Loan limits to increase for conventional, FHA, and VA mortgages Like an early Christmas present, Fannie Mae, Freddie Mac, FHA, and VA have all announced increased mortgage limits for South Carolina and the rest of the country. The increase will go into effect for all VA and conventional loans closed after January 1 and for all FHA loans with application dates after...
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Cash-out mortgage financing Borrowers often want to cash out equity from their homes to pay for home improvements, consolidate a home equity line into a single mortgage, consolidate debt, or pay for other expenses. Guidelines for cash-out loans vary from program to program. Mark Wells of Preferred Financial Services addresses questions regarding this type of mortgage...
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Mortgage financing for manufactured homes Manufactured homes have long been a practical housing option for many families in South Carolina. Mortgage financing for these properties has always been a bit more difficult to obtain than for other types of housing. Mark Wells at Preferred Financial Services discusses currently available lending programs for manufactured...
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Income qualifying for mortgage financing: self-employed borrowers In the previous two columns, Mark Wells at Preferred Financial Services addressed qualifying income issues for borrowers who are salaried or hourly workers. Today, he looks at the rules for self-employed borrowers, which are quite different. I am self-employed and I made $100,000 last year. Is that my...
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Income qualifying guidelines for mortgage financing part 2 Various types of income are considered differently when determining whether or not a borrower qualifies for a loan. This column is the second in a series of three in which Mark Wells of Preferred Financial Services explains qualifying rules that apply to income from different sources. I am a new pastor and my...
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Income qualifying guidelines for mortgage financing “Not all incomes are equal” certainly applies in the mortgage world. There are substantially different ways of determining your qualifying income when applying for a mortgage. Here, Mark Wells of Preferred Financial Services covers the various scenarios that apply to income guidelines for borrowers who are not...
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