The only "new" mortgage debt is the gap between your old mortgage balance and your new one. For instance, if you refinance a loan on which you owe $421,000 into one for $450,000, you’d have a gap mortgage for $29,000 on which you’d pay mortgage registration tax.

Designed to help lenders satisfy requirements under the Fannie Mae Loan Quality Initiative (LQI), the LQ GAP report provides a fully automated variance or.

If you originate a refinance Mortgage secured by property located in New York State for delivery to Freddie Mac and you are using a NY CEMA, you must use the most current version of the New York Consolidation, Extension and Modification agreement single-family fannie mae/freddie mac uniform Instrument (Form 3172). The current version has

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Example letter of explanation on job gap for mortgage? To whom it may concern, I worked for Verizon for 4 years, then I was laid off in 11/09. After being laid off I spent the following year.

If it was a 1 month gap 3 years ago, just give them something to satisfy their checkbox. However, I have never heard of this requirement from a mortgage company (I assume that is the originator of the request) so I don’t really know what they are after. I assume they are concerned with your ability to keep a job and obtain a new one when required.

Mortgage Borrowers can have multiple jobs and employment gaps in the past two years and still qualify for home loans. Having a two year, with employment gaps, may be a particular mortgage lender overlay But it is not a mandatory Fannie Mae, Freddie Mac, VA, USDA, or FHA guidelines Letter Of Explanation For Employment Gaps

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Bridge Mortgage Loan

Wharton's Brian Feinstein discusses his research on how judicial foreclosure can help states fill the policy gap left by the federal government's.

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