Down Payment Gift a Leg Up to Home Ownership, But Know Tax Rules We explain the tax details around giving the gift of a home down payment. Read Visit houselogic.com for more articles like this. Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®
THE NEW SYSTEM WILL DRAMATICALY DECREASE DEPOSITS INTO THE MIP INSURANCE FUND! No, really, it's true.
The pre-qualification goes a step beyond that to actually approve you from a credit perspective. My way of looking at the difference is you get pre-qualified to see what you want to do, and you get pre-approved to be in a position to actually do it.
There is nothing worse than loosing out on a home because you could not provide a strong pre-approval letter. Listing agents are starting to demand not only strong pre-approval letters that specifically mention what steps the lender has taken, but proof of funds and even Fannie Mae approval printouts!
What irks me to no end is what I see and hear today about how those bad mortgages caused this problem, or how those awful mortgage brokers caused that problem. I have never heard anyone come close to what the root causes of the problem were. And to add insult to injury, the same people that swore up and down that there was no problem are the same ones tasked with fixing it!