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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 9 months ago
Is there any way around the "principal residence" requirement for an FHA loan?
Joannie Murga Asked:
My job is in California, but I want to buy a home in Colorado, move my family there who I financially support, as the homes in the specific town I'm interested in, are more affordable. I would live with my brother's family while I'm... (more)
Bruce Reichstein Answered:
The answer is NO if you want to purchase the house with 3.5% down. FHA loan rules state the borrower applying for a new purchase single family residence must use that residence as their primary occupancy. If you want to purchase the house with a... (more)

Bruce Reichstein answered a question
Answered 9 months ago
I closed on FHA loan and found out I was relocating in same day. Am I allowed to put the home up for sale with the new FHA loan?
Anonymous User Asked:
Ive been in a purchase agreement for 2 years and closed today. I found out yesterday that I got a promotion out of state. I know i can have 2 FHA loans because of my job relocating me but how does this affect the selling of the house? Does the... (more)
Bruce Reichstein Answered:
Borrowers are generally free to sell the home with no waiting period. Selling the property is generally permitted under FHA loan rules, but borrowers should contact the FHA directly at 1-800 CALL FHA to discuss their individual circumstances for... (more)

Bruce Reichstein answered a question
Answered 9 months ago
Can I apply for an FHA streamline loan and add my brother to the deed even if I do not live in the house but he does?
Anonymous User Asked:
Can I apply for an FHA streamline loan to lower my interest rate and add my brother to the deed? I do not live in the house but he does. I know the streamline refinance is only if it is your principle residence, but if I am allowed to refinance and... (more)
Bruce Reichstein Answered:
FHA rules do allow a borrower to add another name to the title in such cases. "Individuals may be added to the title on a streamline refinance without a credit worthiness review, and triggering the due-on-sale clause." While these are the... (more)

Bruce Reichstein answered a question
Answered 9 months ago
Is the FHA Annual Mortgage Insurance Premium Fee built into my mortgage?
Anonymous User Asked:
I have read about all the fees we will pay in closing costs but our lender is accounting for a $6k FHA Loan Fee on a 350K Loan that doesn't seem to have any rime or reason, is this normal? It is not apart of the normal insurance,tax,commissions,... (more)
Bruce Reichstein Answered:
The Loan Estimate form provides disclosures that will be helpful to consumers in understanding the key features, costs, and risks of the mortgage loan for which they are applying. This form should have all the costs shown on the form. Mortgage... (more)

Bruce Reichstein answered a question
Answered 9 months ago
Instead of a Social Security Number, I wanted to know if it is possible to get a loan with a i.t.i.n.# which stands for Individual Taxpayer Identification Number?
Anonymous User Asked:
Is it possible to get a loan with a i.t.i.n #?
Bruce Reichstein Answered:
The answer is No. ITINs are used exclusively for filing tax returns. You would need a social security number to purchase a home.

Bruce Reichstein answered a question
Answered 9 months ago
My house is paid off and I want to to use the equity to pay off other debts. Can I do this?
Anonymous User Asked:
i own the house without mortgage. is there a fha loan for cash out? i do not want reverse mortgage .
Bruce Reichstein Answered:
Yes, the FHA guidelines allow for a homeowner to do a cash out refinance up to 85% of the appraised value of their home. You can see the pros and cons at https://www.fha.com/define/cash-out-refinance

Bruce Reichstein answered a question
Answered 10 months ago
I just bought a house in Magna, UT that was inspected by an fha approved inspector and every thing was ok according to him. As soon as I moved in, I had to replace all of the drain piping, I was wondering if this was part of the inspection?
Anonymous User Asked:
The drain piping is broken an in pieces and the lady that sold the house knew about this. The fha inspector must have known also
Bruce Reichstein Answered:
I am not sure of the circumstances involved, but it appears you have an FHA inspection that was signed off on and after moving in, you had to do some repairs. You should contact the inspector directly as well as your Real Estate agent to find out if... (more)

Bruce Reichstein answered a question
Answered 10 months ago
Does death constitute as a default that would pay off the FHA loan?
Anonymous User Asked:
Will FHA pay off my mortgage if I die?
Bruce Reichstein Answered:
There is no life insurance involved directly with an FHA loan. If there are multiple borrowers such as husband and wife, then the mortgage liability resorts to the other. If there is one borrower, then the mortgage liability resorts to that... (more)

Bruce Reichstein answered a question
Answered 10 months ago
Does PMI last for the entire lenght of the loan or until 20% has been paid?
william sanford Asked:
I ask because if my loan is under 20 percent I will have to pay PMI. Will this be the case for the entire loan or until I have paid 20 percent of the loan value?
Bruce Reichstein Answered:
Here is the answer pertaining to FHA loans:
"Certain rules were in place for FHA insured loans pertaining to cancellation of the Annual Mortgage Insurance Premium (MIP) for case numbers assigned prior to June 3rd, 2013. New rules apply for case... (more)

Bruce Reichstein answered a question
Answered 10 months ago
Does the occupying borrower have to have a job if we have non-occupying co-borrower? What is max LTV?
neil sutton Asked:
borrower has $$$ but no job and is changing locations
Bruce Reichstein Answered:
All borrowers must be able to qualify financially, have good credit, and be able to meet certain Debt to Income Ratio's based on income. They also must owner occupy the home. The FHA offers a 3.5% down loan.

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