If you’ve lost your home through a short sale and want to get another mortgage loan, you might be wondering how long you’ll have to wait. Your credit will take a hit after a short sale, although possibly not as much as it would if you had lost your home through foreclosure.Nevertheless, a short sale will likely prevent you from getting another mortgage right away.
· The House of Representatives approved a bill this week that would cut the cost of upfront mortgage insurance fees on Federal Housing Administration loans for first-time home buyers who take part in housing counseling.
Fha Lenders . notched a big win in bad loans case It’s clear now that the federal government’s case against Quicken Loans over suspected violation of FHA loan guidelines was weaker than it seemed. Check out.
Do you have a FHA 203k question you’d like to ask a 203K Specialists? Just post it here on the blog. Scroll down all the way to the bottom of this page (the QA post page) and type your question in the “Leave a Reply” box and press “Submit”. Your question does not have to be FHA 203K related, it can be general FHA or Conventional questions as well.
Change Of Employment. One of the most common reasons a mortgage is denied is due to a change in employment. Depending on the type of financing a buyer is obtaining, there are certain requirements for length of consistent employment. For example, FHA mortgages require a buyer to have solid employment history for two years.
Know what to expect from start to finish when lenders qualify you for a home loan.
Make Your House FHA-Loan Friendly. If you’re selling a condo. FHA also has to approve your condo before a buyer uses an FHA loan to purchase your unit. Be sure your condo is FHA-approved for mortgages. The list has been updated, so if your association was approved a year ago, check again to make sure it’s still on the approved list..
Fha Guidelines Gift Funds B3-4.3-04: Personal Gifts (09/29/2015) – Fannie Mae | Home – Gift Funds A borrower of a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements below.
There is no waiting period for how long you have to wait to sell. Since FHA loans have no prepayment penalty you can sell whenever your want. If you have any further questions feel free to contact me (347) 242-1206.
To qualify for an FHA mortgage, you'll have to agree to live in the property. old FHA home or sell it so that you can qualify for a new FHA loan.
If you sell your home on Aug. 1, the FHA will require that you pay interest on your mortgage loan through the end of August, something that could cost you hundreds of dollars. This penalty remained on the books as of August of 2013.