Homebuying

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.  Submit your […]

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 common to live far from your employer. 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 come from you, though. It must come from your

I’m going to give you advice that you don’t want to hear. If you’ve already decided that you want to buy a car before buying a house, then don’t read this article. One of the biggest challenges for many first-time buyers was qualifying for the home they wanted because they had a car payment. A

When I bought my first rental property (the one pictured above), my brother and I saved nearly $20,000 by conducting the sale ourselves. Here’s how you can do it, too. How we saved nearly $20,000 When my brother was planning on selling his home, I offered to purchase it as an investment property.  His agent

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

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

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

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