Amanda Waitsman - Mortgage Loan Officer, Fairway IMC

10/07/2023

06/23/2023

Not sure which house style you like or what it's called? Here are 13 different architectural styles to know when shopping for a home.

06/22/2023

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06/17/2023

Money is a necessary tool for survival but it cannot buy everything.

06/09/2023

Different types of debt-to-income ratios:

✅Front-end ratio
The front-end DTI, also referred to as a household ratio, calculates the portion of your monthly gross income that goes towards home-related expenses. These expenses include your anticipated monthly mortgage payment, property taxes, insurance, and homeowners association fees.

✅Back-end ratio
Your back-end DTI considers all your monthly debt obligations, including credit card payments, student loans, personal loans, and car loans, in addition to home-related expenses. Back-end ratios tend to be higher because they consider all your debt obligations.

✅Mortgage lenders usually assess both types of DTI, but the back-end ratio carries more weight as it considers your overall debt burden.

⛔Note that you can still qualify for a mortgage with a higher DTI, which will vary depending on the lender and the type of mortgage.

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06/03/2023

The DSCR loan is designed specifically for real estate investors who want to qualify for a mortgage based on the rental income from their property. It's different from traditional methods that require income proof, tax returns, and employment details.

If the DSCR ratio is 1.00, it means the borrower will have enough rental income to repay the loan. A ratio of 1.33 gives the borrower some extra money to cover the loan payments. A ratio of 1.50 or higher offers even more flexibility for the borrower. Generally, lenders require a minimum DSCR ratio of 1 to process your DSCR loan.

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06/01/2023

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