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FHA Articles from Q & A Issues:
- FHA Assumable Loan Rules: My FHA borrower disclosures mention the ability to assume an FHA loan - How does that work? [Download Mortgage Talking PointsTM flyer, FHA Assumptions=More $ales]- July 25, 2010
- FHA and Short Sales: What are the rules for obtaining a new FHA loan if a borrower has had a short sale? [Download Mortgage Talking PointsTM flyer, FHA Short Sale Rules]
- July 25, 2010
- FHA Assumable Loan Rules: What is FHAs policy for collection accounts? I have a high credit score borrower, however, he has a $16k and a $9k (recent) medical collection. - July 25, 2010
- FHA Streamline Refi: What is the max. loan amount for a FHA streamline refinance without an appraisal? [Download FHA Streamline Refi Worksheet]
- July 25, 2010
- FHA 203K Repairs: I have a customer buying a HUD home that was appraised in March for $52,500 as is. It needs a new roof for $5K. Can I do a 203K loan on this property? - June 25, 2010
- FHA 203K HUD Foreclosure: Can HUD-owned properties be purchased using the 203(k) loan? - June 25, 2010
- FHA Escrow For Repairs: I have a client who wants to purchase a home that needs floors and appliances. Can they do a 203b FHA loan and add the repairs into the calculation for maximum loan amount, and do a repair escrow at closing? [Download Mortgage Talking PointsTM flyer, FHA Repair Escrows - How and When They Work!
- June 25, 2010
- FHA Adding Borrower To Title for Refi: How long does FHA require that the new borrower be on the title? For example, can the borrower be added to the title today, process the loan, and close in 45 days from today?- June 25, 2010
- FHA Identity of Interest Refinance: A father is buying a home for his son to live in and paying cash, because the FHA loan is taking too long to meet contract dates. Then the son would like to reapply and purchase from his father down the road. Is there a seasoning requirement or anything else we need to know?- June 25, 2010
- FHA Buying Home W/O Selling Other Home: Does FHA have specific guidelines on how to qualify a client with a purchase (new primary) when current primary has not yet sold.- June 25, 2010
- FHA Doc Stacking Order: Do you have an updated stacking order for FHA audit files that includes new RESPA docs? [Download FHA Stacking Order Chart]- May 25, 2010
- FHA Appraisal Transfers: I have a lender who is being difficult on an appraisal transfer request and won’t cooperate. Can you provide me with the FHA guideline about this subject? - May 25, 2010
- FHA Bridal Registry Rules: My underwriter says that only a bank can utilize bridal registry accounts. Is this true? [Download Mortgage Talking PointsTM flyer, Say “I DO” to Bridal Registry Accounts] - May 25, 2010
- FHA Buying Home Without Selling Other: What are the FHA rules for buying a primary residence without selling current home - converting current home into a conventional investment property.- May 25, 2010
- FHA Party Wall Agreement: I have a loan I'm trying to close on an attached town home. I’m being told we need to see a "shared party wall
agreement”. Does FHA require it? [Download Party Wall Agreement Form]
- May 25, 2010
- FHA No Credit Score: Have two unmarried borrowers - both will occupy the property. He has a credit score, she does not. As long as she does not have any negative trade lines, is she required to have a score?- April 25, 2010
- FHA New Construction: Can my FHA borrower act as his own general contractor? - April 25, 2010
- FHA Borrower with Short Sale: I have a borrower who wants to refinance his current loan. He was forced to “move” or lose job. Transfer resulted in short sale. Credit report shows lender settled for less. He has never been late on payments. Has been in new home with one year of on time payment performance. Are there programs for his refinance? - April 25, 2010
- FHA Trust Ownership: Can you close a FHA loan in the name of a trust? - April 25, 2010
- FHA No Foreclosure But Default Notice: I have a customer who had a notice of default filed, brought the loan current and then sold the home over a year ago. Does a Notice of Default constitute a foreclosure? - March 25, 2010
- FHA Gift Funds: Is it acceptable for parents to obtain gift funds for down payment and closing costs from an advance on the parent’s credit card? [Link to FHA Handbook Gift Letter Requirements]- March 25, 2010
- FHA MIP Refund: Is the MIP refunded in part if homeowner sells after 2 years?
