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Marsha Buchanan
3 days ago
Smaller than I expected
Best Answer:
FHA loans don't seem to address this circumstance directly, but in general you are free to sell or have the loan assumed as you wish. There is, however, an FHA anti-flipping rule that states that homes that are resold 90 days or fewer after... (more)
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Richard Hagen
9 days ago
I own a unit in Chrystal Lakes Condo, Hampton VA. I am currently renting it under a grandfather clause. I tried to sell it a year ago but FHA would not approve the loan because of the owner to renter ration.
In 2007 the HOA required sales only to owner occupied. I had a bank approved owner buyer but the FHA turned down her loan. What is the FHA policy on this? If I have a buyer who will owner occupy the unit and the HOA requires owner occupied then why would you turn down the loan? Can I (or the buyer) appeal this decision? Any advice?
Best Answer:
The answer depends on the type of condo project-for example, existing construction condos can be added to the approved list under the following conditions: "At least 50 percent of the units of a project must be owner - occupied or sold to owners... (more)
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Steve Gaylo
14 days ago
I purchased a small 45-year-old condo four years ago using a VA loan. At that time the monthly condo maintenance fee was a very reasonable $135 a month (a major reason I bought the property). Since then, with very little being done in the way of repairs to common property, the maintenance fee has risen about 75%. I just received a letter from the condo board advising me that, due to its need to budget for future repairs and other expenses, the monthly fee may be raised to as high as $600. Since I am 73 years old and existing on a small pension, there is no way in H that I can absorb such a burden. Are there any resources available to help deal with such a situation, the VA, my mortgage lender, anyone?
Best Answer:
Have you reviewed the condo owner association agreement to see under what conditions such fees might be increased? Depending on the language of any legally binding agreement, you may need to seek legal counsel, especially if the proposed increases... (more)
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Jessie Hodhes
17 days ago
I have a buyer trying to purchase my house. The paint needs to be touched up in a few places, however due to weather right now and it being too cold no one will come out and do the paint. Does FHA have any leniency when it comes to paint requirements due to the weather?
Best Answer:
That may be an issue you can discuss with the lender following the appraisal-FHA loan rules don't seem to specifically mention whether what you ask is possible, but if it is reasonable and customary in that housing market to have to wait to do... (more)
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27
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neil sutton
20 days ago
borrower has $$$ but no job and is changing locations
Best Answer:
All borrowers to be obligated on the mortgage must financially qualify. Lender standards would apply. Your question isn't specific enough to give a better answer, unfortunately, as the circumstances would be very important. For example, is the... (more)
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Sarah Edwards
21 days ago
My deceased husband name is on the mortgage. Both of our names are on the deed. It is our homestead and I would like my name to place on the mortgage. I'm now paying the mortgage
Best Answer:
Request the banker to place your name on the mortgage
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frank lewis
21 days ago
lender is requiring the balance due of Chapter 13 filing to be paid before loan approval and providing w/funds offered in mailer. Is this an FHA requirement or just the lender's policy?
Best Answer:
FHA loan rules in HUD 4000.1, page 247 state: "A Chapter 13 bankruptcy does not disqualify a Borrower from obtaining an FHA- insured Mortgage, if at the time of case number assignment at least 12 months of the pay-out period under the bankruptcy... (more)
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70
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A Curious User
22 days ago
I refinanced my FHA loan. How do I get my MIP back from the FHA loan that is paid off?
Best Answer:
The timing of your refinance is key (see below), and you may need to request the refund from the lender. FHA loan rules in HUD 4000.1 state, "If the Borrower is refinancing their current FHA-insured Mortgage to another FHA- insured Mortgage... (more)
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william sanford
25 days ago
I ask because if my loan is under 20 percent I will have to pay PMI. Will this be the case for the entire loan or until I have paid 20 percent of the loan value?
Best Answer:
Is your loan a conventional mortgage or an FHA loan?
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A Curious User
a month ago
Will FHA pay off my mortgage if I die?
Best Answer:
Any co-borrower or other parties legally and financially obligated on the mortgage would become responsible for the loan, or the person's estate. State law would also dictate how this is to be carried out and under what circumstances.
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