Gift Fund (Part I)

You can always choose to use gift fund for your downpayment. Here is a list of general guidelines for regular conventional loans and FHA home loans. Remember, all banks have different guidelines. Their requirements can be slightly different from one bank to another. Conventional Loans: If Read more ›

Gift Fund (Part 2)

Gift letter: This letter needs to be signed by the gift donor (the one who gives the gift fund) and our borrower who receives the fund. It indicates (1) the amount of fund, (2) relationship with the borrower, (3) Donor’s Read more ›

Gaps in Employment

Lenders usually require borrowers to have a minimum of 2 year job history. However, there are exceptions to this rule. Attending school: If the borrower was attending school and started working full time less than 2 years ago, all you need is Read more ›

Medical collections

If you have existing or prior history of medical collections that appear on your credit report, many of you are worried that banks will not approve your home loan application or require you to pay them off. That is not Read more ›