fha mortgage loans: FHA Loans & Appraisal Rules: A Reader Question
- 08/26/16 01:42 AM
A reader asks, "I have been told by my realtor and the lender that an appraisal on a house I own will be on record for 180 days. They said that the appraised value will be on record and no other FHA appraisal can be made during this 180 day period. Is there a master list that other lenders and appraisers cross reference during this six month period? My reading of your blog indicates that if another FHA buyer makes an offer on my property. a different appraisal would need to be performed." HUD 4000.1 does indeed contain language that leads one … (2 comments)
fha mortgage loans: FHA Loans and Social Security Income
- 08/09/16 10:55 PM
A reader asks, "I dont understand if I have a 1099 and I have a benefits letter, and the letter that states at the end of the year what I am getting for the following year, why I am being asked or can be asked for something that states I will get social security for 3 years? There is nothing that says social security will give this to me or a name for it." FHA loan rules governing Social Security income are found in HUD 4000.1, page 195 under "Other Sources Of Effective Income". The rules require the lender to make a … (0 comments)
fha mortgage loans: FHA Loan Rules and Individual Lender Standards
- 04/24/16 07:10 AM
A recent question in the comments section reminds us of the need to differentiate between lender standards and FHA loan rules. Both will have a say in loan approval, terms and conditions, and more. The reader asks, "I was just in bank office today and yesterday. Yesterday before the lender saw my pay stubs i was pre-qualified for 70,000, now after seeing my work hours plus my W2. I'm now approved for only 30,000. How did that happen? I lost 40,000 just by not having 80 hours a week." There are several issues at work here. The first is the nature of being … (1 comments)
fha mortgage loans: Why Use An FHA Loan Mortgage Calculator?
- 02/04/16 11:22 PM
When you are planning your home loan, there are many aspects to consider. The selling price of the home is only one of those aspect; borrowers will need to save money for closing costs, a home inspection, and make a monthly budget for the mortgage amount, plus taxes and insurance. Some of the planning phase of your FHA mortgage involve things like requesting copies of your credit reports--things with concrete numbers such as FICO scores and payment amounts. But when it comes to figuring out your mortgage payment, arriving at the actual number can be a bit tricky. That's one reason why it's … (2 comments)
fha mortgage loans: FHA Mortgage Loan Limits For New Purchase Loans And Refinance Loans
- 01/28/16 09:33 PM
We've gotten some questions recently about FHA mortgage loan amounts, so it seemed like a good time to post the FHA loan rules found in HUD 4000.1 about how maximum loan amounts are calculated. There are FHA loan guaranty limits and FHA mortgage loan amounts--the two shouldn't be confused as FHA mortgage loan guaranty limits refer to the amount of money the FHA will guarantee for the loan, whereas the maximum loan amount is the highest amount for a specific transaction that the lender/FHA loan rules will allow. FHA loan rules say the maximum can be affected by the type of transaction. You … (0 comments)
fha mortgage loans: FHA Home Loans For Existing Properties: Weatherization
- 12/07/15 08:45 PM
Did you know that in certain cases, FHA single-family home loan rules in HUD 4000.1 permit the borrower to add funds to weatherize an existing construction home being purchased with an FHA mortgage? According to HUD 4000.1: "The weatherization product permits the Borrower to finance the cost of eligible energy-related weatherization improvements, in conjunction with a purchase or refinance." This is separate from an FHA Energy Efficient Mortgage (EEM) though that can also be included in the loan for qualified borrowers. From HUD 4000.1: "Weatherization improvements may be financed in conjunction with the following: --Section 203(b) purchase transaction (or) no cash-out refinance transaction --Section 203(h) … (0 comments)
fha mortgage loans: FHA Loans And Non-Purchasing Spouses
- 08/23/15 01:03 AM
There are a lot of questions asked about FHA loans and how spouses can buy together. Can the FICO scores of one spouse make up for the lower scores of the other borrower? Can one spouse's income offset the lower income of the other? How does state law factor into FHA loan applications when spouses apply? All valid questions. But what about circumstances where one spouse is not borrowing? Does an FHA loan require action on the part of a non-borrowing spouse? The answer can be influenced by state law, lender standards, and FHA loan regulations. At the time of this writing, FHA … (3 comments)
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Bruce Reichstein
FHA / VA One-Time Close Construction to Perm Loans
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