Home Loan Learning Center
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 ...
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 ...
Appraisals Versus Home Inspections
Do I need both? Home appraisals tell you how much a home is worth, and a home inspection tells you why you might not want to buy it, regardless of price. Both processes have the capacity to derail home purchases. Home Appraisals Home appraisals ...
What is a RESPA on a Mortgage and What Does it Cover?
The Real Estate Settlement Procedures Act (RESPA) is an act passed by Congress in 1974. It was designed to protect potential homeowners and enable them to become more informed consumers. This act requires lenders to provide more information to borrowers at certain points in the ...
How To Get A Zero-down Mortgage
Here at Consumer Real Estate we specialize in helping individuals utilize the USDA Home Loan Program to make the dream of home ownership a reality. The USDA Home Loan program is a 100% financed program that allows people to purchase a new home with no ...