Part-time income is not often thought of as qualifying income for a mortgage. If it is not steady full-time income, most lenders don’t want to look at it. Some lenders do accept it however on a variety of loans, including VA and FHA loans. You may earn the part-time income on its own or in conjunction with a full-time income – as long as your other factors fall into place for a loan, you may be able to use this income for qualifying purposes. So how do you know if your part-time income will qualify? Here are a few simple…
Author: Tech Admin
Buying a home that is in perfect condition and has the exact layout you desire is no easy task. In fact, some people find it near impossible. Rather than giving up or giving in to purchasing a home that you consider “just okay,” you can use the 203K loan program that enables you to have the money to purchase a home as well as make renovations to it. The funds are all tied into one loan and you are able to go up to 110% percent of future value of the home after the desired changes are completed. This offers…
Building your own home can be an exciting time! There are numerous decisions to make and the ability to make your dream home come true. With that excitement, however, comes the need to have a different type of financing. Unlike purchasing an existing home, you will have a construction loan, which in reality is two different loans that work into one loan in the end. The eligibility process is similar for both loans, meaning that you will have to prove your financial worth in order to be able to get a construction loan, but the similarities end there. The Building…
Getting a 203K loan is a lengthier process than any other loan, but the work is worth it in the end. Because you are receiving money to make renovations to the home, the lender needs to know exactly what the home needs as well as what you wish to do to it. You cannot just say you want to make changes and get extra money – each change needs to be documented with what needs to be done, how much it will cost, and who will do it. Before any of this occurs, however, you need to have a feasibility…
Financing new home construction is more detailed than any other type of loan. Banks are less willing to hand out these loans to just any borrower because they hold such an element of risk. If you do not have an adequate credit history or have any other factors that make your loan profile seem risky, you will likely not be able to obtain the loan. If you are among the lucky that are able to secure this type of loan, here is the process that you will undergo. The First Step The first step is to get your financing started. This…