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There’s no need to panic if a lender requests a letter of explanation: It’s a common part of being granted conditional approval for the loan. Still, it’s important to do the job right. Still ...
FHA loans: The Federal Housing Administration (FHA) backs mortgages with a minimum down payment of 3.5 percent. That full amount can be gifted, but the FHA requires a gift letter and supporting ...
Conditional approval, on the other hand, comes in after initial approval — and in fact, after you’ve signed a contract to buy a home and formally applied for a mortgage. This stage involves a ...
These low-down payment loans include the: Conventional 97 mortgage: This conventional loan, backed by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, requires just 3 percent ...
And the FHA changed its terms to make mortgage insurance last at least eleven years for those with a loan to value ratio of 90%, while those with a loan to value ratio greater than 90% will pay mortgage insurance over the entire life of the loan. The FHA loan changes that went into effect June 2013 mean that the mortgage insurance on these ...
For example, making payments on the mortgage can evince an intent to assume it, as can paying less than the value of the property (if the difference is the amount outstanding on the mortgage). Absent an assumption of the mortgage by the purchaser, the purchaser buys the property subject to the mortgage, which means the property is still ...
For example, a lender advertising a home loan might have advertised the loan with a 5% interest rate, but then when one applies for the loan one is told that one must use the lender's affiliated title insurance company and pay $5,000 for the service, whereas the normal rate is $1,000. The title company would then have paid $4,000 to the lender.
Before you can get a mortgage, you will need a mortgage preapproval letter. This is a document from a mortgage lender showing a proposed loan amount for a given borrower. While a preapproval ...
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