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Recent FHA questions

How are you! My Friend have a house in Las Vegas, which now

Hi, Sir,How are you!My Friend have a house in Las Vegas, which now coming an offer, but the buyer buy with FHA loan, buy require:LENDER AND CLOSING FEE: In Addition to seller's expenses above, seller will contribute $6000 to buyer's lender's fee and/ or buyer's title and escrow fee. excluding cost which seller must pay pursuant to loan program requirement. Different loan type(e.g. FHA, VA conventional) have different appraisal and financing requirements, which will affect the parties rights and costs under this agreement.seller to contribute $6000 towards buyer's recurring, and -non -recurring closing cost,points and fees.Because we know nothing about FHA loan, if my friend agree this term, he just simply $6000.00 or he need have some liability with this loan.Thank you so much for your great help.Thanks and best regardsMaggie

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P. Simmons

Attorney

Doctoral Degree

35,240 satisfied customers
I just bough a 2 family house with a finished basement. I

Hi, i just bough a 2 family house with a finished basement. I bough the house under FHA plan. I know that FHA regulation states that I must live in the house. My question is, can I live in the basement and rent the first and second units to tenants? Am I breaking the FHA regulations if I do that?

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LawTalk

Attorney at Law

Juris Doctor

32,500 satisfied customers
Do mortgage companies have a legal obligation to report 30

Do mortgage companies have a legal obligation to report 30 days late to credit bureaus and are not allowed to remove a late report if the circumstances are reviewed and the late payment was found to be not at fault of the borrower (but still late)?? In other words, do mortgage companies have no autonomy over whether a late report may be removed from the credit bureaus?

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Ely

Counselor at Law

Juris Doctor

63,802 satisfied customers
House in Harrisburg - lease option from October 2013 for

House in Harrisburg - lease option from October 2013 for $1200.00 per month with $300 to be held in separate account to be used as down payment or if lease is broken, then it be retained by myself. Appraisal came back at the market value of the selling price. However, came back that the $1200.00 per month was not fair market value and the tenant could not use the funds as the down payment. The bank, Wells Fargo, claims there is a Federal Regulation that states the above is correct and therefore we cannot close on the house - the tenant's application has been denied. Is this correct??

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P. Simmons

Attorney

Doctoral Degree

35,240 satisfied customers
We moved to Oregon and are selling our home in Indiana. We

We moved to Oregon and are selling our home in Indiana. We had people contracted to clean up and take care of the place until sold. We agreed to a $4500 price reduction because they thought there was clean up they would have. We signed on the 9th of July and the police were called on the guy working on our behalf because he hadn't consulted them on The 15th of July. We wanted to cancel the contract at that point and have their earnest money returned. They said they wanted the place but wanted it left as is. An addendum was sent to them stating we wouldn't be doing any clean up and they were buying as is. No response! They want us to sign the FHA papers to get the loan but they don't want the addendum included. The original contract has where they could charge us $125 per day to clean up debris. There is a raven on the place and we don't have anyone working for us to take care of anything since they called the police. Their realtor said she contacted the realtor legal hotline and they said they don't have to add the addendum and we are holding the buyers hostage by not signing the FHA papers until they sign the addendum. My husband is 75 and I will be 70 next month. We can't afford to pay thousands of dollars to them and we've already given them a low ball price. Do we have any rights?Thank you,Mary Lou Rutledge (###) ###-####***@******.***

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Maverick

Doctoral Degree

6,392 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

8,478 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

18,010 satisfied customers
My homeowners association waited till I finished a deck with

my homeowners association waited till I finished a deck with a access ramp on my storage shed/workshop for my disabled wife to go in and out of easier and also for me as a disabled vet. then said I would need a permit and had waited till I finished it to say I can't have one. I did not know I need a permit to build a deck ramp for being disabled for my own property can you help?

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Damien Bosco

Attorney

Doctoral Degree

2,784 satisfied customers
While I was married, both of our names where on our FHA loan

While I was married, both of our names where on our FHA loan and on deed of property. I have since divorced and my name has been removed off of property deed. AT the time I was married our loan was through Bank of America as an FHA loan. Since my divorce, my ex has revised the loan and now is a conventional loan without my signature on the loan, and is now appearing on my credit report. How can he modify an FHA loan to a conventional loan with out my signature? Can a bank do this?

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LawTalk

Attorney at Law

Juris Doctor

32,500 satisfied customers
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