Many questions are answered by calling 1-800-CALL FHA.
Watch the video; it is lengthy, so prepare a quiet place. Some questions posed are:
Can you get FHA for refinancing, flipping, and first time buyers?
What is the biggest advantage? Is it low down payment? Saving a home from foreclosure? Obtaining financing with limited credit? Flexible underwriting?
You can also check www.FHA.gov for more information and updated limits for YOUR AREA and Washtenaw County and the Ann Arbor area.
How long do you have to wait after Chapter 13 bankruptcy or foreclosure to get FHA?
When can you eliminate the monthly mortgage premium?
Does FHA require Seller to fix deficiencies? Yes, if it affects the value of the home, per video, but appraisers are no longer nit picking repairs.
Most of the market has to use FHA financing, so knowing guidelines is important in the Ann Arbor Real Estate market.
The FHA loan limit in Washtenaw County is $345,000 now. Borrowers are now able to use FHA for flipping properties per the video; FHA is being responsive to the market conditions and the increase in national foreclosures.
Did you learn anything?
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Kathy Toth and Team
www.KathyToth.com
Keller Williams Realty
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