Home Loan Learning Center
Why is the underwriter asking for more documents
As a first time home buyer, this question may be haunting you throughout the loan process. Here are a few reasons why your underwriter may ask for more documents. The original documents sent in for review didn’t cover all the requirements to get your loan ...
What is a Sourced Deposit?
When applying for a mortgage loan, you may be asked to explain cash deposits on your bank statements, especially if they are non-payroll deposits over $100. The underwriter requires “source documents” for each of these transactions. But what exactly are source documents? These documents are ...
USDA Preliminary Approval Process
The USDA Guaranteed 502 Program is an excellent loan for any individual interested in a home purchase. It allows for minimal out of pocket cost and helps people obtain property in a manner unlike any other mortgage program. Society Mortgage is a leader in this ...
How to Get a Mortgage Pre Approval and How Many?
Thinking about buying a home can be really exciting, but it also comes with lots of information and right decisions. One of the first things you’ll need to do is get something called a mortgage preapproval. But what exactly is that? Before you jump into ...
UDSA & FHA Septic And Well Distance Requirements
Who Is In Charge Of The Septic and Well Requirements? An inspector from the local health department or a laboratory certified by the state takes water samples for testing. State laboratories performing analyses of drinking water compliance samples must meet the minimum criteria established by ...
What Is The Difference Between USDA Guaranteed And Direct Loan
One thing many potential borrowers are unaware of is that there are two distinct types of USDA loans, the Direct and the Guaranteed. USDA Guaranteed Loan The USDA Guaranteed Loan is facilitated by traditional lenders such as banks and mortgage companies. It allows borrowers ...
USDA Guarantee Fee
USDA loans are a popular choice for lower and middle credit homebuyers seeking to finance a property suburban areas. With zero down payment and lower monthly payments, this loan amount offers an accessible path to homeownership. USDA loans are ideal for first-time homebuyers or those ...
Letter of Explanation for Credit Inquiries – How to Write One?
When you apply for a mortgage, your lender may request a letter to check your credit score and credit history. Part of this financial background check includes credit inquiries and any gaps in employment history. A credit inquiry is when a lender checks your credit ...
What Is A USDA Construction Loan? Requirements for 2025
While a regular USDA loan lets you buy a house that’s already built, a USDA construction loan lets you build a new one instead. USDA considers a property new construction if the dwelling has been built within 12 months and has never been occupied. What ...