A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA-insured mortgage, provided that the lender documents that one year of the pay-out period under the bankruptcy has elapsed the borrower’s payment performance has been satisfactory and all required payments …
Underwriting Tip – Bankruptcy Waiting Periods – FHA Read more »
You’ve settled your claim with your home owners insurance agent and you have an insurance settlement check but it’s made out to you and your mortgage company; How do you cash it to pay for the repairs
FHA Buyer Financed Closing Costs Financing of Transaction Costs for Real Estate Owned Properties (REO) Purchased under Federal Housing Administrations $100 Down Sales Incentive Click for mortgagee letter/details Related articles Underwriting Tip – FHA Gift Funds (theraleighmortgageguy.com) Buyers Receive up to 3.5% …
Underwriting Tip – FHA Buyer Financed Closing Costs Read more »
FHA Underwriting Tip; FHA allows a borrower to meet the minimum statutory investment by using gift funds from either a close family member, government agency or approved non profit. FHA requires that all gift letters include the section 1010 verbiage below – …
FAQ – What is the FHA Gift Funds Section 1010 Verbiage Read more »