Having an FHA insured mortgage?

Posted on Aug 30, 2012 in FHA Information

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But the majority of Washington Mutual problem loans were prime mortgages and home equity loans. Grind reports that 70% of the options ARM mortgages and 90% of the home equity loans were taken on the basis of “stated income” instead of …
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Question by vixxen: FHA loans do not allow default on a Federal Loan.What if I pay off the loan prior to applying for FHA mortgage?
Will I get the loan? I have about 10% down…

Best answer:

Answer by Jay C
First of all, decease if you have a previous foreclosure(does not matter if it is FHA/VA/Conventional), information pills you MUST wait 3 years before you are eligible to apply for another FHA loan. This is the critera from the FHA itself. So if it has not been 3 years, I’m afraid you are not eligible for an FHA.

Secondly, if it has been 3 years since the foreclosure, and if you HAVE perfect credit since, you may be APPROVED for another FHA. HOWEVER, FHA will TYPICALLY REQUIRE that any outstanding collection accounts be paid BEFORE being able to close on the loan. So whatever amount is showing on any collection(including your foreclosure), must still be paid before you can close.

I wish I had better news for you but unfortunately this is the criteria for an FHA

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Question by sakof90s: FHA inspections – how fast can they be done?
How fast can an FHA inspection for approval be completed? We are selling our condo and buying a house. We are in escrow in both processes. Of course we need to sell to get the down payment for the purchase. Today, sickness our agent called to see if the condo we are selling has been inspected and approved by the FHA. I’m not sure but it sounds like the buyer’s lender wants FHA backing. To our knowledge, website the condo has not previously been approved. We are locked in at a decent mortgage rate, ambulance but there is an expiration date for that lock-in. I don’t want to lose the rate and wonder how long it will take to have the FHA do their inspection of the condo and approve the backing. We live in So. Calif. Any advice would be greatly appreciated. Thank you.

Best answer:

Answer by boo76
Typically if his/her buyer is doing an FHA loan, then the loan company that is doing it for them needs to send their own inspector over. It’s not up to you…the only time you get an inspection is if you wanted to certify that your home is somehow a good buy or something…like a “for the record” type thing….

If the buyer is doing an FHA loan, then the lender should be sending an inspector over anywhere from 30 days before the closing and up until about 2 weeks from the closing.

When is your closing date for the buyer? If it is w/in the next 30 days expect someone to come inspect the home in the next few days to couple weeks…

Hope that helps….

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low mortgage rates
by elycefeliz

Question by John L: low mortgage rates, order how long will they last?
Since the bailout of Freddie Mae and Freddie Mac, viagra mortgage rates fell, correct?

1. Why?

2. How long will this last? I’m looking to buy a house within the next two months, and I don’t want to miss the low rates.

Best answer:

Answer by Howard L
Mortgage rates have dropped a bit this week. Due to Freddies I don’t really know. How long will they stay low. I’d be a multi-millionaire if I could predict that.

When you apply for and get approved for a loan you can lock the rate for a period of time 15-90 days depending on the mortgage company and how much your willing to pay for an extended lock. 30 days is usually included at no charge. You have until the end of the lock period to actually take out the loan. You’re usually out nothing but the application fee if you back out of taking that loan.

So if you’ re happy with todays rates apply for a loan with a lock period that fits your plans.

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Question by Anna Z: Are fha mortgages available to those that are selling a current property and want to purchase a new residence?
Our family grew and our 1 bedroom condo is up for sale. We will be renting it out until someone buys it. We are currently renting a home and would like to purchase it if we qualify for the mortgage. Obviously that would not make me a first time buyer, approved but was wondering if an FHA mortgage is an option. Thanks

Best answer:

Answer by glenn
FHA is available and used very often by people. You will need to check with a loan officer to see if you are qualified. Use someone local. You may communicate with them still by email or such but you want to be able to walk into their office And “face to face” if needed- Trust that advice.

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fha insured mortgage
by Editor B

Question by : Having an FHA insured mortgage?
Ive had this house 2 years, discount never missed a payment. Now due to health reasons,I must leave to go to a care-giver.The mortgage is FHA insured. If I discontinue payments,am I correct in understanding that the Lender will be paid by FHA?If so,are there repercussions to me?I am now disabled and receive SSD.I have the house on the market for the second time,no offers.Its now listed as a short sale,still no offers.Can anyone clarify this please?I assume its similar to car insurance,if i have an accident,the insurer pays and there are no other consequences to me.Is it the same with an FHA insured Mortgage?
Thanks

Best answer:

Answer by loanmasterone
A FHA insured mortgage loan really has nothing to do with you. FHA insured the mortgage loan with the bank. In the event you would not be able to pay the monthly mortgage payment FHA would repay the bank any funds not paid by you.

In this manner the bank that you borrowed the money to purchase the house would not be on the hook for the house, thus the house would not be a liability to the bank.

FHA would take possession of the house, thus the house would be a liability to FHA.

You would still be liable for the mortgage payment, as the lender or FHA would foreclose on the property. A foreclosure would become a negative on your credit report for several years.

This is not insurance for you and would not relieve you of your financial responsibilities to pay the monthly mortgage loan payments.

You have hazard (Fire) insurance to cover any catastrophe, that would pay you to replace your house in the or make it hold once again in the event of fire, accidentally being destroyed by unforeseen happenings.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

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One Comment

  1. In addition to answer number 1, you also (note also since there are exemptions) might get hit with a tax bill – should the bank write off the unpaid portion of the loan, you will get a 1099 which, under certain conditions, you would report on your tax return as income. Since you would not have paid a withholding on this money, you would probably end up with a smaller tax refund or even owe money to the IRS.