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

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

    The letter of explanation addresses red flags that might derail your approval: why you were unemployed for a period of time or why there’s an unpaid balance on your credit report. Not every ...

  3. How to Write a Letter of Explanation for a Mortgage - AOL

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

    If your credit report has any negative history, a lender may require a letter of explanation for a mortgage application. Needing a letter of explanation isn't a cause for panic, but it's something ...

  4. Can I qualify for a mortgage if I'm about to retire? - AOL

    www.aol.com/finance/qualifying-for-mortgage-in...

    Request a letter of explanation so you can pinpoint why you were denied so that you can address the problem. The lender may also suggest specific fixes, like applying with a cosigner or making a ...

  5. Verification of employment - Wikipedia

    en.wikipedia.org/wiki/Verification_of_employment

    Verification of Income and Employment (VOIE) is a process [1] used by banks and mortgage lenders in the United States to review the employment history of a borrower, [2] to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003). Lenders require complete ...

  6. Getting a mortgage after bankruptcy: What you need to know - AOL

    www.aol.com/finance/getting-mortgage-bankruptcy...

    FHA loans “generally require a lower minimum credit score and down payment than conventional mortgages,” Tayne says (as low as 580 and 3.5 percent down, or 500 and 10 percent down). USDA loan

  7. Mortgage Credit Certificate - Wikipedia

    en.wikipedia.org/wiki/Mortgage_Credit_Certificate

    x MCC Credit: 30% = Total Credit: $3579; Because the total credit in this example exceeds the IRS limit of $2000, the homebuyer would report a $2000 credit on their tax return. The buyer may continue to receive a tax credit for as long as they live in the home and retain the mortgage.

  8. FHA loan requirements for 2024: Here’s how to qualify - AOL

    www.aol.com/finance/fha-loan-requirements-2024...

    Credit score: Minimum credit score of 580 (or 500 with a higher down payment) Down payment: 3.5 percent (or 10 percent with a credit score between 500 and 579)

  9. Government National Mortgage Association - Wikipedia

    en.wikipedia.org/wiki/Government_National...

    FHA also was tasked with chartering and regulating a national mortgage association that would buy and sell FHA-insured mortgages. In 1938, Congress amended the act to create the Federal National Mortgage Association, more commonly known as " Fannie Mae ", to help mortgage lenders gain further access to capital for mortgage loans.