Understanding the Debt-to-Income ratio: what it is and why it matters When you begin the homebuying process and apply for a home loan, you will encounter a term known as debt-to-income ratio. Debt-to-income ratio, or DTI, is the sum of all your monthly debt obligations divided by your gross monthly income. This is …
TBD Underwritten Mortgage Approval
What is a TBD Underwritten Mortgage Approval? A “TBD underwritten mortgage approval” is a fully underwritten loan commitment in which an underwriter provides conditional approval for a mortgage loan even before the borrower has chosen a property. With a TBD or “To Be Determined” underwritten mortgage approval, some of …
Chenoa Fund down payment assistance
How does the Chenoa Fund work? The Chenoa Fund provides second mortgages to be used with FHA loans to cover the minimum down payment requirement when purchasing an FHA-insured home. In effect, pairing the DPA with an FHA loan requires no money from the borrower, and the entire cost of the house is financed. The …
MEP’s Rate Protection Program is a win-win for borrowers!
Every rental payment you make is building equity for someone else. Home values are predicted to continue to appreciate. The prices you see today are going to continue to rise. Don’t you want to realize that appreciation for yourself? MEP’s Rate Protection Program (RPP) allows you to get off the sidelines and buy the …
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The difference between DSCR/DCR/DSR
What is the difference between DSCR/DCR/DSR? These terms are interchangeable. A DSCR is an important term used to measure a property's ability to cover its debt obligation. DSCR stands for Debt Service Coverage Ratio DCR stands for Debt Coverage Ratio DSR stands for Debt Service Ratio What is a DSCR …
What is a VA IRRRL?
What is a VA IRRRL? A VA IRRRL loan is an Interest Rate Reduction Refinance Loan (IRRRL), sometimes called a VA Streamline loan offered by the U.S. Department of Veterans Affairs (VA). When interest rates drop, many South Carolina Veterans and other homeowners with VA loans consider saving money with a refinance. The …
