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.
30
Views
1
Answer
0
Likes
Kathy Green
17 days ago
We are trying to purchase a lower priced home (50-60,000) In this hot seller's market we are beat out again and again over the last 3 years. We can pay cash to be more competitive but we can leave our cash in the house?

My husband is in a wheelchair and we need a good deal of that cash to make the necessary changes to needed for him. Can we purchase with our cash, and how soon after can we put a loan on the house to get our cash back out? How much will we be able to pull out? Someone please explain the formula (how the numbers work) and the time frame involved, if that is possible to do.
 
Answer this question:

Please log in to submit an answer.

Best Expert Answer
Joe Wallace... Answered 301 more questions
17 days ago
FHA loan amounts are calculated based on the sale price of the home or its' appraised value, whichever is lower. In general, FHA forward mortgages do not permit cash back to the borrower except for bona fide refunds for money that was paid up front but later financed into the mortgage loan.

However--borrowers may, depending on circumstances, be able to pull equity out of a home using an FHA refinance loan-FHA loan rules in HUD 4000.1 state of FHA refinance loans, "A refinance transaction is used to pay off the existing debt or to withdraw equity from the Property with the proceeds of a new Mortgage for a Borrower with legal title to the subject Property." Ask a participating lender about an FHA refinance loan option instead of a forward mortgage if you are buying the home outright in cash. You may also consider applying for an FHA 203 rehab loan that includes additional funds for upgrades/improvements to the home in addition to the purchase or refinance loan amount. Hope this helps!
FHANewsBlog.com
Our blog is brought to you by the knowledgeable group of counselors at FHA.com
Visit our website
Best Expert
Answer
Similar Questions
244
Views
1
Answer
1
Like
Angela York
2 months ago
I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my Nashville home?
I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my... (more)
answer this question
1.2k
Views
1
Answer
1
Like
A Curious User
a year ago
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to assume the mortgage, given that I now have one income, instead of two.
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to... (more)
answer this question
1.7k
Views
2
Answers
1
Like
A Curious User
2 years ago
My property is zoned for mixed-use (residential and commercial).
My property is zoned for mixed-use (residential and commercial).
answer this question
1.3k
Views
1
Answer
1
Like
A Curious User
2 years ago
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
answer this question
12
Views
1
Answer
0
Likes
Avery Gordon
2 days 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?
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... (more)
answer this question
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.