Tag Archive : FHA home loan

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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 »

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What Are Compensating Factors for FHA mortgages ?

       FHA Loans

Often an FHA loan application hang in the balance because the Borrower has marginal credit or income history. Often the debt to income ratio is out of line and an FHA Underwriter may be forced to look for other factors in approving the loan. This is when compensating factors become critical and can tip the loan in the applicant’s favor……. Read More »

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What if I had a BK and a Foreclosure ??

       FHA Loans

Client called today with a not-so-unusual scenario. They had been declined by a Bank on this . . They lost their home in foreclosure 5/29/2008, filed Bankruptcy in 10/2008 and the BK was discharged 6/4/2009. In their Bankruptcy filing their attorney had listed the balance of the foreclosed-on mortgage. The bank denied their loan stating that the filing of the…… Read More »

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Can A Foreigner (Non Permanent U.S. Resident) Get An FHA Loan?

       FHA Loans / FHA, VA & Conventional Related

When someone has entered the U.S and chosen to reside here, they are considered a “Resident Alien”. However there are two labels for folks that have come to stay. (i) “Permanent Resident Alien” – A non-resident alien is a lawful permanent resident of the U.S. at any time if they have been given the privilege, according to the immigration laws,…… Read More »