The Mortgage Experts at America's Mortgage

What is a HUD Home? HUD stands for the Department of Housing and Urban Development. HUD is the US government agency that oversees the FHA loan program.A HUD home is a house that used to have an FHA mortgage, but it went into foreclosure. HUD now owns the property.How to Buy a HUD Home · HUD homes...

Here's what you need to know about using various types of miscellaneous income to qualify for a mortgage.Alimony or Child Support · A divorce decree or other legal document must show that the income will continue for at least three years · Must document that full, regular, and timely payments hav...

Self-Employed Underwriting Guidelines · A borrower who has a 25% or greater interest in a business is considered self-employed · The borrower must be self-employed for a minimum of 24 months to count income · However, if the borrower has between 12 - 24 months of self-employed income AND previous...

What Matters to a Lender? · Length of employment · Stability of income · Continuity of income Length of Employment"Typically, when a borrower has been generating income for two or more years from either part-time or full-time work with any number of employers, the lender may base its underwriting...

How is My Mortgage Payment Calculated? · There are four basic components of the typical mortgage payment: -Principal-Interest-Taxes-Insurance · Sometimes, additional amounts are due monthly: -Mortgage Insurance-Condo Owner's Insurance: HO-6 policy-Homeowners' Association feesPrincipal and Interes...

What is a Refinance? · An existing mortgage is paid off and replaced with a new mortgage · If a homeowner currently has two or more mortgages, they can all be paid off and combined into one new mortgage · If the existing mortgage is kept in place, but the terms are changed, that is a loan modific...

What is Mortgage Insurance (MI)? · Mortgage insurance is an insurance policy that is required on loans that are for amounts greater than 80% of the value of the property (or the sales price, whichever is lower) · The borrower pays for the insurance policy · The lender is the beneficiary of the po...

Here is what you need to know about getting a mortgage after a foreclosure or a short sale.Definitions Foreclosure: Homeowner has stopped making mortgage payments, and the property is sold at auction. Short Sale: Homeowner sells the property to a buyer for less than the amount owed to the homeown...

Here's how long you have to wait after a bankruptcy before you can get a mortgage.Two Types of Bankruptcies Chapter 7: Debts are wiped out and no longer due. They are discharged. Chapter 13: Debts are "reorganized". The court provides a payment plan to pay the debts. Discharged if the person stic...

Here's what you need to know about conventional loans.A conventional loan is any non-government loan. Government loans include FHA, VA, and USDA loans.Conforming Vs. Conventional Conforming loans "conform" to the Fannie Mae or Freddie Mac underwriting guidelines Fannie Mae and Freddie Mac are pri...