FHA Down Payment Requirements
How Much You’ll Need to Buy in PA or FL Buying a home in Pennsylvania or Florida comes with choices, and one of the most popular mortgage programs for first-time buyers and those with limited savings is the FHA loan…
FHA or Conventional: Which Mortgage Is Better
Make the Right Choice by Focusing on Monthly Cost When you start exploring mortgages, two of the most common options are FHA loans and conventional loans. Both can get you into a home, but the better choice depends on your…
Minimum Documentation Rules for Self-Employed Borrowers
What Lenders Are Looking For, And When One Year of Returns Is Enough Navigating the mortgage process as a self-employed individual often requires more paperwork than for traditional W-2 employees. But don’t worry, if you don’t fit into the traditional…
How Alimony and Child Support Count as Qualifying Income
Alimony and child support can count, but only under the right conditions. When applying for a mortgage, every source of income matters, especially for borrowers who rely on alimony or child support. Here was want to clarify, and help define…
Using Social Security and Pension Income to Buy a Home
How Lenders View Retirement Income in Mortgage Applications When it comes to qualifying for a mortgage, retirement income can be a reliable and acceptable source, as long as it meets specific criteria. This includes income from Social Security, pensions, and…
Mortgage Qualification with Tip Income
How Mortgage Lenders View Tip Income For workers in industries like hospitality, personal services, and food service, tip income can represent a substantial portion of total earnings. When applying for a mortgage, tip income can be used to help qualify,…
Using Per Diem or Stipends as Income on a Mortgage Application
How Mortgage Lenders Treat Stipends and Per Diem Pay For professionals in fields like healthcare, transportation, or consulting, per diem or stipend income can make up a significant portion of their total earnings. When it comes to mortgage qualification, these…
Success Story: How We Helped a Self-Employed Buyer Get Approved
A bank statement loan made homeownership possible when full-doc loans said no At Innovative Mortgage Brokers, we believe that your mortgage should reflect your reality, not just your tax returns. That was exactly the case with a recent self-employed client…
Can Temp Workers Qualify for a Mortgage? Yes.
Mortgage Tips for Temp Agency Workers In today’s job market, more people are choosing flexible work arrangements through temp agencies and staffing firms. Whether it's in healthcare, IT, manufacturing, or professional services, temporary work is no longer just a short-term…
Understanding Mortgages with Fluctuating Income
How Buyers with Commission, Overtime, or Irregular Hours Can Still Qualify If your paycheck changes from week to week, maybe because you earn commission, tips, or work variable hours, qualifying for a mortgage might feel confusing. But the good news…
