Does my spouse’s credit score matter?

If you plan on using both you and your spouse’s income to jointly qualify for a loan then, yes your spouse’s credit score is taken into consideration. If you were to choose to exclude their income, and exclude them from the loan, then only your credit score will be evaluated.

By |2025-02-04T15:35:23-05:00August 3rd, 2018|Joe Knows Mortgages Minute|Comments Off on Does my spouse’s credit score matter?

Can an Eligible Veteran Have a Co-Borrower on a VA Loan?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE”. This week, we answer the question: Can an eligible veteran have a co-borrower on a VA Loan? In some circumstances, there is a need for a co-borrower in order to qualify for a mortgage. This person will be equally liable for this loan.  Luckily, with a VA loan, you ARE allowed to have a co-borrow, however it is limited to another veteran or your spouse. So, if you are interested in having a co-borrower on a VA loan, make sure they fall under one of those two categories. Please give us a call with any questions on this or any home loan related topic. Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! All questions will be replied to, so please submit your question below. Please like and share this information with anyone who you think may benefit and be sure to tune in to our next “Joe Knows Mortgages MINUTE” which we feature on Mondays. Talk to you soon!

By |2025-02-03T15:07:51-05:00July 27th, 2018|Joe Knows Mortgages Minute, Uncategorized|Comments Off on Can an Eligible Veteran Have a Co-Borrower on a VA Loan?

What are Fannie Mae and Freddie Mac?

What are Fannie Mae and Freddie Mac? No they aren’t actual people. Fannie Mae is also known as the Federal National Mortgage Association and Freddie Mac is just another name for the Federal Home Loan Mortgage Association. Fannie Mae and Freddie Mac are government-sponsored enterprises. This shareholder-owned corporation was created by Congress in 1938 to provide stability, liquidity and affordability in the mortgage market as part of President Roosevelt’s New Deal. They are now our nation’s largest purchaser of home mortgages. Basically, Fannie and Freddie purchase Mortgages from lenders, so that the lenders have more money to lend out. They then securitize the loans and sell them as mortgage backed securities to investors.

By |2025-02-04T09:46:44-05:00July 20th, 2018|Joe Knows Mortgages Minute|Comments Off on What are Fannie Mae and Freddie Mac?

What is Debt to Income Ratio?

What Is Debt To Income Ratio? If you are reading about qualifying for a mortgage online, or speaking with someone in the real estate or mortgage profession, you may hear the term Debt to income ratio. This is a typically reviewed by a lender as one of the means to see if [...]

By |2025-02-03T16:23:24-05:00July 13th, 2018|Uncategorized|Comments Off on What is Debt to Income Ratio?

 How does my credit score affect my loan?

On this week’s Joe Knows Mortgages MINUTE, we answer the question: How does my credit score affect my loan? Most loans have a risk-based pricing model. In other words, the loan is going to be priced according to the risk that the lender takes by making the loan. Through statistics, lenders have realized that loans with lower credit scores ultimately present a higher risk than those with higher credit scores. If you have a higher credit score, you will typically pay less for a loan than someone with a lower credit score.

By |2025-02-03T16:06:06-05:00July 1st, 2018|Joe Knows Mortgages Minute|Comments Off on  How does my credit score affect my loan?
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