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June 23, 2017

Minimum FICO Score Allowed - by Product Type

I want buyers and mortgage applicants to be able to search our database for important questions. This is one of them, and as requirements change, we will update this page. 

Last Updated 6/22/2017
Minimum FICO
Transaction Type

  • Primary Residence Purchase & Refinance
  • Second Home:
    • Purchase & Rate/Term Refinance (without LPMI)
    • Cash Out Refinance
    • DU High Balance ARM Only: Purchase & Refinance
  • Investment Property:
    • Fixed Rate:
      • Purchase (1 Unit, 80% LTV)
      • Purchase (2-4 Units, 75% LTV)
      • Refinance
    • Fixed Rate High Balance:
      • Purchase & Refinance (without LPMI)
    • ARM:
      • Purchase & Refinance
  • Home Possible Purchase & Refinance
  • Primary Residence Purchase & Refinance
  • Second Home:
    • Purchase & Rate/Term Refinance (LP Fixed Only: Must be without LPMI)
    • Cash Out Refinance
  • Investment Property:
    • Purchase & Rate/Term Refinance (1 Unit, 80% LTV)
    • Purchase & Rate/Term Refinance(2-4 Unit, 75% LTV)
    • Cash Out Refinance
  • Second Home with LPMI
    • Purchase
    • Refinance Rate/Term
  • Investment Property
    • Purchase & Refinance (1 Unit, 85% LTV)

  • Approve/Eligible Purchase & Refinance
  • QL Serviced IRRRL
  • Refer/Eligible Purchase & Refinance
  • Jumbo Purchase & Refinance
  • Non-QL Serviced IRRRL (120% LTV)
Non-QL Serviced IRRRL (100% LTV)

  • QL Serviced Streamline
  • FICO 580-619 Approve/Eligible Purchase & Refinance
Approve/Eligible Purchase & Refinance
  • Refer/Eligible Purchase & Refinance
  • Non-QL Serviced Streamline

  • Primary Residence Purchase (LTV ≤ 80%)
  • Primary Residence Refinance
Second Home Purchase & Refinance
Primary Residence Purchase (85% LTV)

  • DU Refi Plus:
    • Primary Residence & Second Home (Max 80% LTV)
    • Investment Property (Max 75% LTV)
  • LP Relief & DU Refi Plus:
    • Refinance (Max LTV 95%)
    • High Balance Refinance (Max LTV 95%)
  • LP Relief & DU Refi Plus:
    • Refinance (Max 200% LTV)
    • High Balance Refinance (Max 200% LTV)

June 22, 2017

You've Earned The Equity, Now Put It To Work

Home values are on the rise - making now the right time to refinance and take cash out of your mortgage.

By refinancing with So EZ Mortgage, you could pay off other debts or tackle some home improvement projects with the extra money in your wallet.
Get My Refi Recommendation
Build Equity Easily in a New Home
Your new home is right around the corner. Buy now before home values increase even more so you can start building equity faster.
See My Monthly Payment
Chat online or call a Home Loan Expert today at (855) 955-SOEZ .

Are Your Bank Statements Keeping You from Getting a Mortgage?

Are Your Bank Statements Keeping You from Getting a Mortgage? - Quicken Loans Zing Blog
Bank statements are one of the many financial documents you’ll need to provide your mortgage lender when you’re getting approved for a home loan. But not all bank statements are created equal.
Check out this guide to make sure your statements include all of the information your mortgage lender is looking for.

Conventional Loans

Are Your Bank Statements Keeping You from Getting a Mortgage? - Quicken Loans Zing Blog
This group includes fixed and variable rate mortgages. If this is the type of loan you’re applying for, make sure your bank statements include all pages, even if they’re blank. That way your lender can make sure your statements aren’t missing any transaction history. Your statements will also need to include the following:
  • Name of the bank or financial institution
  • Account holder’s name
  • Account number
  • Transaction history
  • Starting and ending balances with no large increases
  • URL address for online statements

FHA and VA Loans

If you’re applying for an FHA or VA loan, your bank statements must meet the same requirements listed above for conventional loans, and include the following additional information:
  • Account holder’s address
Whether you’re applying for an FHA loan, or a 30-year fixed mortgage, making sure your bank statements include all of the necessary information will make your approval process that much easier. Check out these samples below:

June 17, 2017

Are Non Married Applicants Treated Differently Than Married Applicants

Client Question:My loan officer tells me that when he has a married couple apply for a loan, he has them fill out one application and runs one credit report. If he has a non-married couple that has everything commingled (and basically acts married), he treats them like a married couple.

But, if he has two applicants who are economically separate--for example, two brothers--then he has each one fill out individual 1003's and pulls a separate credit report for each, even though they are applying for one loan for one property.

Does this violate Regulation B?

Short answer, yes. The loan officer is treating non-married joint applicants differently than married applicants. Doesn't matter if their credit is "co-mingled" or not.

Also search the threads on joint credit reports. You will find some recent discussion where the FDIC is writing up banks for Reg B violations for pulling and charging two credit reports on non-married applicants vs pulling and charging a joint credit report for married applicants.

June 16, 2017

It’s Official — People on Yelp Love So EZ Mortgage

Earning the love of our California customers isn’t easy, but promoting our hard-earned award is!
—The Yelp Team

June 15, 2017

Be Prepared For Rate Drop 2017

I do not have a crystal ball, however based on my experience, I believe we will see rates fall this summer. The best thing you can do, is prepare yourself so that you can lock in your rate, the same day.