The 123’s of Preparing to Buy Your First Home: Part 5- Employment

Lenders need to see two year job history in the same line of work.  Good news if you went to school for your field, this may factor into your job history with supporting documentation (transcripts, diploma, etc.) Gaps in employment over the past 24 months will need to be explained and second jobs are often not factored […]

The 123’s of Preparing to Buy Your First Home: Part 4- Credit Scores

Most lenders that we work with currently have a minimum credit score requirement of 620.  Lenders use the lowest “middle score” of all borrowers applying for the loan.

FHA Lowers The Loan Limits In All Counties

FHA loan limits for 2014 have been reduced from 2013.  In some counties, the limits are being lowered over $100K.  Some loan limits are below 2014 conforming loan limits.  The lower loan limits will be effective with FHA case numbers issued on January 1, 2014 through December 31, 2014.  FHA case numbers can be issued […]

2014 Conforming Loan Limits for Hawaii

The Federal Housing Financing Agency (FHFA) who oversees Fannie Mae and Freddie Mac, confirmed that conforming loan limits will remain unchanged from 2013 to 2014. This is great news as a few weeks ago, officials were indicating that we could see conforming loan limits reduced in early 2014. Loan amounts above conforming limits are considered […]

The 123’s of Preparing to Buy Your First Home: Part 3- Credit History

It’s ideal to have three to four lines of credit in good standing for two years or more. Your credit lines should be used once a month with less than 30% of the credit line in use for revolving debt. New credit lowers scores and old established credit that is paid on time raises credit […]

The 123’s of Preparing to Buy Your First Home: Part 2- Bank Statements

Be prepared to provide all pages (even if blank) of your two most recent, consecutive bank statements.  If bank statements show any deposits that are non-payroll, we must know where the deposit came from, e.g. copy of check, invoice, etc. to prove source. Lenders want to know where your funds came from.