Shortsale, Foreclosure, Bankruptcy
About waiting periods after shortsale, foreclosure, bankruptcy…
- Foreclosure
- Shortsale
- Bankruptcy
Down Payments
If you are buying a home, it’s known as the “down-payment“…and if you already own a home and you are looking to refinance it’s known as your “equity”. Simply stated, it’s the difference between the value or price of the home and amount you are borrowing on the loan.
Credit Scores
As a general rule, interest rates are higher on higher risk loans. So, higher LTV’s and lower credit scores and derogatory credit will likely increase the interest rate and the costs you will have access to. Of the 3 credit bureaus, the score that falls in the middle is called the “mid score” and is what lenders use to qualify your loan.
About Debt Ratios
There are many exceptions and guideline criteria on qualifying income as it relates to Conv, FHA, and VA loans so it’s best to email or call me about your situation but as a general rule: