Basics

How Do You Qualify for a Conventional Mortgage?

Millions of people dream of buying a home, but few know how to qualify for a mortgage. This article outlines the basic steps you need to take to be eligible for a conventional home loan.

Mortgage insights & guides

Stay informed with the latest tips, trends, and mortgage know-how from our team.

Articles

41 posts

Everything You Need To Know About Second Mortgages

Basics

May 9, 20256 min

Everything You Need To Know About Second Mortgages

Learn how second mortgages work, the pros and cons, and whether a home equity loan or HELOC is right for you. Get expert guidance from Modern Day Lending.

Basics

July 27, 20235 min

Piggyback Loan Benefits: Double Financing, Double Advantages

Discover the benefits of piggyback loans, a unique real estate financing tool that allows you to bypass PMI, lower down payment, achieve greater flexibility, enjoy lower interest rates, and build quic

Basics

July 27, 20235 min

Finding Your Path Through Low Credit Scores to Jumbo Mortgage Success

Navigate the path to jumbo mortgage success, even with low credit scores. Debunk myths about jumbo mortgages, learn effective strategies to boost your credit, and discover how professional guidance ca

A Deep Dive Into Bank Statement Second Mortgages For Self-Employed Individuals

Basics

June 28, 20235 min

A Deep Dive Into Bank Statement Second Mortgages For Self-Employed Individuals

Discover the power of leveraging your home's equity through bank statement second mortgages and explore the wealth of opportunities they present. Gain valuable insights into the advantages, applicatio

5 of the Best Mortgage Options for Self-Employed Individuals

Basics

June 28, 20239 min

5 of the Best Mortgage Options for Self-Employed Individuals

Explore a comprehensive guide on various mortgage loan options tailored for the self-employed, and learn effective tips to improve your odds of loan approval.

Basics

June 15, 20234 min

1099 Mortgage Loans: Flexible Home Financing for Independent Contractors

Looking for flexible home financing as a self-employed professional? Explore our 1099 Mortgage Loans, tailored to empower entrepreneurs and independent contractors. Secure the home of your dreams with

Basics

June 8, 20235 min

No-income Verification Mortgage Loans: The Flexible Financing Option

Discover everything you need to know about no-income verification mortgage loans, the flexible financing option designed specifically for entrepreneurs. Learn how these unique loans can empower self-e

Profit and Loss Statement for Mortgage Loans: Your Key to Getting a Home Without Tax Returns

Basics

May 18, 20236 min

Profit and Loss Statement for Mortgage Loans: Your Key to Getting a Home Without Tax Returns

Learn how to prepare and analyze your profit and loss statement to increase your chances of qualifying for the best mortgage loan rates. Discover top tips for improving your statement and navigating t

Everything You Need to Know About Bank Statement Mortgages

Basics

May 17, 20236 min

Everything You Need to Know About Bank Statement Mortgages

Learn how this alternative financing option can help self-employed borrowers and those without traditional income documentation achieve their homeownership goals. Find out if a bank statement mortgage

Basics

May 8, 202310 min

Credit Scores and Mortgages: The Relationship You Can't Afford to Ignore

If you're looking to buy a home, understanding the relationship between credit scores and mortgages is crucial. In this article, we explore why credit scores matter when applying for a mortgage and of

Basics

May 8, 20239 min

Don't Let These Common Credit Score Errors Ruin Your Mortgage Opportunities

Avoid common credit score errors that can harm your mortgage opportunities. Learn how to improve your credit score and secure the best possible mortgage rates. Don't let these mistakes stand in the wa

How to Repair Credit for Mortgage: 7 Steps You Can Take if You Have a Low Credit Score

Basics

April 29, 20239 min

How to Repair Credit for Mortgage: 7 Steps You Can Take if You Have a Low Credit Score

Looking to secure a mortgage for your dream home? Follow these 7 simple steps to boost your credit score and increase your chances of approval. From paying bills on time to managing credit utilization

Self-employed individuals looking over their new house

Basics

April 6, 20236 min

No Tax Returns, No Problem: How Self-Employed and Non-Traditional Income Borrowers Can Still Get a Mortgage

Learn how self-employed and non-traditional income borrowers can secure a mortgage without tax returns. This article explores alternative options for proving income and qualifying for a mortgage.

