What should I be cautious about during the FHA mortgage loan process?
Question by lran_vt: How are the consumers who signed and received reverse mortgages making out in this time of economic downturn? None of the news articles are addressing this problem. And my friends wont tell me how they are making out financially. Just curious. Best answer: Answer by shippywomanThey don’t have a change and are still spending down equity. What do you think? Answer below! Question by : Are FHA loans assumable when the home is worth less than the loan? My friend and I purchased a home together a couple of years ago. I potentially will be moving to another city because of a job transfer. Can she assume my portion of the FHA loan? The home is currently worth less than the loan by about $ 30K. Best answer: Answer by Steve DNope…no one has written an assumable loan in years. However, health the mortgage contract will have a clause that says whether the loan is assumable or not. If the home is underwater, nurse then there is very little chance that your friend will be able to re-finance in their name only, which would be the only way you can get your name off the mortgage. What do you think? Answer below! by eyewashdesign: A. Golden Question by SPCStevens: can i use rotc stipends scholarships and gibill as income for home loan? Im in the national guard and rotc. I get stipends, purchase gibill, check drill pay, discount and a room and board scholarship totalling around 25000 a year. Can i use this for income when applying for a home loan? The room and board scholarhip goes directly to my bank account and is allowed for off campus/. I have a 720 score Best answer: Answer by WCHS1970If you can prove income with pay stubs of course it will be considered. However your room and board scholarship is not income – I presume that goes directly to the school? So really all they are going to consider is actual income which would be the stipend and drill pay I would think. The lender is also going to look at your down payment amount, credit score and credit history, other liabilities and job stability. Give your answer to this question below! Question by OZARK_IAN: What should I be cautious about during the FHA mortgage loan process? So Im knee deep in purchasing this home in Michigan. Ive gotten all the way to the loan application process. Once it is filled out, thumb I will get guaranteed financing. Today when E-signing the documents, this web I got to page two and there was a red flag. Even know we had agreed with our lender that the rate would be 5%, he had the rate listed as floating rate. After a somewhat heated phone convo that had me fending off a $ 400 fee to lock the rate, the lender agreed to Lock it in at 5%. But I am very nervous about the rest of the process. Im afraid of expensive surprises that can ruin this dream that Me, my Wife and Kids are so excited about. Any suggestions? Best answer: Answer by chatsplasStay on top of everything NO sure-things no guaranteed financing Don’t you have a competent real estate attorney representing you in the biggest purchase of your life? READ everything you sign carefully–good catch on the rate. Don’t let them rush you or hurry you through the docs. What do you think? Answer...
Read MoreDo you qualify? Getting an FHA loan after a foreclosure
Some cool apartment developing images: 0804 | French Apartment Constructing | 2009 | North Side Image by Facility Records | MSU Physical Plant 0804 | French Apartment Building | 2009 | North Side If you would like to see much more houses click right here… Do you qualify? Getting an FHA loan after a foreclosure The Federal Housing Administration insures home loans so banks can be more flexible in making loans with lower down payments and more flexible income requirements. The FHA, medicine which is self-supporting, was created in 1934 during the depths of the Great … More informaiton please visit here… Wells Fargo sends refunds to some FHA mortgage customers Though they require as little as 3.5% down, order the FHA loans are also more expensive because they require borrowers to pay steep insurance payments to protect against a default. However, in this case, the borrowers actually had the down payments or home … More informaiton please visit...
Read MoreFHA Refinance?
Question by MARKEEONE: FHA Refinance? My mortgage is 490 my value is 460-490 FHA only authorizes 90% Can I refinance out of this bad loan? Need the name of company that does this type of refi I live in CA Best answer: Answer by jillscowboysmy fha in florida go’s ltv 120% your stet muct suck. Give your answer to this question below!
Read MoreCan it be possible to get a loan with a private or even a bank lender with a low score of credit being 580 or ?
Question by threeplusonedollarbills: Can it be possible to get a loan with a private or even a bank lender with a low score of credit being 580 or ? A few points higher-11500 written off credit rating-will that show up and can or is it necessary upon trying to obtain a fha mortgage; when doers numbers go up after payment is made. Best answer: Know better? Leave your own answer in the comments!
Read MoreI need help finding any first time home buyer assistance programs in Rockland, NY?
4 options for a low down payment FHA Mortgage. An FHA Mortgage is probably the most popular option out there these days for a low-down payment mortgage, find try requiring as little as 3.5 percent down. Your choice of homes is also much broader than under the two programs discussed above … More informaiton please visit here… Eminent Domain Still Out There; Wells and Chase Earnings; Investor and … In response to the "current housing market conditions," the FHA has put in place temporary guidelines on condo project approval. Changes have been made to the definition of "under construction," owner-occupant principal residence purchase requirements, … For more informaiton please visit here… Housing crisis: Where Obama, Romney stand In Florida, the largest swing state with 29 electoral votes and 44.5 percent of mortgages underwater, housing was bound to be a key issue in this year's contest between Obama and challenger former Gov. Mitt Romney. … He said he would replace the … More informaiton please visit here… Question by Jakey’s Mom: I need help finding any first time home buyer assistance programs in Rockland, sales NY? Planning to purchase a home in Rockland, case NY relatively soon and we are first time home buyers. We are pre-approved for an FHA Mortgage with Chase and have enough for the down payment but need help with the closing costs that are expected to be around 15k. Can anyone can point us in the right direction on any governmental assistance that will help in covering the closing costs? Thank you! Best answer: Answer by real estate guyUsually these programs are for low income. And there are many restrictions. I recommend that you ask the seller to pay the closing costs. OR use a USDA loan, order which is 100% (and better then FHA because it has not PMI) and use the money you have for the closing (unless you can get the seller to pay). What do you think? Answer...
Read MoreQ&A: I have an FHA mortgage.Can I use the HARP 2.0 program?
by planspark Question by wongmartines: I am a foreign national; I own a rental single family home in NJ 07960. Do you know if I can refinance it? I have a SS# and my credit score is 747. Three lenders have rejected my application. I would like to take advantage of the Obama refinancing programs such as “Making Home Affordable” or something similar. Best answer: Answer by sassy2You have already been rejected by three lenders. No help for you Obama program is only for those with Freddie Mac or Fanny Mae backed mortgages. If you had that the lenders would have not turned you down. Give your answer to this question below! Question by samban: I have an FHA mortgage.Can I use the HARP 2.0 program? Best answer: Answer by linkus86No, viagra dosage FHA mortgage are not sold to Fannie mae in the secondary market. Know better? Leave your own answer in the...
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