Category Archive : FHA Loans

PUD versus condo

How to tell a Condo from a PUD – there’s a difference

       FHA Loans

FHA and VA loans particularly can be tough to complete on Condo projects because of the (often) tight requirements laid down to get the Condo project to be acceptable. So it’s often a relief to Seller, Buyer and Realtors when a property is found to be a PUD instead. PUD stands for “Planned Unit Development” and here’s the kicker ……. Read More »

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What? Can I Have Many FHA Loans At The Same Time?

       FHA Loans

Homebuyers and Real Estate Agents often don’t realize that FHA allows a Borrower to co-sign as the **Non Occupant** Co-Borrower on an unlimited number of FHA loans. Really? Yes Really. Even though, unless there are special circumstances,  (like a forced job relocation or sudden and dramatic increase in family size) a homebuyer can really only have one FHA loan at…… Read More »

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Can Filing Chapter 13 Bankruptcy Move You Closer To Homeownership? What?

       FHA Loans / General

it’s a little known fact amongst Homebuyers, Renters, Realtors and even Loan Officers that both FHA and VA allow a Borrower to purchase a home after they’ve made 12 timely payments on a Chapter 13 BK. Wait! What? Yes you read that right. Why is this important? It’s important because while grappling with many unpaid collections, charge off’s and judgements,…… Read More »

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What Are FHA Rules For Buying A Home After Short Sale?

       FHA Loans

What Are FHA Rules For Buying A Home After Short Sale? HUD that oversees FHA came out with the Mortgagee Letter in Dec 2009 which essentially gave FHA’s blessing for buyers who were forced to short sell their homes to be able to buy a home just 1 day after short sale! Here’s the rules Buyers are NOT eligible if…… Read More »

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HUD Home – What does "IE" mean for a FHA 203(b) Loan? –

       FHA Loans

HUD homes are those being sold by HUD. If such homes are indicated as “IE” this means that the FHA loan on it (203b) can be insured by HUD with Escrow Repairs. So “IE” means “Insured With Escrow Repairs”. Only repairs below a total of $5,000 can qualify for this type of FHA financing and meet minimum property standards required…… Read More »

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What Are FHA Rules For Buying A Home After Short Sale?

       FHA Loans

What Are FHA Rules For Buying A Home After Short Sale? HUD that oversees FHA came out with the Mortgagee Letter in Dec 2009 which essentially gave FHA’s blessing for buyers who were forced to short sell their homes to be able to buy a home just 1 day after short sale! Here’s the rules Buyers are NOT eligible if…… Read More »

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Essential Rules of FHA Streamlines

       FHA Loans / General

FHA Mortgages offered through HUD are Government insured against default and therefore, because of the government cushion given to Lenders who make FHA loans, very attractive interest rates are available. Furthermore, just like for Veterans (VA Loans), FHA carries a special feature that’s not available for Borrowers who have loans backed by Fannie Mae or Freddie Mac (Conventional). This special…… Read More »