You’ve heard about the standard FHA loan, or the 203(k). But what about the FHA 203(h)? After Hurricane Irma ravaged Florida, this program will be enticing to many people who live in an area with a Major Disaster Declaration. The 203(h) helps both renters and homeowners recover by making it easier to purchase a new […]
FHA just announced a change that not only lowers the payments for home buyers, but also allows them to qualify for a greater loan amount with the same income. The monthly MIP (Mortgage Insurance Premiums) required on FHA loans will be decreasing for new loans that close on or after Jan. 27, 2017. Typically, the […]
People buying or refinancing a home with an FHA loan can save themselves time and possibly money by completing the checklist below prior to ordering an appraisal. It was created based off the Property Acceptability Criteria for FHA mortgage insurance that is found in the FHA Single Family Housing Policy Handbook.
Like most mortgages, the rules for getting approved for a condo vary by loan type. This post focuses on VA and FHA condo loans.
FHA loans with case numbers assigned on Monday, Sept. 14 or afterward will be subject to major underwriting changes. This will apply to FHA borrowers who don’t have a sales contract on a home or don’t have a case number yet.
Anyone who works in the financial sector has had a client or two who are quick to state how much money they make. Problem is, sometimes that number doesn’t match their tax returns, and the days of stated income are a distant memory. Specifically, when it comes to FHA loans, projected (or hypothetical) income is […]