Your borrowers, especially first-time homebuyers, may not realize that with MI they can put less than 20% down when they purchase a home, or that they may be able to receive help on their down payment through down payment assistance (DPA) programs. At Enact, we’ve got resources and training options to help you inform and […]
Credit plays a crucial role in the homebuying process, from risk assessment to loan and interest rate approvals. Your borrowers may not realize the extent to which their credit may affect whether they’re able to buy a home. That’s why we are diving into the importance of credit and what your borrowers need to know […]
[We have many First-Time Homebuyer Resources to help your prospective borrowers prepare for their homebuying journey. Be sure to check out the Help for FTHBs Hub to learn more!] Homebuying can feel overwhelming and daunting. Especially for first-time homebuyers. In fact, only 26% of all homebuyers in 2022 were first-time homebuyers, a decrease from 34% the […]
Not all mortgage loan submissions are the same! When you are submitting a file to underwriting without a Fannie Mae Desktop Underwriter® (DU®) or Freddie Mac Loan Product Advisor℠ (LPA℠) loan approval, compensating factors may make a difference in getting borrowers into a home. This may also include loans submitted as a manual underwrite and […]
The current housing market has been met with low housing inventory, yet demand is still relatively high. Prospective borrowers, especially first-time homebuyers, need to be ready for what they’ll encounter during the homebuying process, including home appraisals. That’s where you, the lenders, can step in and help. But with obstacles in the way for many, […]
June is National Homeownership Month, a time to celebrate the benefits that homeownership brings to families, neighborhoods, and communities across America. What is National Homeownership Month? National Homeownership Month has gone through many iterations to get to where it is today. 1920’s: The concept for celebrating homeownership begins as a week-long celebration thanks to local realtor associations […]
When working with borrowers, you must first determine if your borrower is eligible for a mortgage. Doing so may require extra research to identify whether your borrower is a legal U.S. resident, or if they were born outside of the U.S. If they are the latter, then there are factors that impact how a person’s […]
A version of this post originally appeared on MortgageOrb. With the hope of a busy spring homebuying season, mortgage lenders are getting ready for new business. While the market still poses a challenge for hopeful buyers, the key to success for lenders will be establishing and building relationships. Rates and inventory are beyond anyone’s control […]
Whether you’re the fastest or the most thorough, we’re all human… and mistakes can be made. That said, we’ve noticed some trending errors that may have surfaced from the challenging market many of us in the industry are facing. Eligibility requirements are more difficult to meet, and a smaller market might be impacting motivation for […]
A borrower wants to upgrade, update, add, or change their home, but what should they do to get a loan for this effort? Construction loans might be the first thing that come to mind… Sometimes homeowners may say they need a construction loan when they want to build an addition, such as adding a bathroom […]