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33
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Linda Schurr
10 hours ago
I found a home in real good shape that needs an appraisal. The home uses a cistern about 3 months out of the year. Does this Home still qualify for FHA?
Best Answer:
FHA loan rules in HUD 4000.1 state:

"The Appraiser must report when water to a Property is supplied by dug wells, cisterns or holding tanks used in conjunction with water purchased and hauled to the site. The Appraiser must report whether such... (more)
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19
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Pam Cobb
a day ago
will FHA allow a homeowner to have the check made out to them and the tax office and the homeowner takes the check to the tax office to pay the taxes?
Best Answer:
Can you be more specific? What are you trying to accomplish and with what kind of taxes? Any additional information will be a big help with the answer to your question-thanks!
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I have a lot of student loans but they are in deferment. Do they count against my debt to income?
Also is the Nelnet summary/mortgage verification form enough documentation?
Best Answer:
FHA loan rules in HUD 4000.1 state that the lender must have documentation showing the status of your student loan. Furthermore, "Regardless of the payment status, the Mortgagee must use either:
the greater of:
- 1 percent of the outstanding... (more)
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14
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William Ogee
3 days ago
I am refinancing my home for $91,000.00 it appraised for $280,000.00 do I have to have PMI
Best Answer:
What kind of loan are you applying for? FHA? Conventional? VA?
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103
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Dan Doherty
4 days ago
My daughter and son-in-law have a house they want to bid on but the outside siding has some peeling paint. I believe it is wood siding. Estimate $3000.00 to repainted. Will that disqualify them for a FHA loan?
Credit scores are 800 plus. She's a nurse/mom and he has a job with USDA
Thank yo
Best Answer:
That would depend on a variety of factors including the age of the home, state or local building code, etc. but the appraiser may, depending on conditions, recommend corrections rather than rejecting the property out of hand. Corrections are often... (more)
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13
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April London
5 days ago
I had a mortgage in 2009 that was an FHA. I sold my house in 2016 as a short sale. I was able to pay off the original loan of $120,000. and the interest. I sold my house for $135,000. and was short late charges, refinance charges etc. I'm moving from Texas back to California. Can I qualify for a new loan there?
Best Answer:
FHA loan rules in HUD 4000.1 state: "A Borrower is generally not eligible for a new FHA-insured Mortgage if they relinquished a Property through a Short Sale within three years from the date of case number assignment.
This three-year period... (more)
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Tom Demchak
6 days ago
My daughter refinanced last year through Quicken which required mortgage insurance - she has been informed that she needs to pay for 11 years regardless of price to value ratio even going below 75%. Besides refi, what options does she have to eliminate the PMI if due to house value increases and paying off loan she gets below 75%
Best Answer:
What kind of loan was the mortgage? FHA? VA? Conventional?
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22
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Shawn Shumaker
7 days ago
I now have more than 20% equity in my home after 4 years of paying PMI and 1 year left. Do I still have to wait another year before PMI can be removed? Are there any other options for having it removed now?
Best Answer:
Are you talking about private mortgage insurance or the FHA mortgage insurance premium?
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84
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Marcos Garza
7 days ago
My loan starts in $179,000 and my current balance is $160,000. How can I calculate the MIP insurance for my loan?
Best Answer:
Are you referring to the FHA MIP? MIP is calculated as follows as described in HUD 4000l.1: All Mortgages: 175 Basis Points (bps) (1.75%) of the Base Loan Amount.
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25
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James Hage
8 days ago
I've owned the condo for 2 years and have $15,000-$20,000 equity on it.
Best Answer:
There are FHA refinance loans that can help, regardless of the type of the original loan (conventional, FHA, VA, etc). You can also apply for an FHA refinance loan that includes added funds for approved energy-efficient improvements if you decide... (more)
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