A Guide To Using Business Funds For Self-Employed Borrowers
When you’re self-employed, securing a mortgage can come with its own set of unique challenges. One of the critical aspects that MortgageDepot emphasizes is the proper handling and calculation of business funds when they are used for down payments, closing costs, reserves, and other related expenses. Ensuring that your business can sustain the withdrawal of […]
Ginnie Mae reports record year for MBS issuance
MBS issuance totaled $423.4 billion, an increase of $68 billion compared to FY23. Ginnie Mae’s portfolio is primarily composed of securities backed by federally insured or guaranteed loans, including those issued through FHA, VA, and USDA programs. These loans are targeted toward supporting affordable housing for first-time homebuyers, servicemembers, and rural communities. The Mortgage Bankers […]
Understanding Conventional Loan Flexibility For Condominiums
Did you know that conventional loans offer surprising flexibility when it comes to condo units? Let’s dive into the specifics. The 99% Rule: A Game Changer for Owner-Occupied Units One of the most significant advantages of conventional loans is their leniency towards condo developments with high rental rates. If you’re planning to live in the […]
Mortgage industry reacts to Fed’s third rate cut
“Despite the cuts to the short-term interest rates by the Federal Reserve, mortgage rates have largely refused to budge,” Yun said. “One reason is that consumer price inflation has not been fully contained and slightly accelerated in the past two months. “Lending money over the longer term needs to compensate for future returned money’s loss […]
First Time Investor 5 To 28 Residential Units And 2 To 8 Mixed Use Properties
Welcome First-Time Investors Explore Our 5 to 24 Residential and 2 to 8 Unit Mixes Use Property Mortgages Our mortgage offerings cater to a diverse range of investment needs. Whether you’re interested in residential properties or mixed-use properties, we have the financing options to support your financing goals. Our 5-24 residential property mortgages are perfect […]
Mortgage applications dip after five-week streak as rates climb
Meanwhile, the seasonally adjusted purchase index saw a modest 1% uptick week-over-week, although it dropped 2% on an unadjusted basis. Compared to the same period last year, the index was up by 6%. Kan attributed the rise in purchase activity to “gradually improving inventory conditions and a more positive outlook on the economy and job […]
Simplified Income Calculations – MortgageDepot
Did you know that we DO NOT require these income sources to be averaged over 24 months? This can make a significant difference in your mortgage application process.Flexible Income Sources We recognize that many of our clients have diverse income streams. Here are some examples of additional income sources that we consider: Commissions: If you […]
How long would it take for Trump to end Fannie and Freddie’s conservatorship?
Could Fannie and Freddie survive on their own? It remains uncertain just how long it could take for that process to begin. Among the main stumbling blocks: doubts over whether Fannie and Freddie are able to stand on their own feet without government support. The FHFA says conservatorship aims to “preserve and conserve their assets […]
Understanding Gift Fund Guidelines For Purchasing A Home
Did you know that there are specific guidelines regarding gift funds from live-in family members? It’s true! When an individual who qualifies as an acceptable donor gives a borrower a gift but has been living with them for the past 12 months, it is not considered a gift under certain guidelines. This rule applies to […]
Fed ends the year with another rate cut
Traders expected a quarter-point cut to end the year before a possible pivot by the Fed to a more cautious approach in 2025 – one that could see as few as one or two rate reductions in the 12 months ahead. With the US economy adding 227,000 jobs in November and inflation inching upwards to […]