Will Mortgage Rates Be Lower Under Biden or Trump

How Mortgage Rates Could React to Biden, Trump Victories in November

Donald Trump beat Nikki Haley in the South Carolina Republican primary. Haley is his last serious Republican rival – and it was her home state. This all but guarantees the GOP nomination will go to Trump, landing him on the ballot with Joe Biden in November.  One topic – among many – that mortgage shoppers […]

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BorrowSmart Down Payment Assistance Income Limits

Freddie Mac BorrowSmart Income Limits & Eligibility

Freddie Mac BorrowSmart(SM) & BorrowSmart Access income limits There are two BorrowSmart programs in the market currently, and your income and geographic location determine which one you qualify for. BorrowSmart: $2,500 in assistance for homebuyers earning 50% or less of the area median income. It is available anywhere in the U.S. BorrowSmart Access: $3,000 in

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FHA student loan rules updated

FHA Student Loan Guidelines 2024: Afford $25,000 More Home

FHA student loan rules 2024: FHA now uses 0.50% of the loan balance for income-based or deferred student loans where the payment is $0. This replaces the old rule of 1.0%. These guidelines could help you qualify for a $25,000 higher home price based on the current student loan balance average. See if enhanced student

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FHA Loans for Non US Citizens

How To Get An FHA Loan As A Non-U.S Citizen

You might be surprised that FHA, a U.S. government-sponsored mortgage, is available to non-U.S. citizens. What’s more, non-citizens are eligible for the same FHA rates and terms as citizens. Homebuyers immigrating from other countries often find this hard to believe, but it’s true. Permanent and non-permanent residents are eligible. Here’s how to get an FHA

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Sample Letter of Explanation for Commute from Borrower

Sample Letter of Explanation for Commute: Word and Google Doc Templates

Mortgage lender asking about your commute? Don’t worry; it’s normal. The lender is verifying two things: The kind of commute letter you need depends on what the lender asks for.  Some underwriters might ask for a letter from your employer confirming that the commuting arrangement is acceptable. Or, the underwriter might ask for an explanation

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Gift Letter for Mortgage Templates and All About Mortgage Gifts

Sample Gift Letter for Mortgage: Downloadable PDF, Word, Google Doc Templates

Most major loan programs allow you to use gift funds from family to cover some or all of your down payment and closing costs when purchasing a home.  But you’ll need a solid gift letter as well as additional documentation from you and the gift donor. To start, here’s a template gift letter.  Submit your

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Sample Letter of Explanation for Large Deposit - free download Word PDF Google Doc

Sample Letter of Explanation for Large Deposit – Free Download: Word, PDF, Google Doc Templates

One of the most common requests from a mortgage applicant is to explain a “large deposit” on a bank statement.  The lender needs to make sure that all funds came from an eligible source. If your lender asks for a letter of explanation (LOE or LOX) for a large deposit, here are free downloadable templates

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As example of a letter of explanation or LOE for remote work employee for mortgage.

Mortgage Letter of Explanation for Remote Work: Word, PDF, Google Doc Templates

In the post-COVID world, it’s common to live far from your employer. Still, your mortgage lender may ask for a letter of explanation of remote work, which will act as verification that the employer is aware and has approved your remote status. The letter typically can’t come from you, though. It must come from your

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Sample Letter of Explanation for Cash-Out Refinance – Free Download: Word, PDF, Google Doc

Free downloadable letter of explanation for cash-out refinance example Sometimes, the lender’s underwriter will request a letter of explanation (LOE or LOX) for why you are seeking a cash-out refinance and what the funds are for. Connect with a lender to check today’s refinance rates. Here is a template to use. >>Download the Word document

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How to apply for service-connected disability for VA funding fee exemption

How To Apply For VA Funding Fee Exemption Or A Refund After Loan Closing

The VA funding fee is one drawback of an otherwise fantastic home loan program. The loan itself offers zero down, no monthly mortgage insurance, and lenient credit guidelines. But the funding fee can be downright expensive. On a $300,000 loan, the funding fee for first-time use is $6,450 (2.15%). A second or additional use, it’s

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