[Link to ML 2005-03 & Mortgage Talking PointsTM “Rules for Dropping Mortgage Insurance (Both Conventional & FHA)]
- March 25, 2010
- FHA Up Front MIP Changes April 5, 2010: When does the UFMIP change for FHA loans? [Download Mortgage Talking PointsTM flyer, How to Deflate FHA Pumped Up Premiums]- March 25, 2010
- FHA 203K Worksheet: Do you have a copy of a worksheet for 203K Loans? [Download 203(k) and Streamlined(k) Maximum Mortgage Worksheet]- March 25, 2010
- FHA Credit Trade Lines: Can a borrower, who has a credit score, but only 1 trade line in the last 6 months and no alternative credit, get an FHA loan? - February 25, 2010
- FHA 90-Day Flipping Rule: My underwriter says I can’t do the loan, based on the 90-day flipping rule until an “official” announcement is made via Mortgagee Letter. Is there an “official” ML about this? - February 25, 2010
- FHA Property Ownership Limit: Can borrowers do a rate & term refi on primary residence, even if they own 8 other rental properties? - February 25, 2010
- FHA Streamline Refi: Do we need an appraisal when removing a co-borrower from an FHA Streamline refi? [Download FHA Streamline Refinance Worksheet}- January 25, 2010
- FHA 2-4 Family: What's the down payment for a 3-unit home and the borrower occupying one unit? [Download FHA Underwriting At-A-Glance Worksheet]- January 25, 2010
- FHA Gift: Is a gift from a friend or cousin acceptable and if so how do I document it? Link to FHA Handbook & Gift Rules- January 25, 2010
- FHA Bridal Registry Account: I've seen several ads about the FHA Bridal Registry Account. What's it all about? [Mortgage Talking PointsTM flyer, "Say I Do" to FHA Bridal Registry Account]- January 25, 2010
- FHA Non-Taxable Income: Seems to be inconsistency amongst underwriters relating to grossing up non-taxable income with FHA loans...some say 25%, some say you MUST determine the borrower's tax rate? If so, how best to determine tax rate?- December 25, 2009
- FHA Two HUD Mortgages: A borrower currently owns a home financed with a FHA insured mortgage and wants to purchase a new home using FHA financing due to an increase in family size. Can you tell me what proof we will need for this situation? [Including Mortgage Talking PointsTM Growing Family? FHA Can Help!]- December 25, 2009
- FHA Non-Owner Cosigner: In a non-occupant cosigned transaction, does FHA require the occupying borrower to have any income? I've had several major banks reject a loan with this scenario, and in fact, one stated the non-occupant co-borrower could only offset the debt ratio, not the housing ratio!- December 25, 2009
- FHA Seasoning of Funds: Where can I find clarification in the FHA handbook on seasoned funds and accounts recently opened?- December 25, 2009
- FHA Gift of Equity: Can I use 3.5% "gift equity" in subject property if father is selling to son, to include the closing costs, as well?- November 25, 2009
- FHA Processing Fees: I just had a lender tell me that FHA does not allow the borrower to pay a processing fee. Is there any FHA rule or ML that prevents payment of a processing fee?- November 25, 2009
- FHA Self-Employed Income: I have a client who is purchasing a home FHA that she is going to occupy. Her father is co-signing, but not living in the property. She has had a business for a year, but not income. There is a loss. Do we have to take the loss against her father's income or do we just use the father's income?- November 25, 2009
- FHA Compensating Factors: I am trying to locate the list of acceptable Compensating Factors from HUD. Do you have this list? HUD Compensating Factors Included- November 25, 2009
- FHA Property Flipping: Can you please refer me to the guideline on property flipping, specifically the rule regarding determining dates? My buyer is trying to purchase a home that the HUD 1 is dated June 1 but not recorded in the county records until July 17. But my underwriter is saying that she must use July 17 as the acquisition date. Is he correct? HUD Property Flipping Rule Included- October 25, 2009
- FHA/VA File Retention Rules: How long does a mortgage broker have to retain funded and/or cancelled/denied files for FHA and VA?- October 25, 2009
- FHA Cash Out Refinance Rule: I have a client who wants to refinance. We are going to payoff the 1st & 2nd. The 2nd mortgage is a line of credit taken out in 2005. Withdrawals on the 2nd within the last 12 months have been $1000 or less. It is my understanding that because the withdrawals are below $1,000 does FHA consider this a cash-out refinance? - October 25, 2009
