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Mortgage lending and property types

Mortgage lending and property types Day in and day out, Mark Wells at Preferred Financial Services talks to homebuyers planning to purchase a new residence. Questions often arise about whether a particular type of property can be purchased using standard mortgage financing programs. Here, he answers questions about how lenders view various property types in […]

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Mortgage financing for manufactured homes

Mortgage financing for manufactured homes Manufactured homes have long been a practical housing option for many families in South Carolina. Mortgage financing for these properties has always been a bit more difficult to obtain than for other types of housing. Mark Wells at Preferred Financial Services discusses currently available lending programs for manufactured housing. I […]

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Credit restoration services – helpful or harmful?

Credit restoration services – helpful or harmful? Nearly every week, Mark Wells at Preferred Financial Services meets with clients who have entered into credit-repair contracts hoping to improve their credit scores. Some find they are unable to transact a mortgage because the credit-repair company has effected changes that will have to be reversed to adhere to […]

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Credit breaches in the news

Credit breaches in the news The recent revelation that credit agency Equifax was hacked raises fears that almost anyone could become a victim of identity theft. Below are Mark’s responses to clients’ questions about the best ways to protect themselves. How serious is the treat of identity theft? Having processed over 10,000 mortgage loans, I […]

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Income qualifying for mortgage financing: self-employed borrowers

Income qualifying for mortgage financing: self-employed borrowers In the previous two columns, Mark Wells at Preferred Financial Services addressed qualifying income issues for borrowers who are salaried or hourly workers. Today, he looks at the rules for self-employed borrowers, which are quite different. I am self-employed and I made $100,000 last year. Is that my […]

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Income qualifying guidelines for mortgage financing part 2

Income qualifying guidelines for mortgage financing part 2 Various types of income are considered differently when determining whether or not a borrower qualifies for a loan. This column is the second in a series of three in which Mark Wells of Preferred Financial Services explains qualifying rules that apply to income from different sources. I […]

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