Question by dangit2: What are the requirments for the Seller when the buyer wants to use a rural housing loan or an FHA loan?
I know with an FHA loan the seller is required to pay for certain things what are they and also what are the things that a seller is required to pay when the buyer wants to us a rural housing loan? Are there any special requirments that the seller is required to do for the house to qualify for these loans…especially if it is a newly built home?
Best answer:
Answer by teesha f
If this is a newly built home there shouldnt be anything. FHA has changed allot recently. Before FHA would have an inspoection done that was very tedious. Now they just send an appraiser and if he/she sees something that could be a problem they will note that. When writing a contract for a home that would be purchased with FHA there will be a form that stated what they want the seller to pay in repairs for the FHA loan. It usually is around $ 500. THese would be for repairs that normally wouldn’t need be in a newer home. On the RDA loan I believe it’s the same. If your home is newer and their isn’t any safety hazards like showing wires or leaking roofs etc you should be fine. I just had a house built in 1950 pass just fine.
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Question by jimmy Shergil: How much down payment for stated income loan in Illinois?
My sibling’s documents and income of $ 30k year may not qualify for a mortgage loan amount of $ 220k.
I am self employed and can’t document my income but we both got excellent credit score of over 750.
I was told my some banks that if that’s the case, page we have to do stated income loan but need 20% down and little bit higher interest rate than on traditional loan.
Is there any lender or bank that doesn’t require 20% down on stated income loan?
Thanks
Best answer:
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Question by James: Can I convert a USDA Loan to a Conventional Loan?
I’m interested in purchasing a home and like the USDA loan option (0% down, this low MI). What concerns me is two things:
1. The interest rate is about 0.5% higher than FHA or Conventional loans, here
2. The Mortgage Insurance (MI) never goes away unlike the FHA loan.
So, after a while of owning, would I be able to convert my USDA loan to a conventional loan and get rid of the MI?
Thanks.
Please provide some credibility or resources that will be helpful in confirming the answer.
Best answer:
Answer by the kid
Yes, by refinancing.
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you would have to refinance later. which means a new loan and the old loan gets paid off. if a 30 year mortgage, it will easily be 10 years before you get refi. 30 year mortgage pay very little principal first 10 years.
convert no. Refinance, yes. provided that you have equity in the house. This will happen if the home increases in value and by paying the principle down. However, if you don’t make extra principle payments each month, it would years before you have enough equity to refinance.