All articles about Federal Housing Administration

Can I use Room Mate Income to Qualify for a Mortgage?

Questions you really should be asking

One of the phenomena of the Great Recession is that young people are turning to family members and other young professionals to share housing.

A question that was recently presented to me by a client wanting to buy the SINGLE FAMILY home they have been renting as their primary resident:

“Can I use roommate income to qualify for a mortgage”?

Answer: It Depends Continue reading Can I use Room Mate Income to Qualify for a Mortgage?

New Mortgage Escrow Rules for January 2014

New Mortgage Escrow Rules for January 2014

Nearly three years after passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act ,  a response to the mortgage crisis of 2007-2008 that has left millions of Americans licking their financial wounds from foreclosures and short sales; new escrow rules are published today that will go into effect January 1, 2014 and will  impact those who have a “higher-priced mortgage loan”. Continue reading New Mortgage Escrow Rules for January 2014

FAQ – How Long after a Short Sale or Pre-Foreclosure before I can Qualify for a Conventional Mortgage Loan?

Deed-in-Lieu of Foreclosure and Preforeclosure Sale

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Even though your mortgage payment may have never been late, these transaction types are completed as alternatives to foreclosure therefore, as you might imagine,  they are treated seriously. So serious that they often are viewed by underwriters just as serious as an actual foreclosure or bankruptcy. Continue reading FAQ – How Long after a Short Sale or Pre-Foreclosure before I can Qualify for a Conventional Mortgage Loan?

FAQ – How Will a Government Shut-down Delay My Mortgage Loan Application?

faqThere’s been a lot of rhetoric coming from both sides of the congressional aisles these days; from Democratic and Republican parties and even a few in between. But  recently the media has begun reporting government shutdown fallacies as facts. I’ve stayed out of this very heated political discussion for obvious reasons, but when a client recently sent me this article Shutdown impact: Tourists, homebuyers hit quickly from of all places the Associated Press, I just had to respond.

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Continue reading FAQ – How Will a Government Shut-down Delay My Mortgage Loan Application?

FAQ – What is an FHA 203(k) loan good for?

FHA 203k loans raleigh nc
Your source for Raleigh-Cary area FHA 203(k) loans

What Is an FHA 203k Loan?

This loan can help you buy and repair a fixer-upper or what is sometimes called a Handyman special

FHA 203k loans are loans that are insured  by the Federal Housing Administration The federal government designed these loans to encourage lenders to fund seemingly risky home purchases. Risky, because they are homes that either don’t meet HUD standards for occupancy and are in need of major renovation or simply need some updating but the updates are causing the homes to fall short of market expectations.

There are two types of FHA 203(k) Rehab loans.

Traditional 203(k)

Streamlined 203(k)

Continue reading FAQ – What is an FHA 203(k) loan good for?

FHA 203(b) Loans for North Carolina borrowers with 620 Fico Scores

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Until recently, getting a loan to purchase a home in Raleigh North Carolina for borrowers with credit scores greater than 620 but less than 640 was nearly impossible. However, because of the improving real estate markets, lenders are beginning to once again to loosen their credit guidelines. Continue reading FHA 203(b) Loans for North Carolina borrowers with 620 Fico Scores

Private Mortgage Insurance helps lead the way in the Housing Recovery

Private Mortgage Insurers leading the way in housing recovery

Here's a link to Ricardo Cobos's mobile tool kit for mortgages: http://raleigh.mortgagemapp.com/mobile
Example of how PMI stretches your home-buying dollar.

 

One of the earliest indicators of the housing meltdown which began in 2007 was that issuers of Private Mortgage Insurance (PMI) began to contract their underwriting guidelines for issuing PMI policies.  In fact, so bad was the meltdown that many PMI companies either stopped issuing policies altogether while some were even forced file for bankruptcy protection. Continue reading Private Mortgage Insurance helps lead the way in the Housing Recovery

FEMA Declared Disaster Area – Loan Application in Process

Because of the plethora of natural disasters across the country it occurred to me that there may be a lot of Buyers and Sellers whose purchase or sale or mortgage refinance has been delayed for reasons they simply do not understand.

This post is intended to be an overview of what additional inspections and verification a homeowner or seller can expect in the mortgage application process for a home in a declared disaster area. Continue reading FEMA Declared Disaster Area – Loan Application in Process