Description

#0039R – New Qualifying Guidelines Made Simple

Nebraska Real Estate Commission Approved Continuing Education Course

Understanding how buyers qualify for a mortgage is an important part of helping clients successfully navigate a real estate transaction. #0039R New Qualifying Guidelines Made Simple gives Nebraska real estate professionals a practical, easy to understand overview of the basic mortgage qualification guidelines used for today’s most common residential loan programs.

This course examines the fundamentals of Conventional, FHA, VA, and USDA loans and explains how lenders evaluate borrowers when determining whether they qualify for financing. Rather than turning real estate agents into mortgage experts, the course focuses on the financing concepts licensees should understand when working with buyers and sellers.

Students will learn how factors such as credit, income, employment, debt to income ratios, down payments, assets, reserves, loan limits, property requirements, and mortgage insurance can affect a buyer’s ability to qualify for a home loan.

The course also compares the basic requirements and differences between the major residential mortgage programs so licensees can better understand why one financing option may work for a particular buyer while another may not.

Topics include:

• Understanding the mortgage qualification process
• Conventional loan qualification guidelines
• FHA loan requirements and qualification basics
• VA home loan eligibility and qualification guidelines
• USDA Rural Development loan requirements
• Credit scores and credit history
• Debt to income ratios
• Income and employment requirements
• Down payment requirements and available funds
• Assets, reserves, and acceptable sources of funds
• Mortgage insurance and funding fees
• Loan limits and financing restrictions
• Property eligibility and appraisal considerations
• Understanding prequalification and preapproval
• Common issues that can affect loan approval
• How financing can affect offers and real estate transactions
• Working effectively with buyers and mortgage professionals

Whether you work with first time homebuyers, veterans, rural buyers, move up buyers, or sellers evaluating financed offers, understanding the basics of mortgage qualification can help you better serve your clients and recognize potential financing issues earlier in the transaction.

#0039R New Qualifying Guidelines Made Simple takes the complexity out of residential mortgage financing and gives Nebraska real estate professionals a straightforward understanding of Conventional, FHA, VA, and USDA home loan qualification guidelines and how those guidelines affect real world real estate transactions.

NREC Approved Continuing Education | Course #0039R | Designated Subject Matter (R)