FHA-Did You Know?

By
Mortgage and Lending with Not yet determined

Monthly MI is not required on loans with a 15 yr term and an LTV of 89.99

or less.

 FHA does not have a declining markets policy

 United States Citizenship is not required for eligibility  (borrower must

be a lawful permanent resident alien with valid social security card and

evidence of lawful permanent residency - loans can also be made to non

permanent borrowers with proper documentation)

 A spouse and or spouse/children are considered occupant owners when the

other spouse is in the US Military and stationed elsewhere

 HUD will generally not insure more than 1 FHA loan at a time per borrower

(exceptions can be made - please ask for details)

 Cash saved at home is an acceptable source of assets (ask for details on

how to document)

 Reserves are generally not required on most transactions and HUD even

considers as little as 3 months of reserves to be a Compensating Factor

 Job Stability (length of time on the job) and Good Credit are not

compensating Factors

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the key to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Groups:
All About Mortgages/Mortgage Networking
Georgia Real Estate
Georgia Open Houses
Atlanta Homes For Sale
MetroAtlantaRealEstateProfessionals
Tags:
fha
compensating factors
citizen
permanent resident
spouse
children
military
cash
mortgage
reserves

Comments 6 New Comment

Show All Comments
Rainer
6,039
Debra Siglin
REALTOR, GRI, ABR
Miller and Company

I didn't know that, I will check it out with my loan officers, Thanks

May 14, 2008 10:43 AM
Rainmaker
114,930
Susan Hilton
Texas Aggie Real Estate, College Station Bryan Texas Real Estate
CENTURY 21 Beal, Inc.

Sure didn't know all this!

May 14, 2008 10:43 AM
Rainer
26,036
Stephen Graham
Inactive

FHA is certainly a loan worth considering. By extrapolating the details of a real estate transaction, a home buyer can get a lower price and better terms than what is being offered by the seller -- plus put little to nothing down with a FHA loan.

May 14, 2008 11:01 AM
Rainer
18,042
Jennifer Butz
Not yet determined

That's right, Stephen! FHA is the best program for everyone's needs, it goes a lot smoother and makes life alot easier too.

May 14, 2008 11:12 AM
Rainmaker
388,427
Kim Sellers
Lake Arrowhead Realtor - DRE#01412099 - Lake Arrow
Lake Arrowhead, CA Coldwell Banker

I have two clients right now in FHA and I haven't had them for so long, they are a little difficult at first but then they flow smooth.

May 14, 2008 11:16 AM
Rainmaker
742,132
Michael A. Caruso
Surterre Properties

Hi Jennifer,

Great info, thanks for sharing.  It's important we keep up on this kind of stuff.  Have a great week.  Michael A. Caruso

May 14, 2008 11:22 AM
Show All Comments
Rainer
18,042

Jennifer Butz

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the airplane to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information