Tag Archive for: conventional loans

What Is A Conventional Loan?

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Conventional loans are a favorite for homebuyers with decent credit scores and who have a fair amount of funds for a down payment. Conventional mortgages should not be confused with “Conforming Mortgages. Read More

Down Payments for Conventional Loans: Your Complete Guide

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Are you considering a conventional loan for your home purchase but feeling unsure about the down payment requirements? Don't worry, you're not alone! This is one of the most common questions our mortgage experts at JVM Lending encounter. Let's dive into the essentials of down payments for conventional loans, making the process clear and manageable.Read More

How to Get a Mortgage as a Self-Employed Person with 1 Year of Income

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Absolutely! While there are certain nuances that can make purchasing a home slightly more challenging for self-employed individuals to obtain a mortgage compared to traditionally employed individuals, it’s definitely possible. Lenders typically assess your financial stability and ability to repay the loan. The key lies in demonstrating your income and financial health convincingly.Read More

A Comprehensive Guide for Self-Employed Homebuyers: Navigating the Path to Homeownership

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Are you a self-employed individual dreaming of buying a home? Congratulations on taking this exciting step! As a self-employed homebuyer, you may have unique considerations and questions regarding the process. […]Read More

If Property Won’t Appraise, Change Financing!

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We have a buyer who is willing to offer $450,000 for a property with 10% down. The problem is that, according to her agent, “the property will never appraise for more than $380,000, because there are no comparable sales anywhere above $380,000.” Read More

Conventional vs. Conforming vs. Government vs. Jumbo Loans; Bias For Action

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CINNABON STORY – BIAS FOR ACTION I heard this story on a podcast a few months back and just had to share it. When Cinnabon first started, they could only […]Read More

Buyers Don’t Need a ‘Perfect’ Credit Score to Get a Loan in California

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Buyers in don't need a perfect credit score to get a loan in California. Having a high credit score can help buyers secure a loan with a lower interest rate. However, today’s loans have more forgiving guidelines when it comes to a buyer’s credit, which is especially true with government-funded loans.Read More

Why Lender-Paid Mortgage Insurance Isn’t Such a Good Deal

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Lender-paid mortgage insurance (LPMI) looks attractive because it removes PMI payments. But the trade-off is a permanently higher interest rate. With standard PMI, borrowers can drop coverage once they build equity—leaving them with a lower rate and long-term savings.Read More

How To Lower Debt Ratios 101

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Experienced Mortgage Analysts (or Loan Officers) have many tools to lower debt ratios to help borrowers qualify for a larger loan. Here are a few that all loan officers should […]Read More

How To Buy A Flip – Property Bought & Re-Sold Within 90 Days

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Flip properties—resold within 90 days—can trigger lender red flags. Here's how to buy one the right way and avoid delays or denials.Read More

FHA Is Faster Than Conventional; Myth That FHA Is Slower

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FHA loans have an outdated reputation for being slow—but that’s far from true today. Here’s why FHA can actually be the faster option, especially with the right lender.Read More

Rules For Gift Funds

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FHA and conventional loans both allow gift funds, but the rules vary. Here's what borrowers and donors need to know about sourcing, down payment amounts, and escrow deposits.Read More

Gift Funds Should Go Straight to Escrow, Not Into Bank Account

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Buyers using gift funds should send them directly to escrow when possible. Here's why that matters and what documentation lenders need based on loan type.Read More

FHA Better than 80/10/10 Conventional in Tight Market

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In fast-moving markets, 80/10/10 loans may cost buyers the deal. FHA or conventional with PMI allows for faster closings and more competitive offers.Read More