As a veteran, you receive entitlement to purchase a home up to $484,350 with no down payment if you have full entitlement. But what happens when you don’t have full entitlement any longer? You can have entitlement tied up in your current home or you could even lose some if you lost a home to Read more
What is a Portfolio Loan?
When you think of a mortgage, you likely think of conventional loans. These loans are written and funded by a lender, but then sold to a secondary market entity, such as Fannie Mae or Freddie Mac. Your loan servicer might remain the same, but the entity that actually owns the loan doesn’t remain the Read more
The Dos and Don’ts of the Mortgage Approval Process
When you are ready to buy a home, you have a lot of decisions to make. You also have a lot of work to do. Lenders will evaluate your finances inside and out to make sure that you are a good candidate. Because of this, you must be on your best ‘financial behavior.’ It’s best if you freeze your Read more
How to Properly Write a Letter of Explanation for a Mortgage
If everything on your mortgage application isn’t textbook material, it’s fairly certain that you’ll receive a request for a Letter of Explanation. Just what is this letter and how do you write it?Keep reading to learn the specifics you must know in order to get the mortgage approval that you Read more
Updated DU® Simplifies Reserve Calculation and More on Multiple Financed Properties
Enterprising individuals into buying and selling homes can take advantage of Fannie Mae’s multiple financed properties program. But not all lenders offer this option due to the challenge of underwriting a borrower with existing mortgaged properties of up to 10. There’s also the complex calculation Read more
