How lenders see your income. W2 / K1/ 1099

Your income is a big piece of the puzzle when it comes to qualifying for a mortgage. The lender is required to calculate a monthly gross income figure using supporting documentation such as paystubs and tax returns. The calculated monthly income is then compared with your current monthly debts/obligations to determine your debt-to-income-ratio. There are … Read more…

Keep those scores up! You’ll need it for the Doctor Loan Program

Whether you are looking at a physician loan or another type of program your credit score is going to determine what your options are.  Let’s specifically address physician loans.  Since the benefit of this program is having the ability to do 95% financing with no Private Mortgage Insurance there WILL be credit score requirements.  Many … Read more…

Get Ready: It’s time to collect your loan documents.

Let’s chat about “documentation” requirements.  Providing documentation is going to be necessary when obtaining any type of a mortgage loan.  You will be given an initial list of items needed, however if you can wrap your head around the idea that there may be more information/documentation needed, and it might be something unexpected your loan … Read more…