USDA announced that effective August 4, 2024 the maximum allowable payment as compared to a person’s income has increased from 29% to 34%.  That can make a real difference when qualifying for a USDA home loan program, which allows qualifying borrowers to finance up to 100%. If you would like more details on this program, please message me.
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USDA announced that effective August 4, 2024 the maximum allowable payment as compared to a person’s income has increased from 29% to 34%.  That can make a real difference when qualifying for a USDA home loan program, which allows qualifying borrowers to finance up to 100%. If you would like more details on this program, please message me.

ByBrandon Butler

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Freddie Mac announced some big changes regarding rental income guidelines. One of the big changes is that you do not have to own a primary residence to finance the purchase of an investment property.  You must have a housing expense, such as renting an apartment or home, but no longer need to own your residence. They also changed the requirement for calculating rental income when a property was out of service due to renovation.  Qualifying for a mortgage with rental income can be pretty complex, so let’s talk, and I’ll help you navigate your next purchase or refinance.
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Freddie Mac announced some big changes regarding rental income guidelines. One of the big changes is that you do not have to own a primary residence to finance the purchase of an investment property.  You must have a housing expense, such as renting an apartment or home, but no longer need to own your residence. They also changed the requirement for calculating rental income when a property was out of service due to renovation.  Qualifying for a mortgage with rental income can be pretty complex, so let’s talk, and I’ll help you navigate your next purchase or refinance.

ByBrandon Butler

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When buying a home, will time spent in college or trade school be considered part of my work history? Yes, most programs available to finance your new home consider the time spent pursuing additional education for your field of work. Lenders typically seek at least a 2-year work history [including education], but there may be exceptions to that as well. Additionally, there are variances in the guidelines as to how they apply to your situation, so it’s important to talk to your lender first!
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When buying a home, will time spent in college or trade school be considered part of my work history? Yes, most programs available to finance your new home consider the time spent pursuing additional education for your field of work. Lenders typically seek at least a 2-year work history [including education], but there may be exceptions to that as well. Additionally, there are variances in the guidelines as to how they apply to your situation, so it’s important to talk to your lender first!

ByBrandon Butler

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Thinking about buying a condo? If you are in the market for a condominium, pay attention to any “special assessments” placed on the property. A special assessment is generally a significant repair/update issue assigned to the condo owners. The condominium board votes on this assessment, and each condo unit is responsible for paying this fee. It is independent of the monthly condominium fee and can sometimes be substantial. Understanding any additional fees you would be responsible for before signing a contract is essential. If you have any questions, I’m here to help!
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Thinking about buying a condo? If you are in the market for a condominium, pay attention to any “special assessments” placed on the property. A special assessment is generally a significant repair/update issue assigned to the condo owners. The condominium board votes on this assessment, and each condo unit is responsible for paying this fee. It is independent of the monthly condominium fee and can sometimes be substantial. Understanding any additional fees you would be responsible for before signing a contract is essential. If you have any questions, I’m here to help!

ByBrandon Butler

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.