- FHA Property Flipping Waiver: Regarding the new flipping waiver...does it apply to individuals who buy and resell foreclosures?- October 25, 2009
- FHA Income Gross Up Rule: Can adoption assistance income be grossed up?- October 25, 2009
- FHA Counting Foreign Income: My FHA borrowers have lived in the U.S. for 4 years and are permanent resident aliens with green cards. Good credit. They are employed by a company in Korea and file tax returns in Korea for the last 3 years. They are not required to file federal tax returns here in the U.S. Can I do an FHA loan?- September 25, 2009
- FHA Informed Choice Notice: Is the FHA form "Informed Consumer Choice Disclosure Notice" that illustrates a Conventional Loan alternative (97% LTV) still required, since there really isn't a comparable Conventional Loan product that compares to FHA?- September 25, 2009
- FHA Checking Denied Participation List: Where do I go to check all parties in an FHA transaction against the LDP/GSA (Limited Denial Participation/General Services Administration) list?- September 25, 2009
- FHA Appraised Value Disclosure: Does FHA still require the HUD statement of appraised value as an initial disclosure? If not, when did this occur?- September 25, 2009
- FHA Buyer with Short Sale: Buyer wants to buy FHA but had a closed short sale a year ago. The credit report shows 0 lates, good FICOs and I have a DU approval. The short sale was due to extenuating circumstances. She previously owned with a co-borrower and the co-borrower got diagnosed with cancer and could no longer work (can document). My borrower now wants to buy on her own. Will HUD insure this?- September 25, 2009
- FHA Subordinated Utility Liens: Can a sewer lien (that a town agrees to subordinate) be used on an FHA refi - or does it have to be paid off?- August 25, 2009
- FHA Boarder Income: Could the rental income that is going to be received from a Mother, paid to a Daughter, be used as proposed rental income for an FHA purchase? It is not a legal 2-unit home. I need the proposed rental to qualify the purchase.- August 25, 2009
- FHA Continuity of Obligation Rule: What is FHA's continuity of obligation rule? I have a husband and wife currently on title. Only the husband is on the current loan. Now, we need to do this loan with ONLY the wife. Is this ok because they are both on title (16 years)?- August 25, 2009
- FHA Refi of Home Free & Clear: I have a client that just closed on a purchase transaction and paid cash, she now wants to refinance on an FHA loan, is there is seasoning policy for a refinance cash-out with HUD on this?- August 25, 2009
- FHA Counting Bonus Income: I have a borrower who has salary income plus bonus. With FHA how do I calculate the bonus? Do I use year-to-day income?- July 25, 2009
- FHA Tip Income: My client is a massage therapist who finished her schooling and has worked for 10 months. She receives tips. Where in the FHA handbook do I find information on tip income?- July 25, 2009
- FHA Rental Income: I have a buyer leaving a 2-unit property to purchase a single family residence. They do not have 25% equity in the current home so we are not able to count income from the unit that they are vacating, but the 2nd unit has been rented for the last 2 years with tax returns to support income. Do you see a problem with counting income from the 2nd unit they didn't occupy?- July 25, 2009
- FHA Financing for Veterans: Does FHA still allow veterans to finance 100%? I found a ML from 2004, but I can't find anything in the newer 4155.1.- July 25, 2009
- FHA Admin Fee Paid to Realtor: Is there a new rule stating that a buyer cannot pay the Realtor buyer Admin Fee? The investor is telling us the Seller has to pay this fee. The title company is telling us that the Buyer can pay it - but it has to be referred to as a Flat Fee or Additional Commission Fee? (Maryland) - July 25, 2009
- FHA Gift of Real Estate Commission: My borrower is working with a Realtor who is also her mother. Can her mother "gift" her the commission she will be receiving on the transaction?- June 25, 2009
- FHA In-Ground Swimming Pools: Can a buyer finance a home, with an in-ground swimming pool that is NOT WORKING, using FHA financing?- June 25, 2009
- FHA Borrower with NO Credit: I have a first time homebuyer that has NO credit/trade lines. Can I still qualify him with non-traditional credit (rental, utility bills, etc.)?- June 25, 2009
- FHA Flood Zone: Can you do FHA financing on a manufactured home in a 100-year flood zone?- June 25, 2009
