What do mortgage underwriters look for when they review your loan application? They consider four elements: income, assets, credit, and the collateral (the property you are financing). Which of these four is the most important? It depends on the program you’re applying for. Some programs, like a hard money loan, just looks at the collateral.…
Are you a real estate investor who can’t qualify using W2s or tax returns? Then a DSCR (debt service coverage ratio) loan might be right for you. First, let’s go some FAQs about DSCR loans. What is DSCR? DSCR is a ratio of monthly rent to monthly mortgage payment. How do you calculate DSCR? Divide…
Are you in the market for a jumbo loan? First, let’s talk about what exactly constitutes a jumbo loan. What is a jumbo loan? A jumbo loan is a loan that exceeds the Fannie Mae loan limits. For example, in Long Island, New York, the conforming loan limit in Nassau and Suffolk County for a single…
Are you selling your home? Is it a buyer’s market? Is your home going to sit on the market for weeks or months, making it impossible for you to access the equity? Then you need a bridge loan. What if you can’t verify enough income to qualify? Then you need a no doc bridge loan,…
Would you like to save up to $500 on your mortgage? Well, employees of Goldman, Sachs; Mt. Sinai Hospital system; Northwell Health; and many other companies save this much and more. How do employees save money on their mortgage? By being a part of Amerifund Home Mortgage’s Corporate Affinity program. That’s right — if your…
Are you thinking of buying a house? Do you have less than 20% to put down? Then you might consider taking an 80/10 loan or two loans that add up to 90%. What is an 80/10 loan? An 80/10 loan is where you take out two loans that add up to 90%. Why wouldn’t you…
If you are buying a house and you’re putting down less than 20%, you will need private mortgage insurance or PMI. The same holds true with refinancing — if you refinance your current loan but have less than 20% equity in your home, you will need private mortgage insurance. Is there only one way to…
Are you getting divorced? This is a stressful time, but one that will result in both you and your partner being happier in the long run. If you’ve owned property together, one of you may need to refinance to get the other person off title. Here are three things to consider: Will lenders call your…
Amerifund Home Mortgage is a mortgage lender with the lowest mortgage rates available. Our experienced loan officers spend time understanding your specific loan request. Before they quote you a rate, they do their best to make sure you meet underwriting guidelines. Otherwise, you could waste time and money. At Amerifund, we pride ourselves on finding…
A no income check mortgage loan is a loan where the lender does not require the borrower to verify their income. These type of loans (sometimes called “liar loans”) used to be readily available. Lenders didn’t require borrowers to supply any documentation about their income. You could be a bus driver making $40,000 a year,…