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What the Rules Regarding Using An FHA Loan To Purchase Due To Relocation?
Q: We recently relocated and rented out our primary residence (has conventional loan). After doing this, we were disappointed to learn we needed 30% equity in the rented home in order to purchase a...
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Are FHA Loans For Anyone?
Q: I would like to take advantage of the low down payment requirement on FHA loans. My problem is that for the type of loan I would like to get around 200k (no more than 250k) is having a 10%...
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Can I Get An FHA Mortgage If The House Is Not In Perfect Condition?
Q: HUD has accepted my offer on a property in Indiana. The home is priced below the market, but has an escrow for $4,000 to fix some plumbing issues. I would like to get an FHA mortgage, but have...
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Do FHA Loans Delay Closings?
Q: My home purchase backed by an FHA loan nas been delayed in closing. The bank funding the loan balmes the FHA approval process. Do FHA loans include complex processes that are prone to...
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What Is The Close Time For An FHA Loan?
Q:From application, how long does it take to close an FHA loan? –Anonymous, Antioch, CA A: That really depends on your mortgage company as well as how efficient you are in getting the required items...
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Senate Supports Raising FHA Loan Limits
By Nick Kotecki A Reuters article reported on Thursday that the Senate has backed a measure to prop up the housing market by making it easier for people to purchase homes in wealthier neighborhoods....
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Fannie and Freddie Left Out of Higher FHA Loan Limits
By Jackson Griffin HousingWire.com reports that Friday morning President Obama signed a government spending bill for the re-institution of higher conforming loan limits for the Federal Housing...
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Can A Home Be A Rental If I Am Using An FHA Loan?
Q: I’m purchasing a home in California and it is a short sale. Everything is a go, its approved and money has been wired. The home had an FHA loan and was approved by HUD and the bank. I just received...
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Can I Get An FHA Loan If I Have Bad Credit?
Q: Hello, I was wondering if I could get an FHA housing loan with bad credit and if so how do I get in a position to quailfy?–Anonymous, Columbia, SC A: Great question. What do you define as “bad...
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Are There Any Negative Ramifications To A Building Becoming FHA Approved?
Q: Our condo building is applying to become FHA approved. If we succeed with this application can potential buyers still use a conventional loan to purchase in our building, or would everyone be...
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Facing A Huge Down Payment? Consider An FHA Loan
Do you have $70,000 for a down payment on a house? In California, that’s roughly what you’d need to make the 20 percent down payment a conventional loan requires. When my husband and I bought our...
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Are We Missing Out On Showings By Not Including FHA Buyers?
Does listing your home as cash or conventional sale only scare away buyers? Today’s question comes from Las Vegas, NV. Q: Does listing your home with cash, conventional sale only make a big difference...
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What Is an FHA 203k loan?
Whether you’re buying a home in dire need of complete renovation or just want to modernize the kitchen or flooring of a property before you move in, an FHA 203k loan insured by the Federal Housing...
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Don’t Have Enough for a Down Payment? Try Mortgage Insurance
For many would-be homeowners, coming up with a down payment that’s 20 percent of the home loan they want just isn’t possible. And most lenders view a down payment below 20 percent as a sign that the...
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Pros and Cons of First-Time Homebuyer Loans
Navigating the range of home loans to find the one that best meets your needs can be difficult, particularly if this is the first home you’re buying. To make things easier, the federal government and...
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What is a HUD REO?
REO stands for real estate-owned property: a type of property that has failed to sell at a foreclosure auction, has been claimed by the lender and is up for sale again. If that property is backed by a...
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How FHA Loans Can Help Home Buyers
For many homeowners who need assistance in affording a home, a Federal Housing Administration (FHA) loan is the way to go. FHA loans were designed to provide a lifeline to low- and moderate-income...
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Should You Refinance Into a Conventional Mortgage?
If you signed up for a government-backed mortgage only to realize later there were better deals on the market, there’s great news: You may be able to refinance your mortgage and take out a new loan...
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Private Mortgage Insurance Explained
If you don’t have enough to put down 20% on your mortgage, you will probably have to pay private mortgage insurance. So, what is it and how much does it cost? What is PMI There are two types of...
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Not the Typical Buyer? Options for Special Circumstances
Not all homeowners are created equal. Sometimes would-be homebuyers—or the home they’re planning on buying—don’t fit into a typical buyer profile. If your circumstances are different from the norm, it...
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