guideline update regarding FHA's stance on allowing the financing of ...

FHA One Day Waiting Period After Short Sale?

By Scott Schang | Feb 21, 2011 | 6 Comments

FHA will waive the waiting period after a short sale, if you can meet some pretty strict criteria. ...

Tax refund can be used when buying a home

Tax Refund Qualifies as Mortgage Down Payment?

By Scott Schang | Jan 31, 2011

A tax refund is one of several ways to come up with a down payment and closing costs ...

Mortgage Interest Deduction Going Away?

By Scott Schang | Nov 22, 2010 | 7 Comments

The Jobs Act and Tax Cuts bill modifying the mortgage interest deduction was signed into law on December 22nd, ...

Home Buyer Beware or Be Empowered?

By Scott Schang | Nov 15, 2010 | 1 Comment

Home buyer beware as call center lenders hit the airwaves and internet with better ads and bigger promises. ...

FHA Home Loans - The Best Option for First Time Buyers?

FHA Home Loan – The Best Option for First Time Buyers?

By Scott Schang | Apr 23, 2017 | 32 Comments

FHA loans are a very popular and affordable choice if you are a first time home buyer. It ...

Increase Your Credit Score 5 Points in 5 Minutes

Raise your credit score 5 points in 5 minutes

By Scott Schang | Feb 23, 2012 | 2 Comments

Did you know that receiving credit card offers in your mailbox can hurt your scores? Have you ever ...

Gift Funds for Down Payment and Closing Costs

By Scott Schang | Aug 22, 2015 | 29 Comments

Gift funds are sometimes a very misunderstood closing costs solution. Receiving gift money is a very way that ...

Competitive Advantage: Under 30 Day Escrow Will Appeal to Sellers

By Scott Schang | Oct 8, 2015 | 2 Comments

Here's an article that I originally wrote when the real estate market was a little more competitive back ...

Waiting Periods for buying after bankruptcy foreclosure short sale deed in lieu

2020 When Can I Qualify for a Mortgage After Bankruptcy, Short Sale, Foreclosure or DIL

By Scott Schang | Sep 23, 2017 | 2348 Comments

Qualifying for a mortgage after financial hardship is normally only a matter meeting a minimum waiting period. The ...

Timing When Buying Can Reduce Closing Costs

By Scott Schang | Aug 3, 2009 | 6 Comments

When Buying a home, the month of the year and the day of the month can affect your ...

Getting Pre-Approved for a Home Loan vs. Being Pre-Qualified

By Scott Schang | Oct 8, 2015

What's the difference? There is no greater misunderstood term in Real Estate than the loan "Pre-Approval." (See our ...