FHA Loan and Refinancing - Home > FHA Experts
If I live in a mobile home am I still eligible for the first time home buyers loan?
If you are currently living in a mobile home and are going to purchase a standard home, yes you can still be eligible.
I found a home I want to purchase. It is an as is with no contingencies, no mortgage, no repairs prior to closing, no home inspection/termite contingency. The bank requires that the commitment letter read the same. Is there an FHA loan that can meet the NO contingencies requirement?
Typically, the HUD will always require a contingency. On properties older than 30 years and over, $7,500 in rehabilitation costs, the cost estimate must include a contingency reserve. The reserve must be a minimum of ten percent of the cost of rehabilitation; however, the contingency reserve may not exceed twenty percent where major remodeling is contemplated.
Can one get a HELOC home equity line of credit through the FHA?
The HUD offers a variety of home improvement programs. Check this resource for information on each of them.
With the new proposals by the Bush Administration, what will the new requirements be to qualify?
The legislation is still in the works, so that is unclear. The main thing they are trying to change is to remove the 3% down payment requirement.
What does your credit score have to be to get a home?
There is no set minimum credit score to qualify for any loan. Many factors, especially debt to income ratio, are considered when you apply for a loan.
How soon can I refinance a FHA 203k loan?
There is no set time limit. However, there must be a certain amount of available equity between the as is value of the home and the estimated improvement value of the home.
I am looking into a new program that has the FHA work with my bank to pay off my loans and pay FHA directly for a year. Have you heard of this type of program?
Check this out for information about different FHA programs.
If the mortgage company accepts a sale offer for less than the amount owed on the FHA mortgage, am I responsible for paying off the rest? Also, will this show up on my credit as a foreclosure?
Generally, if a mortgage company accepts a sale, they already would have foreclosed at that point, so yes it will show up on your credit. If they sell for less than what is owed, that will usually show on credit as judgement to that bank for the difference. If the bank sells for less, whatever was less the ex-homeowner will owe back to the HUD before entitlement is restored.
Do you have to be married to get a FHA loan?
No. You have several options. Just one of you can get the loan, or one of you can co-sign with the other one, or you can wait until you are married. The important thing to consider is if you can qualify for the loan yourself, and know that the credit of everyone who is on the loan will be taken into consideration.
I found a home in Arizona. There is only one door into the home. My husband thinks that FHA requires two doors into a home to pass inspection. Is this true?
This is not currently a FHA requirement.
What are the penalties for defaulting on a FHA loan?
Anytime you default on any home loan your lender may start the foreclosure process.
Please give me information on the home equity program for buying new mobile homes.
Check this out for more information about home equity for mobile homes.
What is the kiddie condo offer for housing for college students?
This is a new program offered by the HUD. Please check here for more information on the kiddie condo program.
I am concerned with requirements of a FHA loan during the inspections process. What can you tell me about the standards for FHA in regards to property condition prior to the sale?
The first step will be to get the home appraised by a FHA appraiser. Check here to be sure on the FHA appraising guidelines.
Can you get a FHA loan if you have a judgment?
The short answer is you have to pay off the judgment to get a FHA loan. Really, you should pay it off before considering home ownership anyway. That said, there are special circumstances in which the underwriter may allow the loan to go through, but don't bank on it.
I understand that mobile homes must meet specific requirements to qualify for FHA loans. Is this the case for modular homes?
Here is a great modular home resource that has more information.
If the purchase price of a home is $135,000, what would be required of me to obtain a no down payment package?
For FHA loans, a 3% down payment will be required. However, if you try a conventional home loan, it is possible to get approved without a down payment.
Can the closing cost be written into the loan?
Yes. Most closing costs can be written into the loan. Check here for more information on closing costs.
Someone told me that if my FHA loan is foreclosed, that the mortgage company will pursue me to still pay off the loan. Is that true?
Not really. You will still owe fees if your home is foreclosed on. However, you won't have to pay off the full value of the loan.
I have a FHA loan and would like to know the options that I have that could help me lower my payments.
Your best option is to try a FHA refinance. Start here to see if you pre-qualify.
Can a homeowner living out of state cosign for a loan?
Yes.
I have investment property in Florida and I would like to refinance with a fixed FHA 30-year loan. Is this possible?
No. FHA loans can not be used for investment properties.
My wife and I bought a condo in June 2006. We were told by the agent upon closing that we would still be eligible for a FHA loan if we moved from the condo to a single family home. Is this the case?
Yes.
I was wrongfully foreclosed, but all of my other credit and bills are in good standing. Will I be able to obtain a FHA loan?
Yes, but you will have to be able to prove that the home was wrongfully foreclosed.
Can a home purchased with a FHA loan be refinanced or will there be penalties assessed?
You can always refinance a loan if you qualify. There will be no penalties assessed, other than the normal costs of the loan refinancing.
I currently have a high interest loan. How do I go about transferring over to a FHA loan?
You will want to pre-qualify for a FHA refinance.
Are there FHA construction loans? If so, what type of credit score is needed? Can owned land be used as an asset or down payment for approval?
Yes. Find out more about FHA construction loans.
My husband is a Vietnam vet and we are buying our first home. We have excellent credit. Can an FHA loan help us or is it for people with poor or no credit history?
The FHA does help people with poor or no credit history, but it is not solely for them. The best option is to pre-qualify for a FHA loan, as well as other loans, and see what will work best for you.
Are there some FHA lenders that can refuse to use programs that help buyers with closing costs?
This seems very unusual and highly skeptical. It may be a good idea for you to research other lenders.
What must the income of the buyer be to qualify for a FHA loan?
The income is not really important. What matters is the debt to income ratio of the buyer.
I want to buy a condo because it is becoming too difficult to pay rent. I was wondering if and how I can qualify for a FHA loan.
You can pre-qualify online to get connected with a lender.
How long does it take for a case number to be assigned to a FHA loan?
A case number is usually assigned within a few days after the appraisal is ordered.
Do I have to escrow real estate taxes and homeowners insurance with a FHA loan?
Yes, and it usually does benefit you. Read more about the benefits of escrow accounts.