What is a TBD Underwritten Mortgage Approval? A “TBD underwritten mortgage approval” is a fully underwritten loan commitment in which an underwriter provides conditional approval for a mortgage loan even before the borrower has chosen a property. With a TBD or “To Be Determined” underwritten mortgage approval, some of …
Chenoa Fund down payment assistance
How does the Chenoa Fund work? The Chenoa Fund provides second mortgages to be used with FHA loans to cover the minimum down payment requirement when purchasing an FHA-insured home. In effect, pairing the DPA with an FHA loan requires no money from the borrower, and the entire cost of the house is financed. The …
Financing a multifamily property
How to finance a multifamily property Purchasing your first Rhode Island home is always a significant milestone, but what if you could also turn it into an investment opportunity? That's where multifamily homes come into play. For first-time homebuyers trying to enter the current housing market, understanding how to …
MEP’s Rate Protection Program is a win-win for borrowers!
Every rental payment you make is building equity for someone else. Home values are predicted to continue to appreciate. The prices you see today are going to continue to rise. Don’t you want to realize that appreciation for yourself? MEP’s Rate Protection Program (RPP) allows you to get off the sidelines and buy the …
Continue Reading about MEP’s Rate Protection Program is a win-win for borrowers!
How to get a mortgage pre-approval
What is the Cash Ready Plus Program? A mortgage pre-approval is designed to make the homebuying process easier. Getting a fully underwritten pre-approval from Mortgage Equity Partners means your loan officer and an underwriter have thoroughly reviewed your financial position. By issuing a pre-approval letter, we are …
How to remove a Hubbard clause
How to sidestep the Hubbard clause… The Hubbard Buster, a unique bridge loan offered by Mortgage Equity Partners, is a game-changer in a competitive housing market. It allows you to use the equity in your current home to buy a new one without making monthly payments on the bridge financing. This means you can make …
