Using Rental Properties Income to Qualify for a Mortgage

Posted on June 20, 2014April 20, 2015 by shikma.rubin@gmail.com

CNN Money reported this week that some homeowners are becoming landlords. Why? Many homebuyers in Virginia Beach, Norfolk and Chesapeake, have a low interest rate on their mortgage, which makes it attractive to keep the property (as rental/investment) for additional income. Depending on the loan program and investor requirements, both housing payments (investment and proposed primary Read more about Using Rental Properties Income to Qualify for a Mortgage[…]

New Information About the HomeStyle Renovation Mortgage

Posted on March 28, 2014May 13, 2014 by shikma.rubin@gmail.com

The FNMA HomeStyle Renovation Mortgage (a conventional loan) lets a borrower receive funds to cover the costs of repairs, remodeling, renovations, or energy improvements totaling up to 50% of the as-completed value of the property. The loan is similar to the 203K FHA program. • Purchase and limited cash-out refinance • Primary residence: o Minimum 660 FICO for each borrower Read more about New Information About the HomeStyle Renovation Mortgage[…]