Author: Oswego Mortgage

When applying for a home loan having good credit is important. Lenders like to see people with a record of on time payments to creditors. A high credit score helps you to get a lower interest rate because it shows that you have made it an priority to pay your credit cards, car loans and...

You have agreed on a purchase price and ready to move forward with this deal, but you are anxiously awaiting the appraisal to return and it comes in low, what do you do from there? Renegotiate the Purchase Price Usually this is the better option, the seller can lower the purchase price to what the...

Fannie Mae will be increasing the debt-to-income ratio from 45 percent to 50 percent on July 29, 2017. Debt-to-income ratio compares your monthly gross income (before taxes) to your total monthly debt payments. This change is a big deal because if a DTI is too high, it is a common mortgage denial. Fannie Mae did...

Myth: The VA appraisal is a nightmare Fact: Most say that the VA appraisals take forever and the guidelines are too strict. This is not true, in fact, most of our VA appraisals have better turn times than our FHA or conventional loans. Also, the VA appraisers use the “Minimum Property Requirement” guidelines to make...

Getting pre-qualified is the initial step to getting pre-approved. The potential borrower sends in their paperwork to the lender to have them review the information regarding, debts, income, assets and credit history. From there, the Mortgage Loan Originator is able to verify and confirm what the borrower is able to afford for the loan amount....

There are several benefits regarding the VA home loan, one being, there is no minimum credit score. However, most lenders do have a a policy regarding the lowest credit score they will accept. For example, most of our investors require a 600 credit score, but some will go down to 580. Even though a low...

In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Submitting the Standard Form 180 to request your military records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service...