We have to document money in a checking, savings, or investment cash account(s) equal to or in excess of the money you need to close.  Please don’t move money around.  All we need to see is that you have the funds to close.   Bank Statement:  This document shows 30 days of transactions and…

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Mortgage Memo Today’s Topic: Big 3 Mortgage Program Refresher It’s always a good idea to review the basics!  Conventional (Fannie Mae and Freddie Mac) 3% down for 1st time home buyer. 5% minimum down for everyone else. PMI rate moves with % down and credit score. PMI goes away once you have 20% equity. Option…

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