CA residents: Opportunity Financial, LLC is licensed by the Commissioner of Business Oversight (California Financing Law License No.
603 K647). DE residents: Opportunity Financial, LLC is licensed by the Delaware State Bank Commissioner, License No. 013016, expiring December 31, 2018.
At Veterans United, we currently consider having four months of reserves after closing as a compensating factor. Borrowers may be able to count regular debt payments to supplement any shortfalls. For example, a borrower with a 1,000 monthly mortgage payment would need 4,000 in reserves to qualify for a compensating factor.
But if information from the credit bureaus shows the borrower makes 1,000 per month in debt payments, then they can proceed with just 3,000 in reserves. Additional payments can be considered as a compensating factor provided they occurred within the previous 120 days. Talk with a Veterans United loan specialist at 855-259-6455 for more details. Assets and Reserve Requirements. When applying for a mortgage, a mortgage broker or lender will likely inquire about your assets, and more specifically, your liquid assets.
Theyll want to know what youve squirreled away in order to come up with a down payment, pay closing costs, and make monthly mortgage payments going forward once you close your loan.
What does consolidate mean. Put simply, to consolidate is to take out one sizable loan to payoff many other loans by having only one payment to make every month. This is a good idea if you can find a low interest rate and you want simplicity in your life. What is a parent plus loan.
A Parent Plus Loan, also known as a Direct PLUS loan, is a federal student loan obtained by the parent of a child needing financial help for school.
The parent must have a healthy credit score in order to obtain this loan. It offers a fixed interest rate and flexible loan terms, however this type of loan has a higher interest rate than a direct loan.