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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.
Best Answer:
It depends, but it is entirely possible. Your mortgage was most likely funded by a company like Freddie Mac, even though your mortgage payments may go to another company. The funding company will need for you to demonstrate a couple of things if you... (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?
Best Answer:
In addition to the answer already provided below, I wanted to add that when borrowers are trying to purchase farm residences, similar rules apply--the loan is for the residential value of the property, not the commercial value. So the land issue is,... (more)
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ramon ibarra
2 years ago
For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
Best Answer:
This depends greatly on when your FHA loan case number was issued, plus the term of your loan. Bruce Reichstein offered this answer to a similar question earlier:

"FHA issued Mortgagee Letter 2013-04 on January 31st, 2013 clarifying... (more)
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Ryan Teodoro
2 years ago
My mom recently put her house in my name since I am now paying for it and I was looking to refinance since her credit was poor when she initially purchased the house. I don't have a lot of money to put down but I know my credit is better than hers was originally. Which bank or credit union would be best to look at for low rates?
Best Answer:
People often recommend bankrate.com. You are likely to find your lowest rates with a credit union of some sort. I found one that was for federal employees, but allowed anyone to be a member if they were a member of an associated charity (~$25 to... (more)
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A Curious User
2 years ago
I'm shopping around for hurricane coverage for my VA home loan. My agent is asking me if I want a 2%, 3%, 5%, or higher amount of deductible. I would like to know what is acceptible.
Best Answer:
The maximum allowable deductible for insurance covering a property (including common elements in a PUD, condo, or co-op project) securing a first mortgage loan is 5% of the face amount of the policy. When a policy provides for a separate wind-loss... (more)
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Martha Mayhem
a year ago
I had my chapter 13 dismissed and continued to pay my depth and rebuild my credit. It has been 6 months and I plan to buy a home within the next 6months. Experian FICO 630, the other two are showing 567. Canny qualify to by a home? My husband score 670 (he did not file the chapter 13)...its complicated...
Best Answer:
HUD 4000.1 states: "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... (more)
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Diane Jacobs
2 years ago
There is a house I would love to buy under a FHA loan, However my Realtor told me that there are repairs that need to be done before even trying to put a bid on the house because of the FHA requirements. Right now the seller does not want to do the repairs. Is there a way around this? Is there anything I can throw on the table to have her maybe change her mind?
Best Answer:
You would need to negotiate with the seller, or discuss the situation with a lender to see if the property qualifies for an FHA 203(k) rehab loan.
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A Curious User
2 years 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.
Best Answer:
FHA loans are assumable, and the lender's participation is required for most FHA loan assumptions today. The first step would be to approach the lender on the original mortgage to discuss how the loan assumption would work and fill out an... (more)
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A Curious User
2 years ago
My spouse and my credit scores have a high and low range for each of us. I just want to find out what mortgage companies will use.
Best Answer:
In some cases lender standards may play a role in how your credit scores are viewed. In the case of FHA single-family home loans, however, the rules found in HUD 4000.1 Section II Part A under the heading "Borrower Minimum Decision Credit... (more)
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A Curious User
2 years ago
My property is zoned for mixed-use (residential and commercial).
Best Answer:
FHA loan rules state that the non-residential use of the property would be limited to a percentage of the total floor space of the home (see Bruce Reichstein's answer below), but technically speaking (and subject to state/local ordinances... (more)
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