Quantcast
Learn About Homeownership:
QuestionsCompaniesPeople
Few decisions are more important than how to pay for or maintain your home. Question Big can help you stay smart and avoid mistakes.
×
Questions:
A
78
Views
1
Answer
0
Likes
A Curious User
3 days ago
I know you can not get an FHA loan if you inherited a house, but can I qualify for an FHA loan if I inherited commercial property?
Best Answer:
If you are asking whether you can use an FHA loan refinance a residential property that has been inherited, the answer is yes, you can refinance a residential property with an FHA mortgage. An FHA mortgage may be possible for properties zoned... (more)
add another answer
16
Views
1
Answer
0
Likes
A Curious User
9 days ago
Selling my home. Buyer got a required letter from the IRS in Spanish, not in English. The underwriter is not accepting it, says it is required to be in English. Is this true?
Best Answer:
That may depend greatly on several variables to include what kind of loan you seek, state law, and other requirements, but you may with to contact the Department of Housing and Urban Development (see below) to see if such requirements constitute the... (more)
add another answer
91
Views
1
Answer
0
Likes
A Curious User
10 days ago
Foreclosure in 2013, was told during application process for 2017 refinance everything was fine. AFTER appraisal and all other hoops we jumped through, told loan was going to final approval and BOOM, denied due to FHA stating the payout or whatever wasn't until November of 2014. What is this all about???? I have no control over the mortgage sale being moved 3 times or PMI claims being processed slowly. Is this accurate or were they giving me a line of crap?
Best Answer:
HUD 4000.1, the FHA Single Family Loan Handbook, has the following to say about foreclosures:

"A Borrower is generally not eligible for a new FHA-insured Mortgage if the Borrower had a foreclosure or a DIL of foreclosure in the three-year... (more)
add another answer
38
Views
1
Answer
0
Likes
keith owen... Asked 1 more question
16 days ago
My husbands first wife died in2007 a month after they bought a home. He had to quite his second job to take care of the house and kids a 35k loss. He managed to keep the house until he had a heart attack in2015 which caused him to take a demotion at work. A $700 a month loss. He filed chapter 7 and was discharged 9/15 which included the house. The house sold in a short sale 2/17. Does he qualify for extenuating circumstances?
Best Answer:
That may depend on the type of loan-conventional, FHA, etc. Lender standards, state law, and other requirements may apply. If you're specifically asking about FHA home loans, the FHA loan handbook, HUD 4000.1 states this about extenuating... (more)
add another answer
35
Views
1
Answer
0
Likes
Mookie Walker
17 days ago
looking to by a mobile home in my area riverhead n.y. 11901, need help, with trying to get a loan 50,000 to 75,000
Best Answer:
You can fill out an online form at http://www.fha.com (a private company and not a government agency) to be put in touch with a participating FHA lender who can discuss your needs. Hope this helps!
add another answer
137
Views
1
Answer
0
Likes
Marie Baker
a month 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?
Best Answer:
Bruce Reichstein answered a similar question regarding LTV and PMI a while back, here is his response:

"Certain rules were in place for FHA insured loans pertaining to cancellation of the Annual Mortgage Insurance Premium (MIP) for case numbers... (more)
add another answer
131
Views
1
Answer
0
Likes
jezter10000 .
a month 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)
add another answer
123
Views
1
Answer
0
Likes
keith owen... Asked 1 more question
a month 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.
add another answer
177
Views
1
Answer
0
Likes
Betty Kerrigan
a month 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)
add another answer
129
Views
2
Answers
0
Likes
A Curious User
2 months 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)
1 more answer
More
Ask a Question
 


Choose up to 5 tags (e.g. FHA loan). We'll recommend some, but you can change them if you want.
Thank you!
Please check the email address you registered with for your account confirmation. Then click the activation link to get started.
Question Big is a community of consumers and professionals sharing experiences, knowledge and advice.
Report Content
I'm reporting this because I think it is:
Report User
I'm reporting this user because I think the user is:
Report Company
I'm reporting this company because I think the company is:
Thank you!
Our team will review the content you reported and will take appropriate actions. We appreciate your contribution to the Question Big community.