Pre-Approval Letter Sample + Do’s and Don’ts
What is a Pre-Approval Letter?
A pre-approval letter is a document that states the loan amount a lender is willing to make to a borrower. It is not a guarantee to lend, but it carries significant weight, especially to other parties in a real estate ...
Posted by Tony Mariotti on July 5, 2016 in Financing a Home
Types of Home Loans: An Epic List of 29 Mortgage Programs
Types of Home Loans: Government Backed
Government agencies insure (or guarantee) a very large number of mortgages in the United States. Agency mortgage programs have roots in the New Deal or post WWII economic eras, both of which expanded ...
Posted by Tony Mariotti on June 24, 2016 in Financing a Home
Conventional 97 Loan Guide
What is the Conventional 97 Loan Program?
Conventional 97 loans are a type of low down payment mortgage for first time home buyers. Borrowers only need to come up with a 3% down payment, which then creates a mortgage balance of 97% loan to value ...
Posted by Tony Mariotti on June 21, 2016 in Financing a Home
Mortgage Commitment Letter: How to Seal the Deal
What is a Mortgage Commitment Letter?
A mortgage commitment letter sets up a borrower with the highest state of readiness to buy a home. Mortgage commitment letters are only issued if the borrower and property meet underwriting ...
Posted by Tony Mariotti on June 17, 2016 in Financing a Home
Mortgage Gift Letter Guide: Requirements + Free Template
What is a Mortgage Gift Letter?
Saving for a mortgage down payment is a big challenge for many people, especially first time home buyers. That’s nothing new; it’s always been true. Fortunately, many of the most popular mortgage programs ...
Posted by Tony Mariotti on June 12, 2016 in Financing a Home
VA Approved Condos: Here's What You Need to Know
What Are VA Approved Condos?
VA approved condos include any townhouse or condominium unit within a VA-approved project. The word project refers to all the individually-owned condominium units plus the common areas combined. The VA puts a stamp of ...
Posted by Tony Mariotti on April 20, 2016 in Financing a Home
FHA Approved Condos: Here's What You Need to Know
What are FHA Approved Condos?
FHA approved condos meet property eligibility requirements set by the US Department of Housing and Urban Development (HUD).
Condominium associations must apply to have their condominium project (the condo complex) ...
Posted by Tony Mariotti on April 18, 2016 in Financing a Home
FHA 203k Loans: Everything You Need to Know
What is an FHA 203(k) Loan?
FHA 203k loans provide flexible home financing to purchase or refinance a home while simultaneously funding its renovation. It’s an all-in-one program, rolled into a single FHA-insured mortgage. It’s used for ...
Posted by Tony Mariotti on March 16, 2016 in Financing a Home