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USDA Home Loans – USDA Loan Rates & Requirements
The Rural Housing Loan program is a product of the U.S. Department of Agriculture. It's partially funded by program borrowers. Similar to the Federal Housing Administration's FHA mortgage, cure the USDA uses homeowner-paid mortgage insurance premiums to …
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FHA, illness Fannie and Freddie regulator making moves to ease mortgage credit
A shift by the federal regulator of Fannie Mae and Freddie Mac could soon make getting a mortgage loan easier by giving lenders more wiggle room before the mortgage giants demand that they repurchase loans. In his first public remarks since taking over …
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Question by karma l: mortgage loan, page very good credit but no income verification proof?
looking to get home loan, my relative has both excellent credit score of 790 and has income of about $ 2100 monthly and my relative has documents like pay checks and tax return documents to prove his income. I myself too have very good credit score of 756 and I do a self job and can’t prove my income as I don’t have any documentations to prove income.
Will that be a problem to us for getting approved for a loan amount of about $ 250k?
I am going to file tax return very soon so I can prove my imcome to home loan lender.
Will we both be subject to income verification despite the very good credit score?
What do we need for approval process? documentations?
Thanks
Best answer:
Answer by HurricaneKid
Credit history shows your willingness to pay back debt.
DTI (debt to income ratio) shows your ABILITY to repay a loan.
Even if someone has outstanding credit they have to be able to repay the loan. Loan officers have to document income to show the customer is capable of paying off the loan.
Generally in self employment cases you will need 2 years tax returns.
This area has gotten MUCH MORE STRICT in the credit crunch. “No Doc” loans (no supporting documentation) are among the most problematic loans. They were even renamed within the industry “Liar Loans” because simple math was used to find out what they would have to claim as income to qualify for the home purchase and people would frequently lie since there was no documentation being done.
These loans are still out there for high credit people like yourselves but if you have to resort to a “No Doc” loan be prepared to pay a MUCH HIGHER interest rate.
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Mortgage Rates
Looking for today's current mortgage rates? You're not alone. … Note that mortgage rates for Fannie Mae- and Freddie Mac-backed loans are based on a different MBS class as compared to mortgage rates for FHA loans, order VA loans and USDA loans. Mortgage …
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Fixed Mortgage Rates Today: BB&T Fixed, VA and FHA Home Loan Rates for …
Following the drop in mortgage interest rates late last week, some of the lenders revised their rate sheets with slightly higher rates, while at other loan originators we haven't noticed many changes. As far as BB&T's current home loan rates are …
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Current Mortgage Rates: 30-Year FHA Mortgage Rates and Conventional …
Current Mortgage Rates: 30-Year FHA Mortgage Rates and Conventional Refinance Loans at Wells Wells Fargo (NYSE:WFC), which is one of the leading mortgage loan providers in the U.S., updated its mortgage information for Tuesday, May 20. According …
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