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.
Unfortunately, I also know of several lenders who had knots in their stomachs every time they went to work (for builder-owned mortgage companies) because they were forced to do what they knew was wrong in order to keep the money coming in for their families. Could this explain why there are subdivisions that are only a few years old with a huge percentage of vacant and vandalized homes?
These are just a few examples of different loan programs and - most of which are not now avaible now. This is either because there are no investors willing to buy these loans as investments, or because the have been effectively or actually outlawed by the government.
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.