FHA Loan and Refinancing - Home > FHA Loan Experts
I want to refinance by myself because my husband's credit report is very poor. Would I be able to use his income and not put him in the loan?
No. You can only use income of people named on the loan.
I have a FHA mortgage. I recently took out a home equity loan with a different bank. Can I do a FHA refinance on just the FHA loan?
It sounds like you are interested in a FHA refinance. This is for people who want to lower their payment or interest rate. However, depending on how recently you took out the home equity loan, it may be difficult to do. If you have the equity, you should be able to combine the original loan and the home equity loan.
If you are able to get a FHA loan, will you still have to pay a PMI if you have a 10% down payment?
Yes, even with a 10% down payment, you will still have to pay a PMI.
I have a home loan with an arm. Can I refinance with a FHA fixed interest rate?
Without knowing the specifics of you situation, yes you can refinance to a FHA loan.
My sister and I purchased a house 4 years ago with a FHA loan. Now we need to take me off the mortgage and put my mother on instead. We know the loan is assumable, but we don't know the criteria. We are also wondering if I can just transfer the liability over to my mother. Is this possible?
Loans settled after December 1, 1989 are fully assumable if the buyer qualifies and has a satisfactory credit check. The seller is not held liable for any loan default. So, as long as your mother qualifies, the loan can simply be transferred to her.
I have a FHA house now and want to buy another home. Can I sell this one and buy another through FHA?
Yes, you can sell your current FHA financed home and buy another through FHA.
I would like to purchase a home, but I have poor credit and have only been at my present job for 8 months so I will need a cosigner. Is there any way of getting around this?
Probably not. With the recent crackdown on subprime mortgages, lenders will not approve poor credit/low income home buyers without a cosigner.
I own my home, which is paid for in full. I would like to try to purchase another home for investment purposes. Will I be able to get pre-approved on a home around $128,000 even though I already own a home?
You can qualify for a conventional home loan, but FHA loans may not be used for investment properties.
How soon can I sell my FHA financed home?
You can sell at any time. However, if you sell very quickly you may actually take a loss on the home, which may hurt your ability to get a FHA loan in the future.
How many times does a mortgage company pull your credit before closing?
Usually just once to get pre-qualified. The lender may also pull your credit, but in most cases they will also only pull your credit one time.
Can I refinance a property that is zoned agricultural with a FHA loan?
Yes, but a FHA loan can only be used for the house and the first 10 acres. You will have to get an agricultural loan if the property exceeds 10 acres.
I have real estate investment property that needs some upgrades and is renter occupied. Can a FHA loan help me?
No. In order to receive a FHA loan for a property, it must be your primary residence; it cannot be an investment property. However, a conventional refinance may be an option.
What foundation requirements must be met to refinance a mobile home?
There are several requirements for FHA loans on mobile homes. One of the key requirements is that the mobile home must be permanently attached to the foundation. Check this out for more information about FHA mobile home financing.
How do I get approved to be a FHA mortgage broker?
Check this out if you are a mortgage broker and want information about becoming a FHA lender.
What are the responsibilities of a cosigner on a FHA loan?
In short, the cosigner is responsible for the loan repayment if the borrower defaults on the payments. The cosigner's responsibilities for a FHA loan are the same as with any other loan. Check this out for more about a cosigner's responsibilities.
Do I have to use my husband's credit on a FHA loan if I am able to qualify without it?
No, you do not have to use your husband's credit if you can qualify without it.
We are trying to refinance our home loan with me as the primary. My husband will be on the title, but I've been told that due to his recent foreclosure I may not be able to get a FHA loan because they consider his debt to be my debt as well since we are married. Is this so? If so, then why?
If your husband is on the title and you are both on the loan, then all debt and income for both of you will be taken into account. If you do not want his debt to count, you will have to remove him from the loan.
Should I pay off an old collection debt before applying for a FHA loan?
Yes, you should eliminate as much debt as possible before applying for any loan. This improve your credit and increase your chances of qualifying for a loan.
If a client has a student loan that is in deferment, do I have to count that into their overall debt to income ratio when going FHA? Or is there a particular time limit the loan has to be in deferment in order for me to not have to count that liability against them?
If the student loan is in deferment, it does not count as debt.
I am pre-approved for a conventional loan that is 100% financing. I only have to put up earnest money, which I will get back at closing. My friends keep telling me that I should get a FHA loan. Because of my job, my interest rate is fixed at 6.15. Which loan is better, conventional or FHA?
Check this out for information about conventional vs. FHA loans
I have a FHA loan that will hit 5 years in October. I want to know, since at the 5 year mark I can drop the PMI, how do I go about doing that?
Check out this for information about eliminating PMI
What happens if you're in the process of building a home and your construction loan lender files bankruptcy? Are you forced to refinance or will our paper be purchased by another lender?
