The debt-to-income ratio (DTI) is a percentage that’s commonly used to evaluate the income qualifications for mortgage applicants. The DTI ratio is calculated by dividing the applicant’s payments by their gross monthly income. There are commonly two debt to income ratio for mortgage programs used. Read More
Conventional loans are considered the ‘garden variety’ of mortgage programs. And while the term ‘conventional loan’ is defined as any mortgage that isn’t guaranteed or insured by a government agency, conventional loans can be either “conforming” or “non-conforming”. Conforming loans are conventional programs that meet or ‘conform’ to guidelines set forth by the Federal Housing Finance Agency (FHFA), as well as the funding criteria for either Fannie Mae and Freddie Mac.
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Even though we’re well into a new year, it’s not too late to think about your situation and set new financial goals for the coming year. If you own a home, there are quite a few things you might consider doing to improve your situation. Read More
If you have a house, chances are that you’ve been told it’s your most valuable asset. And it’s true that your home can have a lot of value. Read More
It’s not easy to walk away from your home, admitting that you need to accept a foreclosure in order to move on and start over. Read More