- FHA Shared Driveway: Is it going to be a problem if the property is located on a private, shared driveway?- June 25, 2009
- FHA Credit Qualifying Streamlines: Are they now required to be run through FHA total scorecard?- May 25, 2009
- FHA Qualify After Short Sale: A client had a short sale over a year ago. The credit report reflects, "paid in full". Can I give them an FHA loan?- May 25, 2009
- FHA Foreclosure Homes: Does HUD require lenders to do a 203k loan when they are offering an escrow allowance on one of their homes being sold? Do you have to provide a list of repair items?- May 25, 2009
- FHA 4-Unit Property: My client is purchasing a 4-unit owner occupied property. If they are putting 20% down, do they still need to pay the UFMIP and the monthly MI? (Includes - FHA Underwriting Purchase-at-a-Glance Matrix)
- May 25, 2009
FHA Energy Efficient Mortgages: What is FHAs Energy Efficient Mortgage (EEM) program all about? Energy Efficient Mortgage Worksheet Included- April 25, 2009
FHA Foreclosure Waiting Period: How long does a borrower have to wait to be able to purchase a home after a foreclosure with FHA financing? - April 25, 2009
FHA Case Numbers: I am working on a Streamline Refi w/o an appraisal. How do I find the previous FHA case number if I did not originate the mortgage?- April 25, 2009
FHA Minimum Property Standards: Do you have a simple checklist I could give my Realtor’s who are screening a home for FHA Minimum Property Requirements on an existing home? FHA Existing Property Condition Screening Checklist Included- April 25, 2009
FHA Loan Officer Employment Status: Does HUD prohibit a loan officer from also acting as a contract processor and running a separate processing business on the side, in addition to being a loan officer?- April 25, 2009
FHA MIP Refund Calculation: Do you know where I go to enter loan data to calculate the MIP refund on an FHA refinance?- March 25, 2009
FHA Sponsor for a Broker: If your original FHA sponsor decides to stop doing business, does that put you out of the FHA business? Is our FHA lender number tied to the original sponsoring lender? Can we change lenders?- March 25, 2009
FHA Streamline Credit: I'm doing a FHA streamline for a past client on his primary residence. Would it be an issue if his investment property has been reported as both 30 and 60 days late?- March 25, 2009
FHA Property Condition: Does a home where the kitchen sink, stove and toilets are missing qualify for FHA financing?- March 25, 2009
FHA Condos: How do you know if a condo project is eligible for an FHA loan?- February 25, 2009
FHA Divorce Underwriting: Can a borrower who is in the middle of a divorce qualify for an FHA loan? He has high FICO scores, large reserves, qualifies with both house payments and still only has a DTI of 25%.- February 25, 2009
FHA Sweat Equity: Does FHA still allow sweat equity? Includes the Mortgage Talking Points® flyer, The Secret to Making Sweat Equity Work for Your Buyer.- February 25, 2009
FHA Streamline Refinance: Do you have a comparison chart for FHA Streamline Refinances both with and without an appraisal? FHA Streamlined Refinances - Refi Worksheet & Quick Reference Guide Included.- February 25, 2009
FHA Non-Resident Alien & TIN: My borrower's wife is a non-resident illegal alien. She has a TIN but not a Social Security Number. I'm being told that I can't do this loan, even if I only have the husband on the loan. Why?- February 25, 2009
FHA Down Payment Purchase Home: How do I calculate the loan amount and payment for an FHA purchase transaction in 2009? Mortgage Talking Points® Flyer The New Math Included- January 25, 2009
FHA Child Support Debt: My borrower is obligated by divorce decree to pay $500 per month in child support. He pays $600 for dance lessons. Do I "count the $600" as a monthly debt?- January 25, 2009
FHA Jumbo Streamlined Refinance: Do I need two appraisals if I'm doing an FHA Jumbo Streamlined?- January 25, 2009
FHA Refi Home Currently Listed: How many days does a property have to be off of the MLS listing for FHA to allow a refinance?- January 25, 2009
FHA/Fannie Mae/Freddie Mac Self-Employed Depreciation: Can I credit back a percentage of the mileage for depreciation when analyzing employee business expenses Form 2106 or 2106-EZ? (IRS Document Included)- December 25, 2008
FHA Condo Conversions: What are the requirements to finance a unit under FHA? Are they the same as spot approvals or does the complex have to go through the full FHA approval?- December 25, 2008