House check list for mortgage pre-approval

Basics

April 5, 20238 min

Mortgage Pre-Approval Checklist: What You Need 3 Months Out

Get your finances in order, increase your chances of getting pre-approved, and learn what you need to prepare 3 months before applying for a mortgage with our comprehensive checklist.

Why Tax Prep is Crucial for Mortgage Applicants and Strategies to Help Homebuyers Do It Right

Basics

April 5, 20233 min

Why Tax Prep is Crucial for Mortgage Applicants and Strategies to Help Homebuyers Do It Right

This article covers everything you need to know about preparing your taxes when applying for a mortgage, from understanding tax return implications to maximizing your borrowing power.

4 Insider Tips to Help Self-Employed Individuals Prepare for the Mortgage Process

Basics

February 15, 20235 min

4 Insider Tips to Help Self-Employed Individuals Prepare for the Mortgage Process

In this article, you'll learn about four essential steps that will increase your chances of getting approved for a mortgage and maximize your loan options.

Why A Mortgage Broker is an Entrepreneur's Best Bet For a Jumbo Loan

Basics

February 15, 20234 min

Why A Mortgage Broker is an Entrepreneur's Best Bet For a Jumbo Loan

From finding the best rates to navigating the application process, you'll learn how a mortgage broker saves you time and money on your jumbo loan journey.

How to Choose the Right Low Down Payment Loan for Your Needs: Conventional vs. Jumbo

Basics

February 15, 20234 min

How to Choose the Right Low Down Payment Loan for Your Needs: Conventional vs. Jumbo

In this article, you'll discover savvy strategies for minimizing out-of-pocket expenses when securing a jumbo loan.

From W2 to 1099: Understanding the Impact on Home Buying

Basics

February 8, 20235 min

From W2 to 1099: Understanding the Impact on Home Buying

In this article, you'll learn how transitioning from a W2 to a 1099 affects your mortgage qualification, eligibility and approval.

Loan Structure - Overview & Examples | Glossary

Basics

February 8, 20235 min

Loan Structure - Overview & Examples | Glossary

Loan structure refers to the terms and conditions of a loan such as interest rate, repayment schedule, and collateral requirements.

Debt Service Category Ratio (DSCR) - Overview & Examples | Glossary

Basics

February 8, 20235 min

Debt Service Category Ratio (DSCR) - Overview & Examples | Glossary

In this article, you will learn what a debt-service coverage ratio (DSCR) is.

Debt-to-Income (DTI) Ratio - Overview & Examples | Glossary

Basics

January 13, 20235 min

Debt-to-Income (DTI) Ratio - Overview & Examples | Glossary

In this article, you will learn everything you need to know about debt-to-income ratio (DTI).

Basics

January 10, 20235 min

How to Secure a 95% LTV Jumbo Loan

Learn more about 95% LTV jumbo loans and how they can help you finance a higher-priced home without a larger down payment.

Jumbo Appraisal Requirements: What You Need to Know

Basics

January 10, 20235 min

Jumbo Appraisal Requirements: What You Need to Know

Learn about the specific appraisal requirements for jumbo loans, including what types of properties and appraisers are eligible.

First-Time Home Buyer Jumbo Loan: Tips and Options for Financing Your Dream Home

Basics

January 9, 20236 min

First-Time Home Buyer Jumbo Loan: Tips and Options for Financing Your Dream Home

Are you a first-time home buyer looking to finance a larger home with a jumbo loan? In this guide, we'll provide tips and options for securing a jumbo loan as a first-time home buyer, including inform

10% Down Payment, Jumbo Loan: Here's How to Make it Happen

Basics

January 2, 20236 min

10% Down Payment, Jumbo Loan: Here's How to Make it Happen

In this article, you will learn if it's possible to get a jumbo loan with only a 10% down payment.

