FHA Financing Q: I have an FHA loan, paying about $42 per month in mortgage insurance. I recently had my home reappraised, and my mortgage is now at 75% of the assessed value. How can I get this insurance removed?
View Answer Q: I am selling my home and want to know what makes a home qualify for FHA mortgages. Although the roof does not leak, I believe it is at least 13 years old. I also have a covered patio with a few boards which need to be replaced. When someone calls about the home should I let them know that it will not be approved for an FHA mortgage?
View Answer Q: What is "FHA?"
View Answer Q: What is the advantage of FHA or VA financing?
View Answer Q: I would like to know if you can have 2 FHA loans at the same time? We want to move to the country and already have a renter for our house.
View Answer Q: Please explain the recent changes for mortgage insurance on FHA loans.
View Answer Q: Is there anything new about FHA mortgages? I understand they can really help first-time homebuyers,
View Answer Q: I heard if I apply for an FHA mortgage that the seller pays the upfront points - is this true?
View Answer Q: I have heard that there is a really easy way to refinance for a lower rate on FHA when you already have an FHA loan. Is this true?
View Answer Q: My husband and I have owned a home with an FHA mortgage since 2000. We have had the house on the market for several months and it has not sold. In the meantime, we found another home, contracted and closed, and have since moved. The FHA home is sitting empty and our listing agreement expires soon. Can we legally rent the FHA home in order to help the two mortgage situation?
View Answer Q: I have been separated 9 years from my wife and was prequalified for an FHA loan to purchase a home. Two weeks before closing the mortgage company says wife's credit (poor) and debt must be calculated with mine (excellent) to qualify for loan. I was prequalified solely on my income, and we do not have any co-owned debt and have not had any since I paid off joint credit cards six years ago. I am afraid that her poor credit and debt will adversely affect my ability to obtain this loan. Is it an FHA requirement to consider wife's credit/debt in this circumstance? If so how can I minimize the adverse impact of her poor credit?
View Answer Q: We want to re-mortgage our house and have gotten swamped by calls. They tell me that while I'm shopping for a mortgage any credit report that is pulled on us during a period of 2 to 4 weeks will be looked at by the credit bureau as one report and won't bring down our credit score. Is this true?
Is there an advantage to re-mortgaging with FHA as opposed to Conventional? How do you determine who to go with?
View Answer Q: We have been trying to buy a house with an FHA loan because we need its easier qualifying requirements. However, the seller rejected our offer because he said he didn’t want to put up with all the appraisal requirements that are required for FHA loans. Do you have any advice?
View Answer Q: We are in an area that is called "high cost" by HUD and FHA loans are rare. Yet I know the program is excellent for beginning homebuyers. Is there any comparable mortgage with similar advantages?
View Answer Q: Can the FHA Housing Bill passed by the Senate help us?
View Answer Q: In this market, how can we buy if we don't have much down payment?
View Answer Q: My husband and I were hoping to buy a house this spring, but with the rates and credit crisis, we may wait. However, we are wondering whether we can each individually obtain conforming loans to avoid the high rates on a jumbo loan.
View Answer Q: I purchased my first home two years ago, using an FHA loan. Since then, my boyfriend has moved in and we need more space! I cannot sell my current home as I am $40,000 upside down. How do I rent it out if FHA requires it to be owner occupied? Thank you kindly.
View Answer Q: I purchased my first home two years ago, using an FHA loan. Since then, my boyfriend has moved in and we need more space! I cannot sell my current home as I am $40,000 upside down. How do I rent it out if FHA requires it to be owner occupied? Thank you kindly.
View Answer Q: Thank you for your website, the Q&A’s you've posted have been so helpful. I currently have an FHA loan on my home (1st home). I've lived in it for 4 years, have never had a late payment and am now selling it as I need to relocate to Tampa for my job. My understanding is that it's fairly easy to reapply for another FHA loan.
Here's my question: my parents unfortunately lost their home when interest rates soared (non-fixed loan). They are retirement age and I'm moving them to Florida with me. The homes I'm looking at in that area are significantly lower than the home I currently own. I'd like to purchase them a home – payment which I will be solely responsible for, along with a home for myself. The price of the two homes together is considerably lower than my current mortgage.
Is it possible to purchase both homes under FHA? I’ll only inhabit one, but the other will not be for profit gain.
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