Being your own boss comes with many perks. However, easy mortgage approval may not be one of them. If you are a self-employed home loan applicant, you need to meet certain criteria which a salaried person may not have to. The regulations about how it works have been recently updated which will take an even closer look at your business, income, and credit score. So, let us review the new rules for self-employed professionals applying for a home loan for the first time, as well as for those who’ll be impacted by the new rules the next time they apply for a loan.
FHA loans are issued by federally qualified lenders and insured by the Federal Housing Administration (FHA), which is a division of the U.S. Department of Housing and Urban Development. Thanks to this guarantee, FHA loans are available to home buyers that don’t qualify for traditional loans.
Understanding that the FHA is not a mortgage lender, but a mortgage insurer is a significant distinction for homebuyers to know. It implies that you can get an FHA-insured loan from any mortgage lender that is approved by FHA. You do not "go to the FHA" to obtain an FHA loan. You “go to the approved mortgage lender.”
Since 1944, the U.S. Department of Veterans Affairs (VA) has been helping the nation’s veterans secure a piece of the American Dream that they fought to protect with their VA loan program.
What is a VA Loan?
A VA loan is a mortgage loan backed by the Department of Veterans Affairs (VA) for those who have served or are currently serving in the military. The VA doesn’t lend money to the applicants; however, it backs loans provided by private lenders (banks, mortgage companies, or other financial institutions) to active military personnel, military spouses, and veterans.
Liberty Mortgage Associates is proud to offer FHA's "Back to Work" program. This program is designed to help families who lost their homes due to the recent economic downturn. This program extends FHA's present underwriting guidelines to allow for the following after one year:
Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.