Category: FHA Loans
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FHA 3 to 4 Unit Financing with only 3.5 Down – How to Buy 3.50% 3 to 4 Unit Properties
Federal Housing Administration (FHA) loans are government-assisted mortgages that were established to help lower-income borrowers obtain a mortgage who otherwise may not qualify. If you’re wondering what you need for a down payment on an FHA loan, the answer is as low as 3.5% of the purchase price – assuming you have at least a…
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Can You Get an FHA Loan After a Bankruptcy or Foreclosure?
The straight answer is “yes” but how long will you have to wait to get an FHA loan after these derogatory events? Well it is true, bad things happen to good people and besides a Non-QM (Non-Qualified Mortgage) FHA/HUD has the most relaxed time frames when it comes to purchasing or refinancing after…
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Divorce, Real Estate and You! What you need to know.
Unfortunately, bad things happen to good people and I can speak first hand of the consequences, stress, emotions and financial difficulties that arise from a divorce. At a younger age my parents went through a divorce but the consequences left them “financially married” many years after. Currently, in the U.S. between 41 to 50% of…
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Seller Paid Closing Cost Limits for FHA, VA, Conventional & USDA Loans
Seller contributions or sales concessions can be a great help for prospective home buyers looking to purchase a new home. However there are limits based on the type of financing being used. FHA, VA, Conventional, or USDA limits how much a seller can pay as a contribution to the buyers closing costs and prepaid expenses.…
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How Do Collection Accounts Affect A Mortgage Application?
Collections are credit accounts that have not been paid over a period of time. FHA defines collection accounts as “a Borrower’s loan or debt that has been submitted to a collection agency by a creditor”. When applying for a home loan, collections play a key part in whether or not your mortgage will be approved. Collections are handled differently by…
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Departure Income FHA, VA, Fannie, and Freddie
In the context of establishing a borrower’s DTI or debt to income ratio, departure income is defined as income derived from leasing out your current primary residence (the departure residence) when purchasing a new primary residence. If you currently own a primary residence there are three ways to deal with that property if you are…