While FHA loans are only for owner-occupied properties, you can buy a quadplex with one of these loans. That’s because FHA considers a property “owner-occupied” when you live in one of the units. This applies even if you rent out the remaining units. But the question arises: what if you find a quadplex that you […]
Can You Buy A Fully Occupied FHA Quadplex? Read More »
In normal life, you don’t think much about placing $10,000 into your bank account from a car sale, wedding gift, or side gig. But you enter an alternate reality the minute you apply for a mortgage. Strangely, having more money can kill a mortgage approval if it’s not sourced properly. Here’s how to deal with
Dealing With Large Bank Deposits When Getting a Mortgage Read More »
FHA jumbo loans are available well over $1 million. And the require just 3.5% down. According to HUD data, about 4,000 FHA loans over $500,000 are originated each month. Nearly 100 of these per month are over $1 million. So how do you get an FHA jumbo loan, and what is the loan limit? Start your
FHA Jumbo Loans: $1 Million Home for 3.5% Down? Read More »
You can use foreign income and assets to qualify for a mortgage in the U.S. Non-U.S. citizens will receive the same rates, fees, and terms as citizens. But qualifying will require more documentation if you earn your income in foreign currency. Following are the rules about foreign income and assets. Request a pre-approval based on
Using Foreign Income and Assets to Qualify for a U.S. Mortgage Read More »
You purchase your first home. You settle in and have your first Christmas and child’s first birthday there. Then, someone knocks on the door one day and says, “I actually own this home. Leave.” What do you do? In this rare but possible scenario, title insurance would kick in. It would pay for legal fees
Attorney Opinion Letter for Mortgage: Cheaper, But Safe? Read More »
If you have been off work for longer than a month in the past two years, a mortgage lender may ask for a letter explaining the gap in employment. This is not something to be worried about. It’s simply the lender complying with lending rules so it can close your loan. Here is a sample
You want to get pre-approved for a mortgage, but don’t want a hard credit inquiry – or “hard pull” – on your credit report. Maybe you’re still a few months out from seriously looking for a home. The best action plan is to get pre-approved with a soft credit pull – a credit inquiry that
Get a Mortgage Pre-Approval With a Soft Credit Pull Read More »
As mortgage rates hopefully drop in 2024, owners of free-and-clear homes may consider putting their home equity to work with a cash-out refinance. Mortgage rules allow homeowners to receive cash-out funds up to loan-to-value limits whether there’s an existing mortgage on the home or not. Nearly 40% of properties in the U.S. have no mortgage
Should You Get a Cash Out Refinance on a Paid-Off Home? Read More »
One of the biggest deterrents to FHA loans could soon become history. Most buyers using FHA pay mortgage insurance as long as they have the loan. They must refinance into a conventional loan to get rid of it. Many prospective homebuyers on platforms like Reddit, TikTok, and Instagram cite lifetime mortgage insurance as the top
The End of Permanent FHA Mortgage Insurance? Read More »
Surprisingly, mortgage lenders let you qualify for the loan and even close before you’ve started your new job. Armed with only an offer letter, you can buy a home. Homebuyers who are changing jobs, recently graduated college, got a raise, or are relocating for work can now get an “offer letter mortgage.” Here’s how. See
Getting a Mortgage With an Offer Letter (New Job) Read More »