FHA Refinance Streamline: Is there a seasoning requirement for a streamline refinance in terms on how long they have been on title AND is there a restriction on the fees I can charge?- December 25, 2008
FHA MIP Refunds: I've got a streamlined FHA Refi for a borrower who got an FHA loan that closed July 1, 2008. Is he entitled to any MIP refund? (Link to Comparison Chart)- December 25, 2008
FHA 203K Streamline Refi Rules: Do you have a good resource for FHA 203K loans? I've bought several of your training materials and it has actually helped me save a couple deals. With all the foreclosures and homes needing minor repair, this is becoming an increasingly popular product in my area. (Download ML 2005-19 & ML 2005-50)- December 25, 2008
FHA Become DE Underwriter: How does a loan officer get approved as an FHA underwriter? - November 25, 2008
FHA Condo Approvals: What do I need to do to get the condo projects FHA approved and what are FHA appraisal requirements for new construction condos? - November 25, 2008
FHA Rents Current Home, Buys FHA: What are the rules to use rental income from a home that will be rented when buying another home via FHA? - November 25, 2008
FHA Seller Contributions: Have you ever heard of a FHA loan that would allow the seller to pay the interest portion of the payment for up to six months, out of the seller contribution?- October 25, 2008
FHA Mortgage Insurance Premiums: Where can I find the changes in FHA mortgage insurance premiums that were supposed to take effect after the 1st of the year?- October 25, 2008
FHA Condos New Construction: I went through the process of getting a new condominium development approved through all of the proper FHA channels, yet the FHA HOC is rejecting my individual loans in insuring because I don't have 10 year warranties? My condo approval didn't require 10 year warranties and the appraisal was issued "as is".- October 25, 2008
FHA Lender Approval: Is it true that trying to get approved as a Government Lender is just not worth it?- October 25, 2008
FHA Approved Tips: How do I deal with Realtors who think that FHA is too hard to work with? - October 25, 2008
FHA Multiple Loans: Can a borrower have more than one FHA loan? (Mortgage Talking PointsTM Flyer Included)- October 25, 2008
FHA DE Underwriter: How do I become an FHA DE Underwriter?- October 25, 2008
FHA Broker & Real Estate License: Is it acceptable to work for an FHA approved company and have a real estate license at the same time?- September 25, 2008
FHA Case Numbers: We are a wholesaler. If we have a loan file with appraisal, etc...then the borrower changes properties...do we need a whole new loan number and to re-disclose, etc.? - September 25, 2008
FHA Trade-In Equity: I know that we normally need an appraisal on a house when it is being taken in trade. But the Builder is not giving him any equity. In other words the down payment is not coming from the sale of the house to the builder. Do we still need appraisal?- September 25, 2008
FHA MIP Refinance Refund: Does FHA still refund unearned UFMIP if the borrower refinances to a non-FHA loan or do they only credit for FHA to FHA loans?- September 25, 2008
FHA Underwriting Ratios: What ratios does FHA accept for manual underwrites? I got DU referred due to big housing ratio, may manually underwrite. So, LTV is 75%, score 620, ratios are 38/38, 5 years on the job with $8,500 in reserves.- September 25, 2008
FHA 1099 versus W-2 Employee: Is it possible to originate FHA loans and get paid with a 1099 instead of getting a W-2? (Link to rule included.)- September 25, 2008
FHA Down Payment Assistance (DAP): I need to know what the generally accepted underwriting standards are for DAP funds and how underwriters treat them. And what HUD/FHA says?- September 25, 2008
FHA Alternative to Conventional Loan: My real estate associates aren't convinced that FHA is worth it. They tell me that the seller has to pay for some of the borrowers closing costs, that it's too hard to get clients qualified, and their clients don't like having to pay mortgage insurance. I'm not quite sure how to deal with their preconceived perceptions. Is any of this true? - September 25, 2008
FHA Allowable Closing Costs: Do you have a guideline for acceptable and unacceptable fees that can be charged for FHA Loans? Can a loan processing fee be charged to the borrower on an FHA if it is either (a) paid to the originating broker or lender; or (b) paid to a third party contract processor? (ML 2006-04 included)- September 25, 2008
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