Bank Turndowns (Volume 7): Can you still qualify for a home mortgage loan despite a recent bankruptcy, foreclosure, or other negative credit event?
Perhaps you are interested in purchasing a new home, but you recently went through a bankruptcy, foreclosure, deed-in-lieu of foreclosure, or short sale. You may think that, due to the recent damage to your credit history, it is not possible to qualify for a home mortgage loan However, that is a common misconception. These events […]
Bank Turndowns (Volume 3): What are some creative ways to qualify for a home mortgage loan?
Under the Dodd-Frank Act, mortgage lenders cannot extend a loan unless they first determine that the borrower will have a “reasonable ability to repay the loan.” 26 C.F.R. 1026.43(c)(1). Traditionally, large banks determine “ability to repay” based on a full checklist of documents from the borrower, including income tax returns, pay stubs, W-2s, and credit reports. However, many […]
Bank Turndowns (Volume 1): Was your home mortgage loan application denied?
You are disappointed that your bank rejected your home loan application, but this is a very common experience, especially in Florida. Indeed, based on the most recent data collected from thousands of lenders under the federal Home Mortgage Disclosure Act, of the top cities nationwide with the highest mortgage denial rates, the top four slots are taken […]
Guide to non-resident and foreign national mortgages in Miami, Florida
If you’re entering the U.S. real estate market from another country, buying a home can seem even more daunting than it does to local Americans. Many foreign borrowers looking for a home or investment property here in the United States can find it difficult to navigate the mortgage process. Sometimes they lack the usual documents […]
Miami & Florida Jumbo Loan Limit & Mortgage Rates Guide
Updated: January 1, 2024 Miami and many other Florida cities are known for their higher-than-average property prices. If you need a loan that exceeds the jumbo loan limit in Florida, you’ll need a jumbo loan. Specifically, in 2024, if your loan amount is above $766,550 for a condo or single-family residence, then your loan will […]
How to finance a non-warrantable condo in Florida
Are you looking to buy a new construction unit in a non-warrantable condo but are unable to get financing? Buying a new construction condo is a great investment. As in most cases, you’ll be buying at ground floor pricing. All your amenities are brand new and usually buildings allow you to put your own finishing […]