Does my condo have to have an active HUD status for FHA refinance program eligibility?
Question by mindy: Home equity loan requirements? Besides having the house what are the requirements? what is the process they use to approve or deny you for the loan? Do you have to have perfict credit or just a house and income? Best answer: Answer by BillYou need the same requirements as if you were buying a new house. The property has to be appraised and meet the underwriting guidelines. You need good income , malady more about good credit and the house has to meet value requirements. Add your own answer in the comments! Question by ZC: Does my condo have to have an active HUD status for FHA refinance program eligibility? So I checked the HUD site and my condo project has an Expired FHA/HUD status. I would like to refinance to take advantage of the lower rates. Is there any way to for me to still leverage the FHA Short Refinance or FHA Streamline Refinance program, visit this site or do I have to go the traditional route? Note: I am currently in a conventional, symptoms non-FHA loan. Best answer: Add your own answer in the...
Read MoreBuying condo, paying mortgage with student loans? Qualifying with no income?
by European Parliament The Home Affordable Refinancing Program Article by Pepple Holli For more informaiton please visit here… Related Government Refinancing Programs Articles Question by crave132: How should I go about purchasing my gram’s house? Mortgage? Home Equity? FHA? It is in an estate of my dad.? Ok so here is the situation. My gram died over a year ago and her house has been sitting in an estate that my dad and his 3 siblings are in charge of. He has been holding up the estate so I can get the house, more about but I have to save up money first. I have the money saved up now, this just need to see about what my best method is for getting the house? Regular mortgage rates at local banks are 5% for 30 years and up. The house was appraised at 72000 and I am getting it for 60000, 15000 for my dad and each of his 3 sibling divided equally. My question is should I get the house deeded to me for $ 1 to avoid having to pay all the closing costs and do it as a home equity loan? Is there somewhere better to get a mortgage than a local bank? None of the big banks will do FHA/government loans. Please tell me the best way to go about getting the house in my name, and getting my aunts and uncles their money. I have already been qualified for the loan, but if I do a home equity I wouldnt have to pay closing costs. Yes i know what a home equity loan is, I used to work as a credit analyst at a bank. There is no money owed on the house, and if it were in my name I would have all the equity to take out. The only reason I need money is because my aunts and uncles want their share for the house, and they want it soon. I have 5000 saved up, which is 5% down plus closing costs. I just want to know if there are any other loopholes besides having the house deeded to me for $ 1, which is not fraud and is legal. Thanks for the answers so far, but you havent told me anything I dont already know. Best answer: Answer by Greg KThere are a number of ways to do this, but it’s all about the level of trust between the parties. First off, the purchaser needs to be someone that can get a loan. If that is you, fine, but if not, you need to figure out who can meet the lenders requirements. What mortgage products are available to you are predicated on the creditworthiness of the borrower. A mortgage broker may be of real assistance to you in figuring this out. Closing costs vary with the mortgage product. You will need to figure out the nuances of closing costs as you decide your mortgage. Finally there is the question of title. Assuming you purchase the house, the title is now in your name. It sounds like the house is already in a trust for the estate. Transferring the beneficiary name on the trust may be the easiest thing to do. And it doesn’t involve much money at all. Nothing needs to change until you sell the house. If the trust owns the house, the trust gets the money. You need to look at the trust documents to understand what happens to the money in the trust. Good Luck Know better? Leave your own answer in the comments! by eyewashdesign: A. Golden...
Read MoreQ&A: What is the Condo Development Requirement for FHA Loan approval in Atlanta GA?
Question by gregwhatshisname: Has Freddie Mac started to introduce any loan modification programs for banks? I have been unemployed for the last 60 days and my Credit Union has been telling me that Freddie Mac keeps delaying these “Webinars” that need to be held before any loan modifications can take place. The C.U. has told me for the last three weeks that they have not been told what the qualifications are in order to get a loan modification. Is this true? Do I have to wait for my credit union to have a “WEBINAR” with Freddie Mac before I can get a loan modification? Best answer: Answer by golferwhoworksso far they have done nothing What do you think? Answer below! Question by ewilliam: Questions about an FHA mortgage? My girlfriend and I are in the process of looking for our first place. We found the condo we’d love to purchase and are now looking to take the next step. The condo price has been reduced to $ 140, price 000 and we are located in Michigan. It seems we’d be looking into a FHA loan for 30 years, dosage but I have some general questions about getting a loan based on our credit and income. Hopefully someone can give me some insight so I know what to expect. Basically she is a 728 credit score and has always paid everything perfect. As for her income she makes around $ 40,000 per year. Myself am much lower with my credit score at a 587 and make around $ 45,000. With my credit, I have never really paid anything late, have never defaulted on anything but between three credit cards I hold with a combined limit of around $ 3500 the cards are maxed out which I know is hurting me right now. I am in a position where I can completely pay them off right now or at least pay them down almost all the way depending on what is more beneficial to my credit score. I can’t think of any other reason my score is where it’s at right now. If I do pay them off or down, will I even see much of a quick rebound in score, or enough to make any difference? I have two 30 days late on credit cards in the last 5 years showing on my credit report, and have never been late on an auto loan payment – payments ranging from $ 340-$ 650. My current highest minimum amount due on a credit card is $ 60 per month. Hopefully that helps give some background to my situation. So all in all if someone can offer me a little help or advice I would appreciate it. Also, do they use both scores on a joint mortgage and how do they take both incomes into account? Thanks in advance! Thanks for the responses so far. No, I have not been pre approved yet. That’s the next step. I was referred to someone, I emailed and called today, however their email response said they are out of the office until the 29th of this month for the holiday. Since this is all new territory for me I’m really not sure who I should take to other than the person I was referred to by the condo community. What exactly will I need to provide in order for a pre approval? Should I be shopping around, and if so, how do I go about doing so? Sorry for the ignorance on this subject, this is all unfamiliar. Best answer: Answer by src50If you are both...
Read MoreFHA eases burdensome condo financing rules
by marsmet526 Question by Dolan A: Is there a government refinance assistance program available? I have decent income and credit, visit web capsule but not a good home mortgage. I want to refinance but my loan is above the market’s value, viagra approved and my loan is not with Fannie Mae nor Freddie Mac. Is there any government program that will get me a loan without mortgage insurance? I checked out MakingHomeAffordable.gov, and the site says, I “don’t quality” for any of the available options. Any other suggestions? Best answer: Answer by BNICKSwww.makinghomeaffordable.gov check out the website … either option on the site refi or modification would help … i wouldn’t worry to much about having mortgage insurance … What do you think? Answer below! FHA eases burdensome condo financing rules The certification process is intended to provide the FHA, buy information pills a government-run mortgage insurance agency, with key information about a development's legal, physical and financial status. Without approval of an entire development — regardless of whether it … If you would like more informaiton please visit here… FHA Relaxes Condo Rules 13 and took effect immediately, should make it easier for large numbers of condo associations to seek certification by FHA. The certification process is intended to provide FHA, a government-run mortgage insurance agency, with key information about a … For more informaiton please visit...
Read MoreTIAA-CREF Purchases New York Retail Condo
by epSos.de TIAA-CREF bought a retail condo in new York in a deal reportedly worth a lot more than $ 40 million. National True Estate Investor More informaiton please pay a visit to...
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