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Tagged with: loan
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Mercy Croft
15 days ago
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion 664 and equifax 670. I have no other credit cards or financing of any kind. The only alternative credit line I have would be my electric bill. All other bills are in my daughters name. I don't even have things like a gym membership or netflix account, so the only alternative credit line period is my electric bill. I have no debts on my credit history.

Does it sound like I can qualify, for either a FHA or USDA loan?
I am a 75 year old retiree. I have 1600 a month net income from social security and a small pension. I just got a credit score, because I recently took out a secured credit card. No FICO shows yet on experian, but creditkarma shows transunion... (more)
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Richard Hagen
2 months 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?
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... (more)
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Leann Castaneda
3 months ago
We are FHA refinancing cash out and since we live in a common state they have to consider my spouses debt as well, even though they will not be on the loan. They have said they will continue to monitor my credit through the closing process, but will they also continue to monitor my spouse who is not on the loan. They have already pulled her initial credit report.
We are FHA refinancing cash out and since we live in a common state they have to consider my spouses debt as well, even though they will not be on the loan. They have said they will continue to monitor my credit through the closing process, but will... (more)
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Costel Atanasiu
3 months ago
I am starting investing in properties I intend to flip and/or rent out. I already have a primary residence, a conforming loan. Can I use a FHA loan to buy a second home for business?
I am starting investing in properties I intend to flip and/or rent out. I already have a primary residence, a conforming loan. Can I use a FHA loan to buy a second home for business?
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Kate Anderson
3 months ago
My husband owes back child support - I understand even if he isn't on the loan, his name is still connected to the purchase. In that case, can the state (WI or OK) post a lien against us for the amount due?

“Except for obligations specifically excluded by state law, the debts of the non-purchasing spouse must be included in the borrower’s qualifying ratios, if the borrower resides in a community property state, or property being insured is located in a community property state.”
My husband owes back child support - I understand even if he isn't on the loan, his name is still connected to the purchase. In that case, can the state (WI or OK) post a lien against us for the amount due?

“Except for obligations specifically... (more)
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A Curious User
3 months ago
I am semi retired, I have rental property, I watch my grandchildren, I help a friend with her mentally challenged son, I have a part time border and I do small event planning and catering...everyone pays me in cash...is there an FHA program that does SIVA loans?
I am semi retired, I have rental property, I watch my grandchildren, I help a friend with her mentally challenged son, I have a part time border and I do small event planning and catering...everyone pays me in cash...is there an FHA program that does... (more)
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M D
4 months ago
Looking into maybe purchasing a small foreclosure for 15,000. We will have 3,000 to put down. Would need a loan for like 13,500. Do they do loans that small? In the process of building up our credit. It's in the 550-580 range. Hoping to be approved somewhere. Have excellent reliable income. We are first time home buyer's.
Looking into maybe purchasing a small foreclosure for 15,000. We will have 3,000 to put down. Would need a loan for like 13,500. Do they do loans that small? In the process of building up our credit. It's in the 550-580 range. Hoping to be... (more)
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andy carle
4 months ago
Here's the deal, I'm trying to get approved for a FHA loan and I'm 95% there, was supposed to close in 2 days but we made an extension since we're experiencing some complications. My family and I applied for residence and basically we're just waiting for the green cards to come in the mail, however immigration gave us employment authorization cards and we have Social Security numbers. From what my mortgage officer told me, the underwriter needs to prove that I can continue working legally and it seems we need to prove that out employment authorization cards can be renewed. But they can't. they're simply vouchers in this period between not having and receiving our green cards. Our status supposedly is that we're residents already. We need to prove that in some way.

Sorry if this is poorly put together i just need some direction since our mortgage officer is working hard to come up with a solution, but unfortunately doesn't have much experience with people in our situation. Our extension is for two more weeks and we need to prove this before then, hopefully the green cards come before then but i don't want to rely solely on that. Any advice would help, thanks a lot.
Here's the deal, I'm trying to get approved for a FHA loan and I'm 95% there, was supposed to close in 2 days but we made an extension since we're experiencing some complications. My family and I applied for residence and basically... (more)
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Juana Secondine
4 months ago
I see that the 2016 FHA loan limit in the area we're considering is $271,050. However, in other articles, I see where the ceiling is much higher (the homes we're looking at are in the $400-530,000 range). I am confused as to what this all means. What is the difference in the loan limit and the ceiling? Thank you in advance.
I see that the 2016 FHA loan limit in the area we're considering is $271,050. However, in other articles, I see where the ceiling is much higher (the homes we're looking at are in the $400-530,000 range). I am confused as to what this all... (more)
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