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Recent FHA Mortgage questions

Im buying a home,contingent on FHA Mortgage. Question:who

Im buying a home,contingent on FHA Mortgage.Question:who will pay for the FHA Inspection made by the Lender(to see if the property qualifies as FHA)?I assume the Lender,correct?Question:Is and FHA Inspection more Rigurous than a regular Home Inspection?

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Lucy, Esq.

Juris Doctor

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MORTGAGE QUESTION I had a Short Sale on my condo,in June

MORTGAGE QUESTIONI had a Short Sale on my condo,in June 2013.I want to purchase a condominium this year.But my Mortgage Loan officer said that I can only qualify for an FHA Mortgage,because of the past Short sale(3 years from the short sale).Question:when will I qualify for a Conventional loan again?next year?Is it 4 years after the short sale?

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Lucy, Esq.

Juris Doctor

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29,530 satisfied customers
Home Buying/Mortgage loan question: I'm closing in 3

Home Buying/Mortgage loan question:I'm closing in 3 days and my credit score just dropped 80 points because I overdraft one of my credit cards. I already pay the balance today.. I know the mortgage bank will check my credit again before closing. I want to know what the consequences might be? Can I do anything to avoid an interest rate increase or deny the loan? This is a FHA mortgage.

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legalgems

Juris Doctorate

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12,920 satisfied customers
I live in Philadelphia, my fiancé and I jointly are on the

I live in Philadelphia, my fiancé and I jointly are on the mortgage and the deed. We have been together for 13 years , buying our home in March of 2010. On April 1st he left me because he was unhappy. I now have found out he is with another woman and on May 15th he got engaged to this person! Anyway he has told me he wants me out of our home so he can move back with her! I'm needless to say beyond tears for the breakup but now he wants me to make decision like tomorrow on my futureWe have an FHA mortgage which I have paid solely out of my bank accountt since May of 2010 - our first payment. He has never made a mortgage payment. I also pay the gas electric and water bills. He pays the cable and our car insurance and cell phone bill. In 2013 we had new windows and doors put in (we he paid for) and a new outdoor fence , lawn sod the normal make your home look nice upgrades. He feels that because he put that money out he's entitled to the house but if I didn't pay the mortgage , there would be no houseMy question is how long do I have to make a decision about our home. I want to stay inthehome. And does my paying the mortgage solely count for anything?My question is how long do I have before he forces me into a decisions? Also, because

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

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My husband and I are seeking a home loan. We want it just using

My husband and I are seeking a home loan. We want it just using husband's credit and income. We have tried different lenders for a home loan and have been told that he can not qualify for conventional (which would be ideal so can exclude me). So we have to go FHA. But they all have said new FHA rules state all of spouse's debt (even prior to marriage, student loans-again before marriage, and medical) has to be included into DTI ratio. Even though spouse's income is not being used for loan (as I have none). Is this true? Where can I direct lenders if it's not?

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Alex Esquire

Managing Attorney

Doctoral Degree

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Mg. y son and I have been trying to accomplish something for

Mg. y son and I have been trying to accomplish something for a while now and having a lot of trouble doing so. I am hoping you can advise me how to accomplish it. It seems simple enough to me but apparently I am wrong. He is trying to buy a 10,q25 acre plot of land in wise county tx with a small house on it. He can qualify for an FHA loan. I am wanting to build a house on the 10 acres as well and I just want to buy a couple of acres of the 10 so I can qualify for FHA mortgage as well. The FHA rates are more favorable.The seller just wants so sell it as is and is unwilling to cooperate. We have been told he can buy it with a conventional loan which is much more expensive and then as a family member he can sell us two acres but the down payment and interest rates are prohibitive. Lenders are telling me that once he has an FHA mortgage on 10 acres nothing can be deeded or sold to us until the entire loan is paid off. Can you suggest a way for us to own two acres of this land to satisfy FHA requirements and my son have his 8 acres and house with a separate FHA mortgage?

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LawTalk

Attorney at Law

Juris Doctor

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31,720 satisfied customers
I am interested in a mortgage. I was on disability however,

Hello, I am interested in a mortgage. I was on disability however, for 7 years. I have now returned to work. I have a city job with good pay, and they can only fire for cause because they are city at will does not apply in my state. So, it is early guaranteed. They work very diligently to keep disabled employees employed. I also have 8 years of child support, which will continue for another 9 years until my children are 18. Given that I just returned to work, and was in school for 1 year to get the skills needed to go to work after being on disability... would it be possible to qualify for an FHA without having to wait for two years of employment history? The job market here is moving fast with the cost of living rising significantly even on a monthly basis. The apartment I lived in two years ago now costs double the cost. Any advice is appreciated.

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My daughter was recently approved FHA home loan via

My daughter was recently approved for an FHA home loan via quicken loans. She is now in the process of getting all paper work to them for final approval and closing. The house is 52,000 and she is needing to put around $7,000 of her own money. I am giving her a gift of $4,000 to help her to meet that amount. I own my own business and have different sources of cash flow.. including cash on hand. The underwriter is very specific in that this 'gift' should not come from untraceable funds. My personal account did not have the amount needed and so I put $4,000 cash into my personal account and wrote her a check. This was not acceptable. I talked to the underwriter personally asking, what can I do that is acceptable in gifting my daughter the $4,000 to get this loan approved. She said I could get a cashier's check from my business account and have it deposited into her account. I specifically asked her over and over again if that would be acceptable. She said yes, as long as I had the past 30 days bank statements signed and stamped by the teller. All these things I did exactly as she told me to do. A day later, she says a gift from my business account is not acceptable. I am losing my mind here trying to figure out what will be acceptable!!!! Any suggestions?

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Attyadvisor

Doctoral Degree

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6,642 satisfied customers
Is there anyway to remove my MIP insurance on my loan without

Is there anyway to remove my MIP insurance on my loan without refinancing? I have a FHA loan original amount was $117,000 a couple of years ago and I only owe $93,000 now at 3.25% for 15yrs. (I doubled my payments last year to get it down to 10yrs.) I have a excellent credit score (804) and I have never missed a payment, which are $1042 total. ($824 P&I, $65 MIP and $153 taxes and homeowners Insurance)I am currently not working right now due to disability and waiting for benefits from SSDI to begin. I have money in my savings and I sell things on Craigslist and Ebay as income to get me by but every little bit would help.Thank you,Nanette

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Attyadvisor

Doctoral Degree

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6,642 satisfied customers
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