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Marie Baker
19 hours ago
Home purchased in 2/2011 for $124900.00 Streamline refinance Only done in 2/2013 to lower rate. Currently we owe just over $100k and the market value is $180k approximately. That puts us well under the 78% ltv can we cancell PMI?
Home purchased in 2/2011 for $124900.00 Streamline refinance Only done in 2/2013 to lower rate. Currently we owe just over $100k and the market value is $180k approximately. That puts us well under the 78% ltv can we cancell PMI?
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54
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jezter10000 .
4 days ago
I just got my house with an FHA Loan and would like to run my Massage Therapy business from my house which is permissible by the city I live in but is this allowed by FHA rules?
Best Answer:
FHA loan rules in HUD 4000.1 do address this issue, stating, "The non-residential portion of the total floor area may not exceed 49 percent. Any non-residential use of the Property must be subordinate to its residential use, character and... (more)
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keith owen
5 days ago
We had a bankruptcy chapter 7 that included our house 2 years ago, later on we did a short sale on the house. We've saved a down payment and closing costs. How long do we have to wait to qualify for a 203k loan.
Best Answer:
12 months to two years is the minimum waiting time for a Chapter 7, starting at the time the bankruptcy is discharged. Three years from the time of the short sale. Lender standards may also apply.
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Betty Kerrigan
17 days ago
My son in law wants to purchase 10 acres of land, which includes a 3 bedroom\2 bath mobile home. He has been at his job for 12 years, but has no credit. He'd like to put 10% down. He's 57 years old and would be a first time home buyer. Would he qualify for a FHA mortgage?
Best Answer:
FHA loan rules state that borrowers with FICO scores below 580 are required to put 10% down. However, lender standards are often higher, usually in the mid 600 range. FICO scores won't be the only factor for loan approval-credit/payment activity... (more)
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A Curious User
25 days ago
I’m currently living in Eau Claire Wisconsin, in a rented home. I was a home owner in Puerto Rico four years ago.

Before to starting living at Wisconsin (year 2013), I had my home in Puerto Rico on sale with the buyers with a loan approved.

As part of my relocation benefits my company was providing sales assistance to my home. But at the moment of the closing, it was discovered my home and also the entire neighborhood in where the house is located were not free of liens.

The entire story for having this liens is the following: This was a new construction project consisted of 47 homes. The contractor made an agreement to the owner of the land in where the 47 homes are located. The agreement consisted to paid the money for the land to the land owner after all the houses were constructed.

That agreement from the contractor to the land owner never was completed and the land owner decided to take legal actions to the contractor. Unfortunately for us (all the 47 home owners) the contractor declared himself in bankruptcy.

The land owner with not more choices present to the court the situation and all the homes were to public auction around the year 2010. The legal situation continuing in course, and when I was moving from Puerto Rico on 2013 the bank told us the lien was cleared out and also I had the go-ahead to sell my home. I tried to sell my home twice with two different buyers but the lien issue was never resolved.

I’m continuing working with my lawyers and continuing paying my mortgage while I was not living any more in Puerto Rico. I paid the mortgage until November 2015, by recommendation of my lawyer and also because I don’t had any other option I give-up and stop paying my mortgage since then.

Back to the present, my home was sold in a public auction on March, now on my credit reports appears the foreclosure with $0 balance.

Sorry for the long email, but what I’m looking for is to have the opportunity to buy a home here in Wisconsin. I really had a good credit before this foreclosure. Actually this is my 4th year paying rent without any late payment. Also all my accounts, like credit card, car loans Cellphone bills ect, does not have any late payment.

I have all the evidence in the world to demonstrate the lien issue I had with my home in Puerto Rico and also the two times in where I had the buyers with the loan approved but the sale was cancelled by the lien legal issue.


Again, sorry for the long email I just need some orientation to who I can call or contact in order to have the opportunity to buy a home with a FHA loan. Why FHA? Because I don’t have the enough money now for down payment. I have an expectation to buy a home next year as soon my current renting contract ends.

Thanks for attending to this

Ismael
Best Answer:
FHA loans are available from participating lenders. You can fill out an online form at http://www.fha.com to be put in touch with a participating lender who can discuss your needs. (FHA.com is a private company, NOT a government agency and is not... (more)
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Matthew Merritt
a month ago
Are co-borrowers income/debt summed if they are not married?
Best Answer:
Can you be more specific? What kind of loan are you asking about?
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A Curious User
a month ago
I was told that I had to show that I have made 3 consecutive monthly payments before the loan would get approved. My husband and I filed as married but separate to obtain a tax break because we have no eligible tax deductions. I started working a part time job to help our son get through college for 2 years.
Best Answer:
FHA loan rules in HUD 4000.1, page 136, say the following:

"Tax liens may remain unpaid if the Borrower has entered into a valid repayment agreement with the federal agency owed to make regular payments on the debt and the Borrower has made... (more)
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Avery Gordon
a month ago
I'm trying to buy the perfect home for me for about $28,000. The seller's agent does not list this home as a Cash Only sale, but insists that she won't sell it any other way. This home has been listed for 280 days now. Why can't I buy this home with an FHA Loan?
Best Answer:
If you're asking why the seller won't accept any other form of payment, you would need to discuss that with the seller. If you're asking why FHA loan rules would not permit you to arrange the purchase of the property in a way that would... (more)
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Lesley Hudson
a month ago
I am a permanent resident living in Texas. After 20 years I have no idea where my card is. I can not request a replacement online because I am not a citizen of the USA. I have my number but I am being told by my lender that it is an FHA requirement that they see my actual card. My question is, are they correct ? I have all other documents required and have never ever been asked for my actual card before.
Best Answer:
FHA loan rules in HUD 4000.1 page 131 state: "Each Borrower must provide evidence of their valid SSN to the Mortgagee."

You can apply for a replacement Social Security Card by mail, for free, using the following form from the Social... (more)
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MARILYN FLUCKEY
2 months ago
Can someone qualify for a loan if they have a low credit score?
Can someone qualify for a loan if they have no collateral other than vehicles?
Can someone qualify for a loan if they have no savings accounts?
Can someone qualify if they have credit cards that are all current but one (5 cards)?
Best Answer:
FHA loan minimum credit score requirements are 580 or above for maximum financing, between 500-579 for financing with 10% down. Lender standards may (and often are) higher than these FHA loan minimums. It is strongly advised to be current on ALL... (more)
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