Sometimes you can’t prove your income the standard way. In other words, you don’t have paystubs or W-2s to provide. You likely have tax returns, but if they don’t reflect your true income, it could be hard to qualify for a loan. Luckily, you are not out of luck. There’s one more way to qualify […]
How to Organize Your Paperwork for a Subprime Loan
Subprime loans still exist. In fact, they are making quite a comeback after their disappearance following the housing crisis. The difference this time around is all lenders must follow the Ability to Repay Rules. This didn’t exist before the housing crisis. No matter what type of loan you get now, the lender must put in […]
How to Get Underwriters to Approve Your Bank Statements
You would think bank statements would be a pretty straightforward condition to satisfy on your mortgage. It’s not. It could actually be one of the most complicated. Knowing what underwriters look for and what sends out a red flag can help you get approved. We’ll take a close look at what goes on in underwriting […]
How Long Should You be Employed to Get a Mortgage?
Employers want stable employment in order to get a mortgage. The good news is, it doesn’t mean you must have 2 years at the same job anymore. In the past, this was the case. If you changed jobs, or worse yet, industries, you didn’t get a mortgage. Today, it’s possible as long as you have […]
How to Prepare for a Subprime Loan
The term subprime loan seems to be a phrase of the past, but it is slowly making its way back into the forefront of the mortgage industry today. The main difference is that you might not hear the word subprime; what you might hear instead is alternative documentation loan. It is the same thing essentially […]