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2. What is a gift letter for a mortgage? - AOL

   www.aol.com/finance/gift-letter-mortgage...

   A gift letter for a mortgage verifies the source of a homebuyer's gifted down payment funds. ... That full amount can be gifted, but the FHA requires a gift letter and supporting documents ...

3. How to write a letter of explanation for a mortgage - AOL

   www.aol.com/finance/write-letter-explanation...

   A letter of explanation is simply a way to help resolve that red flag, which might include: A job change: If you change jobs, particularly in the time frame leading up to closing, you might need ...

4. HOME Investment Partnerships Program - Wikipedia

   en.wikipedia.org/wiki/HOME_Investment...

   In other words, if say HUD determines that a local area's median income is $25,000, then the HOME funds awarded in that area should only benefit those families with incomes less than, or equal to, 80% of $25,000 (or $20,000). HUD publishes the area median incomes plus the 80% income limits every year in its website.

5. Federal Housing Administration - Wikipedia

   en.wikipedia.org/wiki/Federal_Housing_Administration

   The Federal Housing Administration (FHA), also known as the Office of Housing within the Department of Housing and Urban Development (HUD), is a United States government agency founded by President Franklin Delano Roosevelt, established in part by the National Housing Act of 1934.

6. HUD-1 Settlement Statement - Wikipedia

   en.wikipedia.org/wiki/HUD-1_Settlement_Statement

   HUD-1 Settlement Statement. The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for ...

7. FHA loans: Definition, requirements and limits - AOL

   www.aol.com/finance/fha-loans-134807555.html

   Credit score minimum. 620. 580 with a 3.5% down payment or as low as 500 with at least 10% down. Down payment minimum. 3% for fixed-rate loans; 5% for adjustable-rate loans