As a loan officer, I deal with so many little details that can become big problems. You just would not believe it! For instance, when I ask a buyer how much money they have for a down payment, (on the first conversation normally), I may or may not remember to also ask "Where is the money?", and "Where did the money come from?" "It's at home in my sock drawer!" If there is one thing (but there are many things) that an underwriter is picky about, it is the source of funds. "Why is it any of their

It used to be so hard to explain, and for me to understand, this thing about paying off your FHA loan It clearly states on your loan documents up front, that there "is No Pre-payment penalty". Why, then did FHA require extra money to be paid off.? If you paid off your conventional loan, say on the 5th day of the month, you paid interest for five days (assuming your last monthly payment was on time, it should have taken care of the previous month's interest due). Assuming the same scenario, if

To former and current service men and women, THANK YOU for your service! If you have VA benefits, and would like to buy a house, what are you waiting for? -VA loans require no down payment -VA loans allow the seller to pay all closing costs and prepaids/escrow. (up to 6% of sales price) -VA loans allow the buyer to qualify for a higher-priced home (due to higher debt-to-income ratios, and no monthly Mortgage Insurance premium payment) -VA loans can be used to buy a home, condo, townhouse, build

What is "mortgage insurance" or "private mortgage insurance"? It's part of your total monthly mortgage payment in many cases. "Mortgage insurance" is usually referring to FHA loans, while "private mortgage insurance" usually refers to conventional loans, which obtain the insurance through private insurance companies. A few of these would be MGIC, Genworth, and Radian. FHA is short for Federal Housing Authority, which provides the program which insures those loans, but they do not actually provi