This article contains affiliate links, meaning we’ll earn a small commission if you purchase through these links. Getting approved for a mortgage feels impossible for some, but for many, it’s within reach. You might just need a little help getting prepared. Luckily, there are more ways to prepare than ever. Here are services and tools […]
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FHA guidelines require the home that you purchase to be your primary residence. However, if you purchase a single-family home, you may be permitted to earn rental income by renting out a room. Does FHA allow you to rent out a room in a single-family property? The FHA requirements are clear that when you purchase
Can You Rent Out A Room With an FHA Loan? What To Consider Read More »
FHA buyers who have looked for a duplex, triplex, or fourplex lately have probably found out that competition is fierce for these homes. If you do find one for sale, you’ll probably have to go head-to-head with cash buyers and investors using conventional loans. But what if you could buy a single-family home and convert
Can You Convert A Single-Family To Multifamily Using FHA 203k? Yes Read More »
There’s no sugar-coating it: an FHA offer does not look as strong as a conventional loan offer. But that doesn’t mean you’ll never get your FHA offer accepted. Millions of people have purchased a home with FHA and will continue to do so. Here’s how to have the best chance of getting your offer accepted
Does FHA Make Your Offer Look Bad? Read More »
Many first-time and repeat buyers wonder if they can use a co-signer on an FHA multifamily duplex, triplex, or fourplex loan. Unfortunately, you can not use a non-occupying co-signer or co-borrower on a 3.5% down FHA loan for a 2-4 unit property per HUD guidelines. While this is disappointing news, here are some things you
You Can’t Use A Co-Signer On An FHA Multifamily Loan. What To Do Instead Read More »
When your mortgage lender asks for a letter of explanation for derogatory credit, they want to prove that your credit troubles are behind you and are not likely to happen again. Knowing that, here are templates to write the perfect LOE for past derogatory items on your credit report. See if you can be approved
Sample Letter of Explanation For Derogatory Credit For A Mortgage Read More »
Your lender asked for a letter of explanation regarding an inquiry on your credit report. Not to fear. This is normal. The lender needs to know you haven’t opened any additional credit accounts which could affect your debt-to-income ratio. Here are templates to help you address credit inquiries. Run your scenario by a lender. Credit
Sample Letter of Explanation For Credit Inquiries for a Mortgage [Template] Read More »
Your mortgage lender just asked for a letter of explanation of a relationship. Why? Don’t be alarmed. Usually, this happens when the lender needs to confirm that funds are coming from an approved source. These templates will help you write an explanation letter (LOE or LOX) for the underwriter. Get help from a lender. Letter
Buying a house after bankruptcy is completely possible if you’ve re-established your credit since the event. In some cases, you can apply for a mortgage in as little as one year after the discharge or repayment start date. Here’s how to become a homeowner again. Speak to a lender to see if you’re eligible to
Buying A House After Bankruptcy 2024: FHA, Conventional, VA, USDA, Non-QM Read More »
You might think that if you’ve had a foreclosure in the past, you are no longer eligible to buy another home. That’s simply untrue. Mortgage lenders can approve a loan after a foreclosure, deed-in-lieu, or short sale, given enough time since the event and rehabilitated credit. Here’s how to buy a house after foreclosure. Contact
Buying a House After Foreclosure 2024 – FHA, Conventional, VA, USDA, Non-QM Read More »
