Home equity loans, also known as HELOANs or second mortgages, can be a great way for self-employed borrowers to pull cash out of their property and use it for a variety of purposes, such as consolidating debt, making home improvements, or funding a business venture. However, for self-employed borrowers, the process of qualifying for a Read More…
Author: Bill Lyons
DSCR Loans in New York
A debt service coverage ratio (DSCR) loan is a type of commercial loan that is typically used for investment properties. For lending purposes, the DSCR is a financial ratio that compares a property’s gross rental income to its debt service (i.e. mortgage payments). The higher the DSCR, the more income the property generates relative to Read More…
Conventional Loans for First-Time Home Buyers
A conventional loan for first-time home buyers is a traditional mortgage loan that meets the parameters set by Freddie Mac or Fannie Mae. Conventional loans require some percentage of down payment, depending on the mortgage you choose, and your credit score typically must be 620 or higher. In addition to credit score, conventional loans for Read More…
Bank Statement Loans for First-Time Home Buyers
Bank statement loans for first-time buyers are a way to secure a mortgage using non-traditional means. When you have self-employed income that you are depositing into a bank account, you can obtain a mortgage through a bank statement loan. A bank statement loan can make it easier for business owners, contractors, and freelancers to provide Read More…
FHA Loans for First-Time Home Buyers
FHA loans for first-time home buyers make it more affordable for aspiring homeowners to purchase a home. The Federal Housing Authority (FHA) was established in 1934 as part of an effort to make homeownership more affordable for buyers that meet specific criteria. An FHA home loan for first-time home buyers is insured by the federal Read More…
VA Loans for First-Time Home Buyers
Serving your country in the military can make you eligible for a VA loan, a home financing option that comes with a number of valuable benefits. That’s why we encourage both present and former service members to consider VA loans as they weigh their home financing options. VA loans for first-time buyers can potentially save Read More…
Adjustable-rate vs. Fixed-rate Mortgages
If you are thinking about purchasing a new home, you might not be in a position to purchase a home with cash alone. Fortunately, you do not need to save up hundreds of thousands of dollars to qualify for a house. There are plenty of loan options available, but every buyer is in a different Read More…
What Credit Score Is Needed For First-time Home Buyers In 2022?
Are you interested in purchasing a new home in the near future? You might be buying a home for the first time, which is why you need to think carefully about your credit score. It is one of the most important factors that will dictate whether you qualify for a home loan. Regardless of whether Read More…
How To Get The Best Home Loans For Bad Credit
Having bad credit doesn’t always mean that you won’t be able to get a mortgage or home equity loan, although it does complicate your efforts. There are ways for you to get the funding you need to buy or borrow against the equity of your home even when your credit rating isn’t great. The following Read More…
How To Get a VA Home Loan With Bad Credit
Wondering if you can get a VA home loan with bad credit? The answer is Yes. Active-duty service members and veterans who have a bumpy credit history usually find it easier than they expected to get approved for a VA home loan, even with bad credit. The U.S. Department of Veterans Affairs recognizes that many Read More…
