When you’re getting ready to purchase a home and need funds for the down payment and closing costs, it’s important that borrowers follow the rules in mortgage lending. One important factor is the source of funds. Where did the funds for closing come from? Source of funds falls under the Federal anti-money laundering law. In
Many mortgage lenders make offers for first-time home owner loan programs or first responder programs. However, they embellish what those mortgage loans really are. For example, one mortgage lender promotes that nurses, first responders or veterans can get loans with zero fees. The reality is, the lender charges a higher interest rate to compensate for