Affiliation exemptions are loose, meaning that a church connected to the larger ministry could still qualify as a small business if it counts its employees as under 500. And, as is the case with all the SBA loans under the CARES Act, all that is required is a “good-faith certification”Read More →
Five major factors have an influence on your FICO credit score, the most commonly used credit scoring model: Payment history (35%) Level of debt/credit utilization (30%) The age of credit (15%) Mix of credit (10%) Credit inquiries (10%)4. Is a loan a debt or credit? A loan is a formRead More →
Loan classifications are based principally on the period that a loan is past due. Loan classifications are determined based on various assessments such as the borrower’s overall financial condition, payment history, repayment sources, guarantors and value of collateral. What are 7 types of loans? To help you navigate the process,Read More →
Don’t worry, you still have options. Conforming loans are generally sold to Fannie Mae and Freddie Mac, which means that they must adhere to the limits and requirements set by these government-sponsored enterprises. Jumbo loans, on the other hand, are not, and can be obtained through private lenders. Can jumboRead More →
You could opt for a longer repayment term to reduce your student loan payments, and you might qualify for a lower rate that decreases your monthly payment, too. For example, if you had $30,000 in student loans at 7.00% interest rate, you’d pay $348 a month under a 10-year paymentRead More →
You can avoid capitalized interest on student loans in the following ways: Make interest payments monthly while you’re in school. Paying the interest on unsubsidized loans during an in-school deferment will help you avoid capitalization costs, as will avoiding deferment or forbearance altogether. Do student loans go away after 7Read More →
You can search data at FederalPay.org to learn which companies received PPP loans. You can narrow your search by industry, location, or company name. Why is the PPP loan public information? Some organizations are analyzing the data to identify outliers and investigate potential fraud. Others are using the data forRead More →
So, what’s the problem with using payday loans? Although mortgage lenders will check your credit score, using payday loans can result in your mortgage being declined. It’s important to remember that lenders will have their own policies in place. Credit scores are only used as part of their assessments. WillRead More →
Updated USDA 3555 guidelines are now more simplified when it comes to USDA acreage limits. Under the current site size guideline requirements it now states: “The site size must be typical for the area.” Thus, there is technically no maximum USDA acreage limit. What is the USDA limit? USDA LoanRead More →
Lenders are required to issue the loan estimate within three days of a home loan application. If a loan originator does not provide a loan estimate within three business days of receiving a completed loan application, that lender is in violation of current regulations. When should I request a loanRead More →