Inside Look at the Best Jumbo Loan Options for Self-Employed Borrowers

Basics

January 2, 20237 min

Inside Look at the Best Jumbo Loan Options for Self-Employed Borrowers

Are you a self-employed individual in need of a jumbo loan? Our comprehensive guide covers all the jumbo loan options available to self-employed borrowers, including requirements and how to qualify.

Home Equity Line Of Credit (HELOC) - Overview & Examples | Glossary

Basics

December 21, 20227 min

Home Equity Line Of Credit (HELOC) - Overview & Examples | Glossary

In this article, you will learn what a Home Equity Line Of Credit (HELOC) is.

5% Down Jumbo Loan: Your Ticket to Affordable Homeownership

Basics

December 21, 20226 min

5% Down Jumbo Loan: Your Ticket to Affordable Homeownership

In this article, you will learn if it's possible to get a jumbo loan with only a 5% down payment.

Jumbo Construction Loans: Everything You Need to Know

Basics

December 12, 20229 min

Jumbo Construction Loans: Everything You Need to Know

In this article, you will learn everything you need to know about jumbo construction loans.

Loan-to-Value (LTV) Ratio - Overview & Examples

Basics

December 6, 20228 min

Loan-to-Value (LTV) Ratio - Overview & Examples

In this article, you will learn what is loan-to-value (LTV) ratio.

How to Get Approved For A Mortgage With One Year of Self-Employment

Basics

November 21, 20225 min

How to Get Approved For A Mortgage With One Year of Self-Employment

In this article, we'll discuss how to get a mortgage with only one year's self-employment and what you can do to improve your chances.

Self-Employed Home Mortgage Loan: How Much Can You Borrow?

Basics

November 18, 20227 min

Self-Employed Home Mortgage Loan: How Much Can You Borrow?

The purpose of this article is to provide you with all the information you need to understand how lenders determine the amount of money self-employed borrowers can borrow.

A model replica of a home on a glass desk. Two office people in the background.

Basics

November 16, 20228 min

Loan-to-Value (LTV) Ratio: What It Is, How To Calculate, Example

The loan-to-value (LTV) ratio is an assessment of lending risk that financial institutions and other lenders examine before approving a mortgage.

Net or Gross: What Income Do Mortgage Lenders Look at for Self-Employed Borrowers?

Basics

November 11, 20226 min

Net or Gross: What Income Do Mortgage Lenders Look at for Self-Employed Borrowers?

In this article, we will provide some information on how mortgage lenders determine income for the self-employed.

How To Calculate Self-Employment Income for a Mortgage

Basics

November 11, 20226 min

How To Calculate Self-Employment Income for a Mortgage

In this article, you will learn how to calculate self-employed income for mortgage loans.

Getting a Jumbo Loan With a Low Down Payment and No Mortgage Insurance Is Possible—We'll Tell You How

Basics

November 11, 20225 min

Getting a Jumbo Loan With a Low Down Payment and No Mortgage Insurance Is Possible—We'll Tell You How

In this article, we will explore the requirements needed for getting a jumbo mortgage and how to get one with low down payments and no mortgage insurance.

How to Get an Investor Loan Without Verifying Personal Income

Basics

November 11, 20224 min

How to Get an Investor Loan Without Verifying Personal Income

This article will cover how borrowers who can't verify their personal income can secure an investor loan.

How to Simplify the Mortgage Loan Process When You're Self-Employed

Basics

October 4, 20226 min

How to Simplify the Mortgage Loan Process When You're Self-Employed

If you're self-employed and want to secure a mortgage loan, this article will explain what you need to know.

Basics

September 1, 20224 min