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Recent FHA Mortgage questions

Please. I am trying to find out what do the laws of Michigan

please. I am trying to find out what do the laws of Michigan say about earnest money deposit. Can you please help me?JA: Has any paperwork been filed?Customer: My son signed a purchase contract for a house. The initial terms of the loan have changed in a way that he will end up paying a higher interest rate (0.50%), the interest rate is only fixed for 10 years (versus 30 years), and is being asked to come up with a 25% down payment ($37,500), when it initially was capped at $20,000. So I want to see if he back up without losing the earnest money, $4,400JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: MichiganJA: Anything else you want the lawyer to know before I connect you?Customer: He is being told by the real estate agent that he will lose the earnest money if he takes more time to find another entity to provide financing

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Lucy, Esq.

Juris Doctor

30,310 satisfied customers
REȘ FHA Mortgage Loan question Is a money gift(for down

REȘFHA Mortgage Loan questionIs a money gift(for down paymnet) from my Mother in Law acceptable?(NOTEȘI am gonna be on the Mortgage myself,without my spouse).If yes,the my mother in Law will wire me some money from a country in Europe.What else would I need from her,beside the wire?Does she have to make a declaration that she is Gifting me the money?And then translate to English,and Apostillate it and mail it to me in the US in original?Or will the Fha Loan offier ask for her bank statemnet?Thanks!

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Irwin Law

Juris Doctor JD

8,808 satisfied customers
FHA down payment Gift I am in the process of buying a home

FHA down payment GiftI am in the process of buying a home in Illinois, with an FHA mortgage.My brother will give me a GIFT of $30000,from the down payment.How should he give me the gift:thru bank wire transfer,or a Cashier Check or how?Would my loan officer ask for my brother bank account statement,to see where he has the money from ?My brother doesn't want to be bothered with that,he just wants to give me the gift.Or he has to sign a specific Gift Form,or a Notarized Statement saying he is gifting me the money?Thanks!

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Phillips Esq.

Attorney

Juris Doctor

18,312 satisfied customers
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

30,310 satisfied customers
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

30,310 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

13,778 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

47,090 satisfied customers
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

22,078 satisfied customers
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

32,996 satisfied customers
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