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 …
As a DACA recipient, you can buy a home for just 3.5% down via an FHA DACA loan. This wasn’t always the case. Prior to January 19, 2021, many buyers with Deferred Action for Childhood Arrivals status could not get an FHA loan. So if you hear that you’re not eligible, that’s probably why. Fortunately, …
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 …
Sample Letter of Explanation for Commute: Word and Google Doc Templates Read More »
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. Sample Gift …
Sample Gift Letter for Mortgage: Downloadable PDF, Word, Google Doc Templates 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 …
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 …
