November 7, 2011
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,……
September 25, 2011
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……
August 23, 2011
Someone asked me the other day if a Reverse Mortgage could be done on a property that had recently been acquired by the Seller (less than 90 days ago) Unfortunately for Reverse Mortgages (also known as HECM , i..e Home Equity Conversion Mortgage ) HUD doesn’t allow property flips. Below is an additional FHA related flip rule : If a……
