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Each month AR runs numerous contests as a way for our members to engage in activities
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These state pages or hyper-local pages provide content directly related to a specific geographical location.
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As the market keeps changing, we are constantly challenged with buyers obtaining financing. After attending an office "lunch and learn" yesterday, our Plaza Mortgage representative, John Jeffries, updated us on the world of FHA financing and the changes incurred. Here are some of the highlights:
FHA is a government insured loan not the government lending money. It is also one of the oldest loan programs with FHA 203(b) being the most popular.
FHA offers fixed & adjustable rates
Gift funds can be used for down payments and closing costs
Down Payment Assistance Programs can be used to get into a home without any money out of pocket
There can be a non-occupant co-borrower
Must be owner occupied
Loans are assumable
FHA & The Contract:
Only $75 is non-allowable by the buyer (must be paid by the seller)
BE CAREFUL with allowances and personal property
Show the Down Payment Assistance on the correct line
All agents must sign the Financing Addendum
FHA Repair Requirements have been reduced significantly as of January 2006.
Must be owned 91 days before a new contract can be written
Must be owned 180 & 181 days if the value increases 100%+ and 2 appraisals are required
Exceptions granted for HUD, VA, FNMA, FHLMC, federal agencies, state or local government agencies, state or federally chartered agencies, relo agency transactions, inherited properties and builders
Owner of record must be verified
Debt to Income Ratio Guidelines: Housing Ratio: 31% Total: 43%
NO MINIMUM CREDIT SCORE
FHA will accept loans after 2 years of Chapter 7 Bankrupcy
FHA will accept loans after 3 years of Foreclosure
Allows non-traditional credit references and can accept a borrower with no credit
Loans can be approved with a letter of explaination and/or documentation
New Limits: (No Maximum Sales Price)
1 Unit: $271,050
2 Units: $347,000
3 Units: $419,400
4 Units: $521,250
Requires 3% in the transaction between down payment and closing costs (pre-paids do not count)
Seller consessions can be up to 6%
List Price of home: $105,000
Contract Price: $110,000
Down Payment Assistance (3%): $3300
Down Payment Assistance Fee: $300
Seller Paid Non-Allowables: $75
Seller Paid Closing Costs: $1325 (Just for fun)
This is all good- as long as the home will appraise for the new contract price! Use caution- if it doesn't appraise for the higher price to cover all the seller paid costs, you've got a whole new set of issues to deal with.......
Aww- to know me is to love me and here's your insight to a little charisma with Karisma... It's all about Real Estate for Real Life, me and my interests, what's new, what's not, what works and so on... Depends on what's on my mind that day... So read, comment, enjoy and keep coming back!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.