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 …
In the post-COVID world, it’s quite common to live in a different city or state than where your employer is located. 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 …
Mortgage Letter of Explanation for Remote Work: Word, PDF, Google Doc Templates Read More »
Buying an investment property is a great plan for wealth creation and semi-passive income for your future. So, can you get a cash-out refinance on your primary home and use the funds for a down payment on an investment/rental property? Yes, you can. Here’s how to do that, as well as some insights on whether …
Cash-Out Refinance To Buy an Investment Property: Should You? Read More »
Free downloadable sample letter of explanation for cash-out refinance 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. Here is a template to use. >>Download the Word document here >>Go to the Google Doc here >>Download the …
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 $6,900 (2.3%). A second or additional use, it’s …
How To Apply For VA Funding Fee Exemption Or A Refund After Loan Closing Read More »
Second homes have been the unlikely recipient of massive appreciation since the pandemic. Vacation hot spot, Florida, experienced 52% growth in home prices between September 2019 and September 2022, an increase of $135,000 on average, says Redfin. Vacation property owners are now wondering how to leverage this newfound equity. Fortunately, conventional lending allows cash-out refinances …
7 Steps To Get A Cash-Out Refinance On A Second Home Read More »
As a rental property owner, you’re probably pleased to see that the value of your investment property has risen at a fast clip since 2020. According to the U.S. Census Bureau, the median sale price nationwide rose from $329,000 in Q1 2020 to $440,300 in Q2 2022. You could easily be sitting on $100,000 or …
How To Get A Cash-Out Refinance On A Rental Property Read More »
Buying a foreclosed home sounds great. They are offered at bargain-basement prices and you can achieve fast equity by fixing it up. And buying a foreclosure with a USDA loan would be even sweeter: get a zero-down loan AND a low home price? Yes, please. So, can you buy a foreclosure with a USDA loan? …
A USDA home loan is a fantastic homebuying tool, offering zero down payment, low rates, and lenient credit score guidelines. But in return, they come with some extra stipulations, such as how you must occupy the property and your household income. So, can you have a roommate if you get a USDA loan? Let’s talk …
USDA loans are different than most other loan types because if someone moves in with you before you buy, they could derail your approval. Sounds strange right? Wouldn’t an extra person in the household make it less likely that you’d miss a payment? While that’s true, USDA loans come with strict income limits. They are …
I’m Getting A USDA Loan And My Girlfriend Moved In. What Now? Read More »
