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Question : After you sign the papers closing, how long does it take to get your keys to move into your new home? -Meme
Answer : After the closing, you should have your keys right away, unless there has been some specific issues worked out between you and the seller.
Question : Are there any restrictions on using more than one down payment assistant programs? Can we use 4-5 different kinds of assistant programs? -Nahid
Answer : Yes. Combining down payment assistance programs is sometimes called 'layered financing.' Keep in mind not all programs can be combined, but your lender can help you decide the programs that will be most advantageous for your situation.
Question : Can a person do a FHA refinance on their home if they have been late on their mortgage several times?
Answer : Without knowing the specifics it is hard to say, but most likely not. The FHA requires that the borrower have no late mortgage or rent payments within the last 12 months.
Question : Do I have to escrow real estate taxes and homeowners insurance with a FHA loan?
Answer : Yes, and it usually does benefit you. Read more about the benefits of escrow accounts.
Question : Do I have to get a good credit to get a FHA loan?
Answer : While obtaining an FHA Loan with bad credit is easier than obtaining a conventional loan with bad credit, there are still several guidelines that must be met. You must provide your credit history when applying for an FHA Loan. There must be two lines of credit, such as rent history and utilities, that the underwriter can look at to determine if you qualify for a loan. Look at more credit information to see all requirements you must fulfill.
Question : Does the FHA give loans on vacant land?
Answer : It is possible to get an FHA loan on vacant land, but you must prove that you are planning to build a home on the land and live in that home. It cannot be an investment property
Question : Does the Good Neighbor Next Door apply to conventional loans or is this for FHA loans only.
Answer : The Good Neighbor Next Door applies to VA Loans, FHA Loans, conventional loans, or cash.
Question : How long does it take for a case number to be assigned to a FHA loan?
Answer : A case number is usually assigned within a few days after the appraisal is ordered.
Question : How much can I expect to pay for closing costs? Does FHA require prepayment of yearly reoccurring costs like property taxes?
Answer : No, you will not have to prepay yearly reoccurring costs. You will have to pay the first year along with your closing costs. Learn more about FHA closing costs.
Question : I am getting ready to close on an FHA purchase and my husband is not on the loan. Can I add him to the title at closing? -Lisa
Answer : Some state require that the non-purchasing spouse be on the title also in order to make it valid. However, each state is different in how they conduct adding a spouse to the title. Your loan officer most likely knows that right process for your particular state. I would talk to your loan officer again and have him/her walk you through the process.
Question : I was about to buy a condo, I was approved for a VA home loan. Now 2 weeks before closing the lender is saying the HOA/condo is not approved. I cannot find anything to back this up and they have no an
Answer : There could be some specific reason why this condo is no longer approved. It may be a question of your finances, or it could be the condo itself. There is no way for us to know the reason for this change in approval without the information.
Question : Is it better to be married to get a loan? -Holly
Answer : Your marital status makes no impact on whether you are approved for a loan. The only time that it would matter is if your husband is your co-signer, in which case, he would have to include all of his information with yours. Individually, it does not matter.
Question : The loan officer that I am working with told me that I cannot incorporate the closing costs into the mortgage loan. Is this true?
Answer : Usually, you cannot incorporate all the closing costs into the loan, but some you can. There are fees that must be paid at closing.
Question : What about the proposed FHA changes we hear so much about? What is the status of that?
Answer : Keep up to date with new FHA legislation at our FHA modernization page.
Question : What happens if I default on my FHA loan? -Ana
Answer : Anytime you default on a home loan, you will face foreclosure. This means the lender that lent you the money will have the right to seize your home. The only difference with an FHA loan, is that the lender is already guaranteed at least part of the loan by the government. Therefore, the lender won't lose money on the home if you default and they are forced to foreclose. Because of this, the lender is able to offer the borrower lower interest rates than they otherwise could.
Question : What makes an FHA payoff different from a conventional one? -Angela
Answer : There is no real difference in how you pay off either type of loan. The difference is really only that FHA loans are insured to the lender by the government in case the borrower should default. This protects the lender and allows them to offer lower rates than if the loan were not insured.
Question : What types of homes can be built with a FHA loan? -Aly
Answer : You can use the FHA program to purchase single family homes and condominiums. You can also use an FHA loan to purchase up to four unit buildings, as long as you live in one of them.
Question : Who normally pays closing cost in new house financing? -Trace
Answer : While there are no set requirements, buyers typically pay the following closing costs:
* Inspection Fees, Homeowners Insurance, Part of Transfer Taxes, Title Insurance, Escrow Fees, and Attorney's fees
Sellers closing costs typically include:
* Loan Payoff Fees, Real Estate Commission, Title Insurance, Termite Repairs, Cash Payments in Lieu of Repairs to the Property, Part of Transfer Taxes, Attorney's Fees, and other fees set by local custom or negotiated during the transaction
Question : Why do a lot of banks not loan on properties over 10 acres? -Kevin Peterson
Answer : An FHA loan can be loaned to someone whose property is over ten acres, however the loan will only include the price of the house and the first ten acres of the property. This is a result of the property falling under the category of an Agricultural Loan. It is more beneficial to the borrower to apply for an Agricultural Loan if the property is has a large number of acres.
Question : With an FHA growing equity loan, will a borrower be able to cancel mortgage insurance much sooner than on other types of fha mortgages?
Answer : You have within 3 business days from signing any FHA Loan to cancel the loan. Typically, borrowers cancel their mortgage insurance when the equity of their home has reached 20% of the original price of the house. You may have the ability for a growing equity loan to reach that amount faster than another FHA loan, but depending on the plan you make with your lender, it may not be any faster than a regular FHA Loan.
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