FHA / VA One-Time Close Blog

 Refinancing loans give borrowers many options. Did you know that you do not need to have an existing FHA mortgage to take advantage of certain FHA refinance options? You can change lenders, change the nature of your loan from an adjustable rate to a fixed rate, and add energy-efficient improveme...

A reader asks, "I closed an FHA loan on 02/18/15 and was charged a rate of 1.689% for Mortgage Insurance Premium. The rates were reduced in January-15. Was I charged an incorrect rate?"This is a common question for some borrowers because their loans happened during a period of time where the chan...

A reader asks, "We closed on house on 3/31. Had inspection. Stated was sewer, prev owner said was sewer, realtor said was sewer. On 5/8 found waste backed up in toilet in basement, called plumber, found out we have a septic system, currently waiting on them to come out inspect and pump.""We have ...

A reader asks, "I applied for a fha loan my contract on the house I am to purchase expires Thursday. I found out Wednesday night that I have to apply for an exception for the 2 fha loan rule and the house I am currently in and have on the market is a fha. I did not know this.""I qualify for both ...

A reader asks, "I have rental property with a mortgage balance of $26000. The property shows a current value of $98900. I would like to refinance but seem to have a problem getting it refinanced? What would you advise me to do in order to utilize my equity to finance another investment."The scope...

A reader asks, "I was prequalified for an FHA loan and during escrow, my agent said I made too much money to be eligible for the loan. Does that make sense?"The simple answer to this question is no, the notion that a borrower makes too much money to qualify for an FHA mortgage loan does not make ...

Many potential FHA borrowers want to know more about the ins and outs of mortgage loan interest rates. When it comes to FHA mortgages, it's easy to misunderstand the relationship between a participating FHA lender and the FHA itself.For example, some assume that the FHA sets and/or regulates mort...

We get many questions and comments about FHA home loans where FICO scores are concerned. Some borrowers seem to have doubts about whether or not they can qualify for an FHA mortgage loan or refinance loan because of their FICO scores and other financial qualifications. Consider this recent reader...

If you have never applied for an FHA appraisal-required refinance loan before, you probably have plenty of questions about program basics. How long can the new loan be? Can I re-use a previous appraisal? What is the maximum loan amount? The answers to these questions can be found in HUD 4155.1 Ch...

A reader asks, "How long do FHA Appraisals stay with the property in Georgia?" A search of the FHA official site at www.FHA.gov reveals a Frequently Asked Questions page that answers this query, but know that this FHA loan rule applies to all FHA loan appraisals, not just those that are complete...