News
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus in est magna. Mauris luctus venenatis nisl faucibus cursus.
Understanding FHA Rules for Omitting Installment Debt in New Jersey
When applying for an FHA home loan in New Jersey, every detail of your debt-to-income (DTI) ratio matters. Many borrowers assume that an installment loan with 10 or fewer payments remaining can be automatically excluded from DTI, but FHA adds one...
Who Can Give a Gift of Equity?
Let us discuss how Fannie Mae and Freddie Mac have aligned on who can give a Gift of Equity. Fannie Mae allows the donor to be a relative related by blood, a close family friend that is documented, a domestic partner, or an estate or trust of a...
Omitting a Debt that has Been Assigned to Another Party Such as in a Divorce or Separation Agreement
In the state of New Jersey, when it comes to omitting a debt that has been assigned to another party, such as in a divorce or separation agreement, there are specific legal considerations to keep in mind. It is important to note that New Jersey...
Maximizing a Borrower’s Qualifying Income in New Jersey
Understanding the different calculations used by various mortgage lending agencies is crucial. For example, when it comes to overtime, bonus, and commission incomes, Freddie Mac requires all of these to have a 2-year history and must be averaged...
Maximizing Child Support Income for Mortgage Qualifications
Did you know that child support income can be grossed up for mortgage qualification? It's true! Fannie Mae and Freddie Mac allow child support income to be grossed up by 125% because of its non-taxable status. This means that borrowers can...
