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fha loans: What's the advantage of VA over FHA loans? - 08/04/08 03:28 PM
The VA Loan began in 1944 through the GI Bill of Rights. You must be an honerably discharged vetran or the spouse to qualify. FHA has no military service eligability requirement.
Gurantee vs. Insure Privately funded mortgage loans
VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to the conforming loan limit of $417,000. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. FHA loans insure up to 20% of the home loan amount to lenders. … (6 comments)
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fha loans: FHA modifies 90 day wait period designed to avoid inflated values by flipping homes. - 06/25/08 09:12 AM
The rule as originally stated:
To be eligible for a mortgage insured by FHA, the property must be purchased from the owner of record and the transaction may not involve any sale or assignment of the sales contract. This requirement applies to all FHA purchase money mortgages regardless of the time between resales.
If the owner sells a property within 90 days after the date of acquisition, that property is not eligible security for a mortgage insured by FHA unless it falls within one of the exceptions to the time restrictions on resales set forth in §203.37a(c) of the regulations. FHA … (3 comments)
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fha loans: FHA vs. VA Loans. - 06/03/08 08:23 AM
Members of the armed services and their veterans may wish to compare these loan types before making a finance decision.
VA loans are only open to qualified veterans. To qualify you must be an eligible veteran who has an available loan entitlement; you must move into and live in the home for a reasonable period of time after closing; you must have a reasonable debt to income ratio; and you must have good credit. Even though there are some limitations on who can qualify for a VA loan, they are not severely restricted to people who served in the military. For instance, after … (5 comments)
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Illinois Financial Advisor Greg Zaccagni
Wheaton,
IL
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Farmers Insurance
Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189
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