by kramoltz@hotmail.com | Sep 22, 2026 | Mortgages + Lending
Employment Issues. In my previous posts, I wrote that to get a loan, you need a down payment, and you need verifiable income and cash reserves in addition to your down payment. The verified income part typically means having a job. But a loan application can be turned...
by kramoltz@hotmail.com | May 30, 2026 | Mortgages + Lending
Debt-to-income ratio too high. Underwriting guidelines set maximum ratios of total debt payments to income. Debt payments include mortgage payments, property taxes, homeowners’ insurance, mortgage insurance, and payments that extend beyond the next six months...
by kramoltz@hotmail.com | Jan 17, 2026 | Mortgages + Lending
A loan rejection is not necessarily final, but it is up to you to do what is necessary to convert the transaction to one that meets underwriting requirements. This series provides three reasons for failure to be approved and their solutions. No. 1. Credit score too...
by kramoltz@hotmail.com | Mar 13, 2023 | Home Buying, Mortgages + Lending, Real Estate Facts & Figures
1. First-time Buyers are Scarce. The first-time buyer share of the market dropped to 26% over the past year. Historically, first-time buyers buy around 40% of homes. The reason was the high prices and the rise in interest rates. Hopefully the price correction...
by kramoltz@hotmail.com | Feb 14, 2023 | Mortgages + Lending
Buying down an interest rate is a way for a seller to offer a financial incentive to a buyer. It results in a temporary reduction, which means lower payments under the buyer’s loan. Because of the dramatic increase in rates and the negative result on home sales, in...
by kramoltz@hotmail.com | Mar 1, 2022 | Mortgages + Lending
With the new year comes a change in reverse mortgage programs. As before, you must live in the home as your primary residence and must complete a financial assessment. But the maximum loan amount has risen from $822,375 to $970,800 as of January 1, 2022. The loan...
