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 …
How to Use Gifts for a Down Payment on a New Chicago Home Read More »
Beginning April 1, the mortgage insurance premium will be rising by 0.1 percent to 1.35 percent for FHA loans. While some would-be homeowners would gloss over this small amount, is it the first part in a bigger problem; on June 3, the duration of the mortgage insurance will lengthen significantly, to the point where it …
Millenials may soon give the housing market a major boost. We recently reported that a large number of millenials are leaving their parents’ homes thanks to a better economy, and according to Trulia’s 2012 American Dream Survey, 93 percent of young adults want to purchase a new home sometime in the next few years. However, …
You’re buying a Chicago new home, and you’re far enough along in the process to have your loan application approved. In a recent post on the Equifax Personal Finance Blog, real estate expert Ilyce Glink reminds us that now is not the time to party. You need to do everything you can to protect your …
Maintaining Good Credit While Purchasing a New Chicago Home Read More »
Need to refinance? Whether you do or not, you might want to after reading this story. Freddie Mac released its weekly Primary Mortgage Market Survey today, and it is filled with record lows. Let’s start with the 30-year fixed-rate mortgage (FRM), which averaged 4.69 percent this week. That’s the lowest rate the mortgage lender has …
