fha mortgage: Structural Requirements for FHA Loans
- 05/22/18 11:17 AM
FHA Appraisers have certain requirements that go above those required of a Conventional Appraiser. Because of that, FHA Appraisals are more detailed, and are usually at least $50 or more expensive. Structural Requirements for FHA Loans means that the Appraiser must note that the Utilities are on, and that the systems are in working order. Some of you may not realize it but I’ve been in this business as second generation mortgage banker for several decades. I have my FHA Underwriter designation and after he retired, my dad became an Appraiser. With Sellers being picky about accepting a FHA Loan Offer, I wanted … (0 comments)
fha mortgage: First Time Home Buyers Are Not Using FHA
- 04/16/18 09:07 AM
“Millennials have long been called the next wave of home buyers.” I don’t know why this is “shocking” because the US Housing Market has always relied on First Time Home Buyers coming into the market to help everybody else move up, or downsize. First time home buyers comprised 38 percent of single-family home purchases last year, their biggest share in the market since 2000, according to Bloomberg. The most interesting characteristic of this group of home buyers is that they are relying on Conventional Financing Programs, first time home buyers are not using FHA as the “go to” program.
Again, I don’t think that’s shocking either. First … (1 comments)
fha mortgage: How to Buy a House from a Family Member
- 04/03/18 08:48 AM
When you are purchasing a home from a family member – then there are some extra hoops that you have to jump through. With FHA, the rules on how to buy a house from a family member allow us to loan you up to 96.5%, as long as the borrower has been renting the property (literally paying rent, not rent free) for at least 6 months. If we can’t meet the guidelines I’m going to address, then we are limited to a 85% (or 15% down payment) loan. READ: I’m writing this, so that we can get it right the first time!
How To Buy A … (0 comments)
fha mortgage: Documenting Large Deposits For A Mortgage Loan in 2013
- 05/06/13 06:36 AM
Many times we have questions from underwriters about deposits showing on a bank statement. Seems kinda silly at times… but they really do want to know where that extra $350 came from! If you are buying a house, and you are having a yard sale to try and raise a little extra cash – this can be difficult to document! If there are any unusual or extraordinary deposits into your account the deposit will need to be documented. If they cannot be documented the funds will not be given credit in your transaction. This could lead to a denial, because an … (0 comments)
fha mortgage: FHA Guidelines for Rent to Own in NC
- 07/27/11 10:23 AM
Rent-to-own agreements and or sales that take place between a tenant and landlord have special FHA Guidelines. Often times, when someone moves to our area with a short sale, or previous forced foreclosure in their past – they will rent a home here until their “waiting period” is over. If you are in this situation, and plan on buying a home under a rent to own scenario, there are different rules for different types of loans. All Government loans are popular, because of their low downpayment requirements. VA has no “formal” guidelines for this scenario, and neither does USDA- however, most … (0 comments)
fha mortgage: Why are USDA Mortgages Better than FHA in Johnston County, NC?
- 09/02/09 02:57 AM
USDA Rural Development Mortgage Loans are not just for farms, and if you qualify for them - they are better than FHA Loans! Here are a few key points: Credit The days of purchasing a home with poor credit are long gone. You need at least a 620 credit score to purchase a home using FHA or USDA financing options Downpayment USDA does not require a downpayment, FHA requires a 3.5% downpayment. Closing Costs Closing costs of up to 5% can be paid by the seller, or it can be a gift in either loan scenario. Mortgage Interest Rates are pretty … (0 comments)
Johnston County biased blog dedicated to providing information about FHA, VA mortgages, USDA home loan and conventional mortgage loan information for Smithfield, Clayton, Benson, Wilson Mills, Dunn, and other parts of Johnston County. Highly experienced mortgage loan officers with best rates in the area!
FHA Appraisers have certain requirements that go above those required of a Conventional Appraiser. Because of that, FHA Appraisals are more detailed, and are usually at least $50 or more expensive. Structural Requirements for FHA Loans means that the Appraiser must note that the Utilities are on, and that the systems are in working order.
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