FHA / VA One-Time Close Blog

A reader asks, "Hi. My wife and I are planning to buy a house. My wife has a stable job for six years as registered nurse and I is currently a homemaker. Both of us has credit score of 720+ and we never missed a single payment in our credit cards and personal loans. What is our chance to be appro...

A reader asks, "I have a grand daughter who is looking to buy a fore close house asking only 12, 000.00.. Is there a program out there to help her. some one had started doing repairs to the house. a new bathroom, up dated kitchen tile kitchen and bathroom floors. She wants to use this property a...

A reader asks, "We have applied for a FHA loan and until yesterday, had no idea that that someone had filed a tax return under my social security number back in 2012. I have submitted the proper forms to the IRS, and they have my accurate 2012 tax return on file. Because I submitted the tax retur...

A reader asks, "Is there a cap on fees a broker can be compensated for their part on a HECM loan, and if the lender list origination fee that is clearly greater than the $6000 max, which includes the broker compensation paid by the lender. My question is is the lender in violation of the origina...

When the FHA announced mortgage insurance premium cuts in the annual, mortgage insurance premium (MIP), there was a preliminary announcement on Thursday January 8th, with details promised to follow. Now the FHA has issued a Mortgagee Letter announcing specifics of those MIP cuts. FHA Mortgagee L...

A reader asks, "My husband and I were just approved for a FHA loan or a RD loan, but we are being told the house doesn’t qualify because the basement only has small windows (no step outs and no door leading outside). The basement contains two bedrooms, a living room and a laundry room. Is there a...

A reader asks, "I filed bk 25 months ago, and then short saled by home which was included in my bk 13 months ago. I now have a mortgage for 13 months under a second chance mortgage with an interest rate of 8.9 is there any way i can use my va loan to refinance now or do i still have to wait anoth...

The VA Loan Funding Fee is one of the expenses of getting a VA loan. All VA loan applicants pay this fee unless they are exempt because the receive or are eligible to receive VA compensation for service-connected medical conditions. For new purchase home loans, there is a VA loan funding fee tabl...

In recent weeks we've fielded several questions from readers about VA loan refinancing with the VA Interest Rate Reduction Refinancing Loan, also known as a VA Streamline Refinance or IRRRL. There are many situations where a borrower might need to apply for a VA IRRRL and initiate a change from t...

A reader asks, "My wife has moved out, but will not agree to remove her name off deed. What need to know is what can I do in refinancing the VA loan since her name is not signed for the loan, in which the payment statements only come in my name? I do not want to walk away from my loan agreement, ...