New mortgage rules will take effect in January of 2014 and the Chicago residential real estate market could be in for some major changes. What effect will this have on people seeking to purchase or refinance a home? These new rules were designed to protect consumers and ensure that borrowers are qualified and able to …
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Getting a mortgage while self-employed may be difficult because it adds additional layers of risk. However, it is not impossible. The key to securing financing is to prove to the underwriter that you, as the borrower, have had steady, consistent income on your last two years of tax returns. A self-employed borrower is defined as …
In today’s real estate market, lenders are requiring higher down payments than before the bubble burst in 2006. To meet this requirement, potential homebuyers are asking relatives to help fund their down payments and/or closing costs. However, there are rules that apply when using gifts for these purposes. Gifts can only be used as a …
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