FHA

If you presently have an FHA mortgage and want to take advantage of refinancing that mortgage through the popular streamline program, make sure you have a copy of your original note from your closing! If you don’t have a copy in your possession, the company servicing your loan will have a copy.

Related Article Title: FHA – Original Purchase Documents – Streamline Refinance: If an FHA borrower cannot provide a copy of their original FHA note, how would you suggest proceeding? Answer: A copy of the note provides the FHA case number as well as the terms of the current loan for determining Net Tangible Benefit. Is [...]

2019-06-24T10:14:08-05:00June 25th, 2019|FHA, Social Media Posts|

FHA will limit the maximum LTV to 75% when a seller is both the seller and non-occupying co-borrower even if they are also a family member!

Related Article Title: FHA – Family Member Seller as Non-Occupant Borrower: If a father is selling to his daughter and he also needs to be a co-borrower, can she get maximum financing? – Chart – Non-Occupant Co-Borrower Guidelines – All Agencies Answer: The family member seller can be a non-occupant co-borrower, but the LTV will [...]

2019-06-24T10:18:42-05:00June 25th, 2019|FHA, Social Media Posts|

FHA – Overtime Income History: Is there a way to use overtime income if the borrower does not have a full two-year history?

Answer: Per the guideline below, FHA will allow the use of Overtime income even if it hasn’t been earned for a full two years. See the details below. Reference: 4000.1, II, A, 4, c v. Overtime, Bonus and Tip Income (TOTAL) (A) Definition: Overtime, Bonus and Tip Income refers to income that the Borrower receives in addition to the [...]

2019-06-19T11:05:08-05:00June 25th, 2019|

Construction to Permanent financing is a great way to build your own home, close one time and not have to deal with the construction loan followed by a second more permanent loan. PM me for details and let me help you make that new home a reality!

Related Article Title:  FHA-Construction to Permanent and Building on Own Land Programs, Mortgagee Letter 2019-08, May 16, 2019 – Effective by June 17, 2019 or Immediately – NEW MTP™ – Interested In Building Your Own Home on Your Own Lot? Written by: Tracey Rumsey, Staff Writer FHA is providing a great update to their new [...]

2019-06-07T09:08:05-05:00June 10th, 2019|FHA, Social Media Posts|

FHA – Construction to Permanent and Building on Own Land Programs, Mortgagee Letter 2019-08, May 16, 2019 – Effective by June 17, 2019 or Immediately – NEW MTP™ – Interested In Building Your Own Home on Your Own Lot?

Written by: Tracey Rumsey, Staff Writer FHA is providing a great update to their new construction rules. Take a look at this article and the social media posts to boost your business in this niche. Rule Synopsis: The guidance in this Mortgagee Letter may be implemented immediately, but must be implemented for loans with case [...]

2019-06-07T10:44:16-05:00June 10th, 2019|