fha: FHA Loans May Require Longer Waits in Shadow of Changes
- 12/22/10 07:51 AM
FHA Loans May Require Longer Waits in Shadow of ChangesRecently FHA made some changes to it's multi family underwritting standards, changes that will effect your ability to finance a multi-family project. Those in line of construction or refinancing will see lowered leverage levels, an increase in debt service requirements, as well as an increase in reserve requirements. These changes are going to mean an increase of scrutinization of the documents by lenders, as well as an increase of required docs. In general the process is going to take longer to get through as everything is going to take more time to analize. (3 comments)
fha: FHA Appraisals are no substitute for a Home Inspection
- 09/27/10 09:21 AM
FHA Appraisals are no substitute for a Home InspectionI am currently in the middle of an FHA transaction, and the home inspection will be happening this week. Got me to thinking about the difference between the home inspection and the FHA appraisal, a point that confused by the home buying public all too often. When a home is bought through FHA the home is subject to a FHA appraisal, basically the FHA appraisal is an appraisal on steroids. As we all know an appraisal is performed by the lending institution to determine that the property is worth what the lending institution (6 comments)
It has been reported that 2010 and 2012 are going to see a lot of mortgages re-adjust. If you have an ARM (adjustable rate mortgage) and it will be adjusting this year it is most likely going to rise. In this economy many homeowners are going to find themselves in a situation where they will no longer be able to meet their mortgage payment obligations. As a homeowner you do have some options to head off this type situation happening to you.
If at all possible look into refinancing, (5 comments)
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