Nonowner-occupied Loans for Residential 1-4 Units
Reading Time: 2 minutesA nonowner-occupied mortgage is a loan for a single family residence, duplex and triplex or fourplex, where the residents are renters.
No-Income Mortgages
Reading Time: 2 minutesSome borrowers aren’t able to provide income documentation. In these cases, a lender may accept other proof of the borrower’s net worth.
No-FICO and Sub-500 FICO
Reading Time: 2 minutesBorrowers with credit scores under 500 or no FICO score will not qualify for prime loan programs and will therefore have to explore non-conventional mortgages.
Notable mortgage industry hires and promotions, Nov. 7-11
Reading Time: 2 minutesFreddie Mac named Ravi Shankar as senior vice president and head of single-family portfolio and… Continue reading this article with a Scotsman Guide subscription Limited-time offer $4.59/week SUBSCRIBE NOW Already a subscriber? Log in
NAHB: Share of active homebuyers spikes in third quarter
Reading Time: 2 minutesIt’s a challenging housing market across the country, but that apparently hasn’t stopped many people… Continue reading this article with a Scotsman Guide subscription Limited-time offer $4.59/week SUBSCRIBE NOW Already a subscriber? Log in
Foreclosure rates continue to lurch upward but remain far below pre-pandemic norm
Reading Time: 2 minutesAttom Data Solutions’ most recent U.S. Foreclosure Market Report revealed that 32,378 residential pr… Continue reading this article with a Scotsman Guide subscription Limited-time offer $4.59/week SUBSCRIBE NOW Already a subscriber? Log in
No-Doc Mortgages
Reading Time: 3 minutesNo-doc or low-doc home loans allow a borrower to obtain a mortgage without providing traditional income-verification documents to a lender.
Mobile/Manufactured Home Park Loans
Reading Time: 2 minutesThese communities can be large or small. While residents own the manufactured or mobile home itself, the owner of the park earns revenue by leasing the land beneath the homes.
Mobile Home Loans
Reading Time: 2 minutesManufactured home mortgages are loans that finance the purchase or refinance of a mobile home or a manufactured home.
Nearly 30% of homes for sale in the third quarter were new construction
Reading Time: 2 minutesA new Redfin report revealed that 29% of single-family homes for sale in the third quarter were new … Continue reading this article with a Scotsman Guide subscription Limited-time offer $4.59/week SUBSCRIBE NOW Already a subscriber? Log in
