When a borrower with disabilities receives rental income from a live-in personal assistant, whether or not that individual is a relative of the borrower, the rental payments can be considered as acceptable stable income in an amount up to 30% of the total gross income that is used to qualify the borrower for the mortgage loan.

We’ve all heard the saying that ‘Bad things sometimes happen to good people’. If you have ever owned a home and have experienced both the pride of homeownership and the correlated sentiment of shame for having lost that home in …

How Long do I have to Wait for a Mortgage after Short Sale or Foreclosure? Read more »

Ability to Repay Basic Eight Requirements

2014 brings with it many new rules established by this new regulator that have significant impacts not only on the type of loans that consumers have access to but how they are delivered. The rule set minimum requirements that a creditor must consider in making the ability‐to‐repay determination. Eight factors must be considered, at a minimum, in the underwriting evaluation process:

Home buying is a daunting task and if you are a first-time buyer, then you will hardly know much about the loan market. You will have to shop around thoroughly and search for genuine lenders who will provide you mortgage …

5 Important questions a buyer should ask a lender when purchasing house Read more »

Under normal circumstances, lenders require that all parties to a mortgage agreement be present in person at settlement to sign their loan documents. However, there can be very legitimate circumstances under which it isn’t possible for the borrower to be …

FAQ – Can I Close My Mortgage Loan Using a Power of Attorney (POA)? Read more »

A two-year waiting period is permitted if extenuating circumstances can be documented. Divorce is NOT an extenuating circumstance!

Six Things You Should NEVER do When Buying a Home 1. Don’t go buying a lot of junk, or even quasi-junk. Draining your savings or running up credit card debt to buy a new living room set, a big-screen TV, or a …

6 Things You Should NEVER do When Buying a Home Read more »

A lot of clients want to know why they should get pre-qualified for a mortgage?  It’s a good question!  Hi, my name is Jenny Miller with AES Lending. Let’s look at pre-qualification another way.

As part of our continuing service to you, we’d like to offer some tips that may be helpful when you’re looking to purchase a new home or refinance your home loan.
Above all else, pay your bills and start saving.

This 15 page letter outlines how the FHA plans to make exceptions that will allow borrowers with troubled past related to the economic malaise commonly called the Great Recession, to reenter the market in a shorter time-frame.