New Credit Card Charges Matter

Arizona mortgage applicants for the most part know that getting a new car loan or opening a new credit card is a "no-no" during the mortgage approval process.  However, what many of them do not know is that making "large" or "significant" charges on existing credit cards during the Phoenix home loan approval phase can now cause challenges with mortgage approval.   Fannie Mae and Freddie Mac are now taking an even bigger magnifying glass out of the bag when it comes to a borrower's debt … [Read more...]

Adding Income to AZ Home Loan

Believe it or not, there is a way for a mortgage company to increase a borrower's income.  When you apply for a home loan in today's mortgage world, typically the AZ loan officer handling your file will take a minimalist's approach when calculating your income.  They will err on the side of caution and try to obtain loan approval using the most basic and straight forward income available to you (for ex: if you earn a base and a bonus the loan officer may try submitting your file just with your … [Read more...]

Document Large Deposits on a Mortgage

Documenting deposits has to rank as one of the most annoying parts of applying for a new home loan.  Have you heard the wise crack that goes something like "my mortgage lender needed everything except a DNA sample" from folks that have recently applied for a new mortgage?  There is a very good chance that the frustration that birthed what has now become a cliche was caused by borrowers that had to document the "large" deposits in their bank accounts.  You thought Chinese water torture could make … [Read more...]

Child Support-Alimony & Mortgage Approval

Home Loan rules have change from the past both for Arizona Mortgage Lender's and for mortgage companies across the country.  Using Child Support and/or Alimony to qualify for a new home loan is no exception.  It is important to understand what income you can and cannot use when trying to get approved for a new Mortgage. Rules for Using Child Support or Alimony income for Mortgage Approval In order to use child support/alimony and/or spousal maintenance we must make sure the income meets the … [Read more...]

Reasons for Mortgage Pre-Approval | Income

This is part 5 in my series about why not to skip a single step in the Arizona mortgage pre-approval process called "Reasons for Mortgage Pre-Approval."  See the rest of the series. Reason #1:  Determining What Income Can be Used  One of the most important elements when applying for a home loan is determine what income can be used to qualify.  Often times a potential home buyer  may feel as if they have know what their current gross income is.  While it is reasonable to agree that a person is … [Read more...]