QUALIFYING FOR A NEW MORTGAGE WHEN INCOME IS FREELANCE

Qualifying For A Mortgage When Income Is Freelance
After the financial market downturn in 2008, getting approved for a mortgage loan became even more difficult.  Combine that with the fledgling economy, which left many people turning to freelance work, and the challenges involved in qualifying for a home mortgage increase exponentially.  However, with a little extra work, home buyers using freelance work as proof of income still can qualify for a new loan.

Making sense of the story

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MORTGAGE INSIGHTS – 06.20.11

Inflation Higher

There was a lot of volatility during the middle of the week, but mortgage rates ended nearly unchanged. Weak manufacturing data offset higher than expected inflation readings. Similarly, increased social unrest in Greece early in the week was balanced by renewed hopes on Friday for a quick solution to Greece’s debt problems.

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WHAT IS THE FHA?

What is the FHA?
For expediency sake, the following is a reprint from the FHA website.  For complete and detailed FHA information I must defer to the FHA.  See the end of this article for appropriate links to FHA Loan Resources.
The Federal Housing Administration (FHA)

What is the Federal Housing Administration?

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MORTGAGE INSIGHTS – 06.13.11

Little Change in Mortgage Rates

While mortgage rates reached a new low for the year during the middle of the week, they ended nearly unchanged. It was a light week for economic data, and demand for the Treasury auctions was close to average, so investors had little reason to alter their outlooks.

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MORTGAGE INSIGHTS – 05.20.11

Mortgage Insights

Mortgage Rates Little Changed

Weaker than expected economic data helped mortgage rates decline to the lowest levels of the year early in the week. On Wednesday, though, a reminder that the Fed will eventually sell its portfolio of mortgage-backed securities (MBS) helped to erase the improvement. These two influences offset each other, and mortgage rates ended the week nearly unchanged.

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MORTGAGE INSIGHTS – 05.13.11

Mortgage Insights

Little Change in Mortgage Rates

It was a volatile week for mortgage rates. Troubles in smaller European nations, mixed results for the Treasury auctions, and tame inflation data caused significant movements in rates during the week. These influences offset each other, though, and mortgage rates ended the week nearly unchanged.

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FINANCING TERMS YOU NEED TO KNOW

Financing Terms You Need To Know:

While working with your mortgage company, you may come in contact with terms or phrases that are unfamiliar. The financial language you need to understand in order to make informed decisions about your home loan includes the following:

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