Like last year, the limits are increasing again. Conforming loan limits increased from last year’s $647,200 to $726,200 for 1-unit properties. In high-limit areas like coastal California, the limit is as high as $1,089,300. You can view a map showing the conforming loan limits across the country here. Increasing the conforming loan limit means more …
Obtaining a home loan while self-employed has all the same steps and qualifying metrics as any other loan. We measure credit. We measure loan-to-value. We measure income, and we measure expenses. Qualifications are either inside the box or not. There is no subjectivity. In our experience, the most common obstacle for our self-employed clients is …
When you apply for most traditional mortgages, you’ll hand the lender a stack of documents to prove your financial health and show you can repay the loan. If your income is hard to document, a No Doc loan might appeal to you. No Doc loans, as the name implies, require little to no documentation from …
Choosing a mortgage isn’t all that painful if you know the lingo. Once you’ve done some homework and nailed down a budget and down payment amount, and you’ve reviewed your credit, you’ll have a better idea of what loan works best for your needs. Here’s a primer on some of the most common types of …
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