It’s normal for a mortgage underwriter to ask for a letter of explanation, also called an LOX or LOE, about a potential issue in your loan file. Here’s a general template that will help you address various circumstances. Be sure also to check below for specific letters of explanation that cover things like long commutes, […]
Sample Letter of Explanation for a Mortgage – Word, PDF, Google Sheets Template Read More »
Buying a home is a costly and intimidating venture. Add being single and a mom, and it feels like you barely have bandwidth to think about it between work, kids’ doctor appointments, and needing this thing called sleep. Fortunately, it doesn’t have to be as hard as everyone makes it out to be. New and
Home Loans For Single Moms: Programs and Assistance Read More »
Buying your first home is hard enough, but imagine purchasing a home with low income, and being the first in your family to do it. This is where the $25,000 Downpayment Toward Equity Act hopes to help. It is a bill introduced in Congress that seeks to assist first-time, first-generation homebuyers to break into the
Downpayment Toward Equity Act: $25,000 Homebuyer Assistance Read More »
If there’s one group of potential homebuyers that deserves down payment assistance, it’s teachers. Educators have been historically underpaid, and often can’t afford to live in the communities they teach in – or any other community for that matter. Many can’t save up enough for upfront costs of homeownership like the 3-5% down payment plus
Educator Down Payment Assistance Act: $25,000 Grant For Teachers Read More »
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,
How To Get An FHA DACA Loan Read More »
I purchased a home in June 2006, not only at the top of the real estate market, but also right before a recession. And I don’t regret it. Buying a house before a recession can be a very good idea. Here’s what I learned from my experience that you can apply to your situation if
I Bought A House Before A Recession. Here’s What I Learned Read More »
USDA loans offer a unique benefit: in some situations, you can roll your closing costs into your loan. Add that to the program’s zero down payment requirement, below-market rates, and lenient credit score standards, and there’s hardly a better program out there. After helping many people become homeowners using a USDA mortgage, here’s a trick
How To Roll Closing Costs Into a USDA Loan 2024 Read More »