You will have to contact your mortgage broker or bank to find out if the loan will be purchased by another lender.
After a chapter 13 has been discharged, how long will it be until I can get a loan to buy a home?
Generally speaking, you may qualify for a home loan 2 years after discharge from bankruptcy.
I have read that the FHA offers borrowers debt-consolidation programs. Where can I find information on this?
Check out this for more on Debt Consolidation.
Is it legal to foreclose on someone if they are 31 days late? -Thomas
Anytime you default on the agreements of your loan, it is possible for the lender to start foreclosure proceedings.
How much will rental history affect you from getting an FHA loan?
If you have not owned a home and have only rented for the past few years, your rental history is very important. It is the best way for lenders to tell if you are going to able to routinely make monthly mortgage payments.
I am interested in refinancing my current FHA mortgage. Do I have to go through all the steps again, as I am both buyer and seller? In particular, I am concerned about the appraisal and if I will have to upgrade my home to fit into FHA guidelines? -Cathy
You will not have to go thru the steps again. The FHA offers a FHA streamline refinance. They are very hassle free because appraisals and income verification are usually not required.
I have been pre-approved for a conventional loan. Some of my friends keep telling me a FHA loan is better. Can you tell what the difference is and which is better?
Without knowing more it is hard to say which loan will be best for your situation. Check out this resource for the difference between FHA and conventional home loans.
What are the pros and cons of private mortgage insurance?
Check out this mortgage insurance resource for more information on private mortgage insurance.
Can I roll my pre-pay penalties from my ARM mortgage over to a FHA refinance fixed rate if approved? Also can my closing cost be rolled in as well and can I also get cash from my refinance if have only lived in the home for a year?
Sometimes it is possible to rollover pre-pay penalties into an FHA loan refinance, and some of your closing costs may be rolled in as well. How much cash you can get out is determined by the loan to value. You can take cash up to 95% of the value of your home with FHA. So you may refinance up to 95% of your home's value. This would include, the current balance, penalties, closing costs and the cash you want.
About 3 yrs ago, I sold my home that had an FHA loan. During the past year I have twice received something in the mail saying I have a government refund from the sale of that house and the only thing I can think of would be money back from FHA. Can you tell me if I have a refund due to me? -Jeffrey
First, be wary of mailers saying things like that. Often then can be scams. Please use our HUD refund search to see if you are owed a refund. If so, you should be able to contact the HUD directly by calling or writing them. Then you will not have to pay the fee on any of the money.
It is possible that I can have my taxes excluded from my mortgage from the FHA loan and pay the taxes on my own? -Shell
No. All FHA loans require the establishing of an escrow impound account to allow your taxes to be included in your monthly payment.
If turned down on your first attempt at receiving an FHA loan because of income, what other sources of income or steps should I take when reapplying? -Travis
This probably means your dept to income ratio is too high. Simply put, you have too much debt and not enough income. Before you reapply, you should work on either paying down some of your debt, or consider taking another job to increase your income.
I am a first time buyer looking to buy a home. I have fair credit and can only put down about 3%. What options are out there for me to own a home?
Without knowing more about your credit it is hard to say for sure. But the 3% down payment if exactly what the FHA requires. It seems like you should consider the idea of buying your house with a FHA loan.
How do I get lower rate on my home? -Jamie
If you qualify, it is possible to get a FHA refinance to get a lower rate on your home loan.
I have no green card or evidence of temporary status, but have SSN and a job. Can I get a FHA loan?
If you are not a natural born US citizen, the only legal way to get a SSN is if you also have a green card.
How long of a process is it from start to signing of loan? -Charlie
Honestly, the process time can vary. This depends on many factors, such as the realtor, mortgage broker, bank and any complications that come up. Most often it takes 14-30 days.
How long past a discharged bankruptcy is best in order to obtain a loan?
The longer you wait the less effect the bankruptcy will have on your interest rate. Usually, you have to wait at least two years. You must be three years removed from bankruptcy to get a FHA loan.
If own a home that is not FHA financed, can we buy a second home under the FHA program. We are not planning on selling the first home, but renting it out instead.
As long as you live in the home you are going to buy with you FHA loan, then yes, this is possible.
I applied for a FHA loan and the documents were submitted to underwriting who requested more documentation from me. The loan was suppose to close but was moved due to needing more info. Are the underwriters aware of the closing date when reviewing the loans?
The underwriters are aware of the closing date. They probably needed more information for a variety of reasons, and it is fairly common to have the closing pushed back. Once the underwriters approve your loan, you will be ready to close.
My father's home is in foreclosure, he has already refinanced the home and filed bankruptcy. What can he do to save his home?
Unfortunately, it sounds like if the foreclosure process as already started, and he is in bankruptcy, there isn't much that can be done.
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