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frank lewis
5 months 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?
 
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Best Expert Answer
Joe Wallace... Answered 301 more questions
5 months ago
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 has elapsed."

"The Mortgagee must determine that during this time, the Borrower’s payment performance has been satisfactory and all required payments have been made on time; and the Borrower has received written permission from bankruptcy court to enter into the mortgage transaction."
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judy montoni
3 months ago
I'm applying for a reverse mortgage. When the lender calculates my rental income, do they add depreciation, mortgage insurance, taxes and insurance back into my net income?
I'm applying for a reverse mortgage. When the lender calculates my rental income, do they add depreciation, mortgage insurance, taxes and insurance back into my net income?
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Ann Golz
a year ago
Do HECM services require annual verification of Home Owner Hazard insurance?
Do HECM services require annual verification of Home Owner Hazard insurance?
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Lanora Distasio
a year ago
If I am 67 on the mortgage and my dauger is not on the mortgage (50) but my daughter is on the deed, can I do a reverse mortgage?
I am currently behind on my mortgage.
If I am 67 on the mortgage and my dauger is not on the mortgage (50) but my daughter is on the deed, can I do a reverse mortgage?
I am currently behind on my mortgage.
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My house in Houston, Texas recently flooded and we are in what was declared a FEMA disaster area. I received a letter from the City of Houston stating that my house was considered substantially damaged. Since we're located inside the 100 year flood plain we can't get a building permit without either jacking up the house or rebuilding 12 inches above the base flood elevation. We have a very low interest rate on our 15 year mortgage and would like to keep that in place.
My house in Houston, Texas recently flooded and we are in what was declared a FEMA disaster area. I received a letter from the City of Houston stating that my house was considered substantially damaged. Since we're located inside the 100 year... (more)
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A Curious User
2 years ago
I am a retired veteran and found a single family home that I'd like to buy using my eligibility. The listing agent told me that the property for sale sits on 12 acres of land. I have been informed that the VA guidelines would allow me to do this with VA financing. Does anyone know for sure if this is allowed?
I am a retired veteran and found a single family home that I'd like to buy using my eligibility. The listing agent told me that the property for sale sits on 12 acres of land. I have been informed that the VA guidelines would allow me to do this... (more)
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