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Bruce Reichstein
Mortgage Industry Professional
Joined: September 15th 2015
I'm an experienced FHA and VA mortgage banker with almost three decades of expertise. I've founded more than a dozen consumer websites including the recently launched Hipoteca123.com, a mortgage website for Hispanic consumers. The site connects mortgage lenders with Spanish-speaking homebuyers, an audience segment that is often ignored in the US mortgage marketplace. We educate these potential homeowners with timely articles and informative content. When they're ready to proceed with the loan process, we guide them through an online application and connect... (more)
My Company
FHA.com
Our user friendly site connects knowledgeable mortgage financing lenders with consumers in need of FHA mortgage program loans and refinances. The process is to first educate these consumers with timely articles and informative content we publish. When they are ready to proceed with the loan process, we guide them through the system and deliver this information to our advertisers. Recently launched Bilingual mortgage website, Hipoteca123.com for Bilingual Spanish consumers. They include numerous national mortgage lenders with specific bilingual personnel.
My Activity
Bruce Reichstein answered a question
Answered 2 months ago
I have been told the PMI rate has fallen. Why would it be a good idea to refinance when it will cost me several thousand dollars to do so?
MAUD MCKINNON Asked:
My loan is less than 3 years old and I have never been late on a payment(most of the time I pay two weeks in advance). My credit score is good. It will only save me $100 a month.
If the rates have changed why not give mortgage owners the break... (more)
Bruce Reichstein Answered:
The best way to figure out if a refinance is worth the monthly savings is to take the total closing costs involved with the loan and divide it by the monthly savings. For instance, if it cost you $4,000 and the savings is $100 per month, it would... (more)

Bruce Reichstein answered a question
Answered 2 months ago
Which date is the "official date" the trustor signed, the trustee signed or the effective date on the deed of trust?
Sue M Asked:
Got a deed of release and reconveyance but not sure which date is the correct date to be used. The date the trustee signed, the date the trustor signed or the effective date shown on the deed of trust. Thanks
Bruce Reichstein Answered:
Based on the information, it would be the effective date shown on the deed of trust.

Bruce Reichstein answered a question
Answered 5 months ago
What are FHA requirements for a Condominium approval?
Anonymous User Asked:
What are FHA requirements for Condo
Bruce Reichstein Answered:
FHA loan rules for condo mortgages include an approval requirement--any condo eligible for an FHA insured mortgage must be on the official list of FHA-approved condo projects. The FHA publishes these guidelines in order to help buyers, sellers, and... (more)

Bruce Reichstein answered a question
Answered 5 months ago
The FHA guidelines show approvals for minimum credit scores and several lenders require higher scores. It appears there are lender overlays. Please explain?
bridget scroggins Asked:
Fha requirements on the credit requirements page it says its 580 or higher is 3.5% down payment and under that is 10% well I just tried to apply online and my score is high enough but then tells me I have to have a 620 to qualify now? What is going... (more)
Bruce Reichstein Answered:
Lender overlays are lender requirements or guidelines that are applied over and above the published minimum government agency requirements. It is permissible for banks and lenders to add these overlays which may require higher credit scores,... (more)

Bruce Reichstein answered a question
Answered 5 months ago
What happens if an FHA loan co-borrower dies before refinancing their name out of it?
Anonymous User Asked:
The co-borrower on my FHA loan is my spouse's grandfather who lives in his own home. We thinking of refinancing his name out of the loan.

I want to know what happens if grandfather dies before I am able to refinance his name out of the loan. On... (more)
Bruce Reichstein Answered:
There’s no single law or regulation that applies in such cases. The first place a borrower should look for answers in such cases is the language of the FHA loan contract–what does the contract specify if such a contingency is mentioned?

FHA loan... (more)

Bruce Reichstein answered a question
Answered 5 months ago
What percentage can a seller pay towards buyers closing costs?
Anonymous User Asked:
Is it 3% or 3.5%??
Bruce Reichstein Answered:
On FHA loans, interested parties may contribute up to 6 percent of the sales price toward the borrower’s origination fees, other closing costs and discount points. Fannie Mae guidelines for conventional mortgages go by loan to value of the home. ... (more)

Bruce Reichstein answered a question
Answered 5 months ago
What are my options if I was denied an FHA by one lender. Can I reapply with another ?
Michelle TROTTER Asked:
I was denied an FHA home loan by a lender.
Bruce Reichstein Answered:
If you were denied by an FHA lender, you should have received a formal denial letter. We would need to know why you were denied. But unless there was some misunderstanding on a unique situation, the result will be the same with another lender.

Bruce Reichstein answered a question
Answered 5 months ago
Can I still qualify for an FHA if I have changed jobs twice in the last year?
Anonymous User Asked:
I took a higher paying job each time in the same industry.
Bruce Reichstein Answered:
The answer is Yes, you still qualify. If the borrower has changed jobs more than three times in the previous 12-month period, or has changed lines of work, the lender must verify and document the stability of the borrower’s employment Income. The... (more)

Bruce Reichstein answered a question
Answered 5 months ago
Does the FHA allow you to borrow the required down payment funds
Anonymous User Asked:
I am in the market for a new home and want to know if I can borrow the money for a down payment.
Bruce Reichstein Answered:
No they do not. FHA rules for down payments include a list of "acceptable sources" of the down payment. This includes cash from savings and checking accounts, cash saved at home and other types of accounts. Other types of funds include... (more)

Bruce Reichstein answered a question
Answered 5 months ago
Can I obtain an additional FHA-insured mortgage on a new principal residence if I already have one?
Anonymous User Asked:
I have an existing FHA-insured Mortgage and want to know if I can get another FHA insured mortgage.
Bruce Reichstein Answered:
A borrower may be eligible to obtain another FHA insured loan without being required to sell an existing property covered by an FHA insured mortgage if the borrower is: 1) Relocating for an employment related reason and is in an area more than 100... (more)

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