When people think of home affordability, they consider getting the best purchase price, lower mortgage rates, or home buyer assistance. All those can go a long way toward affording a larger home and mortgage, but what about solar? Yes, a solar panel system can help you qualify for more house. Here’s how. Qualify for a …
How Solar Can Help You Afford More Home: FHA EEH Policy 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. >>Download the Word document here >>Go …
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. Credit inquiries LOE – Word, Google Doc, …
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 for the transaction are coming from an approved source. These templates will help you write an explanation letter (LOE or LOX) for the underwriter. Letter of explanation …
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. In this article: Summary table: Buying a house after bankruptcy …
Buying A House After Bankruptcy 2023: 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. In …
Buying a House After Foreclosure 2023 – FHA, Conventional, VA, USDA, Non-QM Read More »
If you’re reading this article, you’re probably thinking about how to provide housing to your aging parents. I’m fortunate that my parents, who are nearly 80, live in a great home that they can manage. But if that weren’t the case, I would be thinking about using Fannie Mae’s Family Opportunity Mortgage. This program lets …
How To Buy A Home For Aging Parents At “Owner-Occupied” Mortgage Rates in 2023 Read More »
You may be scrolling through property listings and come across something strange: a detached condominium. It looks like a house, feels like a house, and acts like a house. Why is it a detached condo and is it something to avoid? What is a detached condominium? A detached condominium is a free-standing condominium unit within …
Is Buying A Detached Condominium A Terrible Mistake? Let’s Find Out Read More »
Getting an FHA loan when you have student loans used to be a major problem, especially for applicants with deferred or income-based payments. But now, things have changed. Lenders can be a lot more lenient when it comes to calculating student loan payments. In fact, the average college graduate can qualify for a home that …
New FHA Student Loan Guidelines Give Average College Graduate $25,000 Buying Power Boost Read More »
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 …
