What should I be cautious about during the FHA mortgage loan process?
Question by lran_vt: How are the consumers who signed and received reverse mortgages making out in this time of economic downturn? None of the news articles are addressing this problem. And my friends wont tell me how they are making out financially. Just curious. Best answer: Answer by shippywomanThey don’t have a change and are still spending down equity. What do you think? Answer below! Question by : Are FHA loans assumable when the home is worth less than the loan? My friend and I purchased a home together a couple of years ago. I potentially will be moving to another city because of a job transfer. Can she assume my portion of the FHA loan? The home is currently worth less than the loan by about $ 30K. Best answer: Answer by Steve DNope…no one has written an assumable loan in years. However, health the mortgage contract will have a clause that says whether the loan is assumable or not. If the home is underwater, nurse then there is very little chance that your friend will be able to re-finance in their name only, which would be the only way you can get your name off the mortgage. What do you think? Answer below! by eyewashdesign: A. Golden Question by SPCStevens: can i use rotc stipends scholarships and gibill as income for home loan? Im in the national guard and rotc. I get stipends, purchase gibill, check drill pay, discount and a room and board scholarship totalling around 25000 a year. Can i use this for income when applying for a home loan? The room and board scholarhip goes directly to my bank account and is allowed for off campus/. I have a 720 score Best answer: Answer by WCHS1970If you can prove income with pay stubs of course it will be considered. However your room and board scholarship is not income – I presume that goes directly to the school? So really all they are going to consider is actual income which would be the stipend and drill pay I would think. The lender is also going to look at your down payment amount, credit score and credit history, other liabilities and job stability. Give your answer to this question below! Question by OZARK_IAN: What should I be cautious about during the FHA mortgage loan process? So Im knee deep in purchasing this home in Michigan. Ive gotten all the way to the loan application process. Once it is filled out, thumb I will get guaranteed financing. Today when E-signing the documents, this web I got to page two and there was a red flag. Even know we had agreed with our lender that the rate would be 5%, he had the rate listed as floating rate. After a somewhat heated phone convo that had me fending off a $ 400 fee to lock the rate, the lender agreed to Lock it in at 5%. But I am very nervous about the rest of the process. Im afraid of expensive surprises that can ruin this dream that Me, my Wife and Kids are so excited about. Any suggestions? Best answer: Answer by chatsplasStay on top of everything NO sure-things no guaranteed financing Don’t you have a competent real estate attorney representing you in the biggest purchase of your life? READ everything you sign carefully–good catch on the rate. Don’t let them rush you or hurry you through the docs. What do you think? Answer...
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