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AMERIFUND HOME MORTGAGE SERVICES

MORTGAGE INSIGHTS & NEWS

What is a “no income check” loan?

Back in 2008, “no income check” loans (sometimes called “liar loans”) were readily available. Lenders didn’t require borrowers to supply any documentation about their income. Back in the day, a borrower could be a bus driver making $40,000 a year, but he could put down income of $200,000 a year on his loan application. Lenders…

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How to Get Pre-Approved

Are you looking to buy a house? Do you need to get pre-approved? If so, what information do you need? 5 Things You Need For A Pre-Approval income assets credit carrying costs other debt Income If you want to get pre-approved, you need to have this information readily available: If you are salaried, you should…

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What is Debt Service Coverage Ratio?

What is DSCR? DSCR stands for Debt Service Coverage Ratio. It is a ratio underwriters use for mortgages on investment property to determine if the property can carry the mortgage debt and other expenses associated with owning and operating the property. How is DSCR calculated? DSCR is the inverse of DTI (Debt to Income) Ratio…

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