Author: Kevin
Can You Get a Conventional Loan With a 675 Credit Score?
A conventional loan with a 675 credit score is often possible for borrowers who also meet income, debt, down payment, and property requirements. A 675 score is generally viewed as a workable credit profile for many conforming conventional mortgages, especially if the rest of the application is strong. Still, approval is not based on credit…
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Mortgage Down Payment Requirements With a 500 Credit Score
A 500 credit score usually puts a borrower in the very low credit range, and that can directly affect the minimum down payment needed for a mortgage. In many cases, a borrower at this score level is looking at limited loan options, stricter underwriting, and a larger required cash contribution than someone with stronger credit.…
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Can I Buy a House After Bankruptcy? Mortgage Waiting Periods and Loan Options
Yes, you may be able to buy a house after bankruptcy, but the waiting period and loan options depend on the type of bankruptcy, how long ago it was discharged, and the rest of your financial profile. Bankruptcy can make mortgage qualification more difficult for a time, yet it does not automatically prevent homeownership forever.…
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Jumbo Loan for Self-Employed Borrowers: Requirements, Income Documentation, and Approval Tips
Self-employed borrowers can qualify for a jumbo loan, but the approval process is often more document-heavy than it is for a salaried employee. A jumbo loan is a mortgage that exceeds the conforming loan limits used by Fannie Mae and Freddie Mac. Because the loan amount is larger, lenders usually look closely at income stability,…
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Mortgage Rates With a 700 Credit Score: What Borrowers Can Expect
A 700 credit score is generally viewed as a strong mortgage credit profile. It often places a borrower above many minimum lending thresholds, which can improve access to better mortgage rates than someone with a lower score. Still, a 700 score does not automatically guarantee the lowest available rate, because lenders also look at down…
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Refinancing a Jumbo Loan: How It Works, Options, and Key Requirements
Refinancing a jumbo loan means replacing an existing large-balance mortgage with a new loan. Because jumbo loans are above conforming loan limits, they usually come with stricter qualification standards than smaller conventional mortgages. That matters for homeowners because a jumbo refinance can change the interest rate, monthly payment, loan term, cash available from equity, and…
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What Is a Fixed-Rate Mortgage? Definition, How It Works, and Key Terms
A fixed-rate mortgage is one of the simplest types of home loans to understand because the interest rate stays the same for the life of the loan. That means the principal and interest portion of your monthly payment does not change just because market rates move up or down. For many borrowers, that predictability makes…
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FHA Loan With Student Loans: How Student Debt Affects DTI and Mortgage Approval
Student loan debt does not automatically prevent someone from getting an FHA loan. What matters is how those student loan payments are counted in mortgage qualification, especially in the borrower’s debt-to-income ratio, or DTI. DTI compares monthly debt payments to gross monthly income, and it is one of the main ways lenders evaluate whether a…
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FHA Loan With an 840 Credit Score: Approval Factors and What Lenders Look For
An FHA loan with an 840 credit score is usually a very strong mortgage profile from a credit standpoint. FHA loans are designed to allow borrowers with more modest credit to qualify, so a score that high does not unlock a special FHA program, but it can make the application look lower risk in areas…
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Steps to Buying a House: A Clear Home Buying Process Guide
Buying a house usually becomes much easier when the process is broken into clear, manageable steps. Most buyers move through the same broad sequence: figuring out what they can afford, checking credit and savings, getting pre-approved for a mortgage, shopping for a home, making an offer, completing inspections and appraisal, and then closing on the…
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