Homebuying

Sample Letter of Explanation for Gap in Employment for a mortgage loan.

Sample Letter Explaining a Gap in Employment for a Mortgage Loan – Word, PDF, Google Doc Templates

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 […]

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Interest Dividend Capital Gains Trust Notes Receivalbe Rental income guidelines mortgage

Interest, Dividend, Capital Gains, Trust, and Other Income Types For a Mortgage

If you have significant investments or passive income, you may be able to use it to qualify for a mortgage. You can even use multiple income types along with employment income. Following is how lenders review various non-employment income types and the typical documentation needed. See if your income type qualifies you for a mortgage.

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Alternative Income Types for Mortgage

Income for Mortgage: Disability, Social Security, Alimony, Roommate, RSUs, and more

There are almost too many income types to name, but you might be surprised that you can use many of them to qualify for a mortgage. Following are less-common but important types of income and how to leverage them to qualify for an FHA, conventional, VA, and USDA mortgage. See if your income type qualifies

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Overtime income for mortgage

Overtime Income: How to Qualify for FHA (+ Conventional, USDA, VA)

If you earn overtime income consistently, it may help you qualify for a mortgage. Here are guidelines for FHA, plus how other loan programs view OT income. See if your overtime income qualifies you for a mortgage. FHA rules for overtime income The key ingredient FHA lenders need to use overtime pay is history. Luckily,

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Can you get a mortgage with disputes on your credit report? What to know.

Don’t Dispute Items on Your Credit Report Before Getting a Mortgage. Here’s Why

Disputing items on your credit report can derail your mortgage approval. The reason: your mortgage lender removes disputed accounts from its analysis, rendering any approval inaccurate and unusable. So lenders will simply set the file aside until all credit disputes are settled or removed. This can delay your home shopping or put your earnest money

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A Family Opportunity Mortgage lets you purchase a home for an elderly parent or adult child with a disability at owner occupied rates and terms.

Family Opportunity Mortgage: Buy A Home For Parents At Lower Rates in 2024

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 (so far) manage. But if that weren’t the case, I would be thinking about using Fannie Mae’s Family Opportunity Mortgage. This

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